External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Maintain SELL recommendation with a DCF-based TP of INR 180/sh (implying 9x FY23 EV/EBITDA). Shoppers Stop: STOP, given its predominant mall-based presence (~87% of stores), remained among the worst-hit companies by the pandemic in FY21 within our apparel universe. However, 4Q recovery (95% of baseline sales) has been better than expected (HSIE: -87.5%). Gross margin improved sequentially (GAAP: 40.9% vs HSIE: 37.9%). Absolute operating cost structure was in line. We continue to remain circumspect on the longevity of the business as cost arbitrage between pure-play department stores and online platforms continues to shrink with each passing year.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Maintain SELL recommendation with a DCF-based TP of INR 180/sh (implying 9x FY23 EV/EBITDA). Shoppers Stop: STOP, given its predominant mall-based presence (~87% of stores), remained among the worst-hit companies by the pandemic in FY21 within our apparel universe. However, 4Q recovery (95% of baseline sales) has been better than expected (HSIE: -87.5%). Gross margin improved sequentially (GAAP: 40.9% vs HSIE: 37.9%). Absolute operating cost structure was in line. We continue to remain circumspect on the longevity of the business as cost arbitrage between pure-play department stores and online platforms continues to shrink with each passing year.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shoppers Stop

HSIE Results Daily: Shoppers Stop