ICICI Direct has given Buy recommendation for Faze Three with a target price of Rs. 405 in its research report issued on May 23, 2022

ICICI Direct’s research report on Faze Three

Through its differentiated product offerings and business model, Faze Three (FTL) stands apart from other home textile players. It manufactures and exports multiple home textile product categories (apart from bed sheets, towels that currently other listed players specialise in) with bathmats & rugs being the dominant category (~80% of revenues). US, UK/Europe regions contribute ~90% of its overall revenues. Top 15 customers comprise very large retail chains such as Walmart & Target • Vertically integrated business model with in-house capability of design & development. FTL’s order book is mostly backed by customer commitments.


We maintain BUY rating on the stock with a revised target price. We value Faze Three at Rs 405 i.e. 13x FY24E EPS.

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