ICICI Direct has given Hold recommendation for Page Industries with a target price of Rs. 43850 in its research report issued on Nov 12, 2021

ICICI Direct’s research report on Page Industries

Page Industries is the exclusive licensee of Jockey international brand and is the market leader in premium innerwear and leisurewear category. The brand is distributed in 2,895+ cities & towns and available in 100000+ MBOs and 1000+ EBOs. Page sold ~ 148 million pieces in FY21. Strong backward integration facilities having capacity of 250 million pieces • Robust business model generating 55%+ RoCE, delivering consistent EBITDA margins of 20%+ and having debt free b/s.

Outlook

We maintain HOLD recommendation on the stock. We value Page at Rs 43850 i.e. 63x FY23E EPS.

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