External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We maintain our SELL recommendation on DMART with a revised DCF-based TP of INR 2,700/sh (earlier 2,260/sh), implying 35x Dec-23E for the standalone business + 4x Dec-23E sales for DMART Ready. Note: the target price change is a function of EPS change (+4%), a 6M DCF rollover (+9%), and a marginal multiple increase (+4%). Avenue Supermarts: D-MARTs Q2FY22 revenue recovery was healthy (47% growth YoY). Profitability and unit economics were in line but have not yet caught up with the pre-pandemic levels.</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>

We maintain our SELL recommendation on DMART with a revised DCF-based TP of INR 2,700/sh (earlier 2,260/sh), implying 35x Dec-23E for the standalone business + 4x Dec-23E sales for DMART Ready. Note: the target price change is a function of EPS change (+4%), a 6M DCF rollover (+9%), and a marginal multiple increase (+4%). Avenue Supermarts: D-MARTs Q2FY22 revenue recovery was healthy (47% growth YoY). Profitability and unit economics were in line but have not yet caught up with the pre-pandemic levels.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.

Avenue Supermarts Ltd

HSIE Results Daily: Avenue Supermarts