Buy Aditya Birla Fashion and Retail; target of Rs 225: JM Financial

September 14
16:25 2018

JM Financial’s research report on Aditya Birla Fashion and Retail

We do not want to let go the opportunity of having a very large business in the future” was the key message delivered by ABFRL’s management in recent investor meetings. A lot of the strategic initiatives in recent times were towards this end, e.g. the reduction in product prices at Pantaloons’ stores in recent years was not to do with competition in the space but aimed more at bringing affordability to a level that would allow the format to travel to 250+ towns vs just the top-20 cities that it would otherwise have been confined to.


We find the narrative extremely compelling for the longer term, and management’s steadfast focus on cash-generation and return-ratio (targeting 18-20% ROCE for Pantaloons in the next 3 years) makes it all the more so. ABFRL remains one of our favoured consumer themes.

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