ICICI Direct has given Buy recommendation for Shoppers Stop with a target price of Rs. 400 in its research report issued on Oct 21, 2021

ICICI Direct’s research report on Shoppers Stop

Shoppers Stop (SSL) is one of India’s leading departmental stores and has undergone various structural changes with focus on enhancing its share of private label brands and beauty portfolio, accelerating growth through digital channels and providing better shopping experience through ‘personal shoppers’ Operates 80 departmental stores and 160 beauty format stores spread across 4.0 million sq ft and present in 47 cities

Outlook

With the new management team in place, we expect SSL to revive its revenue trajectory and margin profile. Reasonable valuations prompt us to be positive on the stock and maintain BUY We value SSL at Rs 400 i.e. 8.5x FY23E EV/EBITDA

 

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