We initiate coverage on the three key footwear companies. Based on the current valuations and growth outlook over FY24E-26E, we have assigned BUY ratings to CAMPUS (TP: Rs294, 30% upside), BUY ratings to METRO (TP: Rs1338, 19% upside) and SELL rating to RLXF (TP: Rs763, 8% downside)
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Cochin Shipyard will witness significant YoY growth in revenues & profitability over FY24-26E. Buy for target price of Rs 1055 (20% upside): ICICI Direct
We expect CSL to witness significant YoY growth in revenues & profitability over FY24-26E, led by execution pick-up in both the segments and increasing share of margin accretive ship-repair segment. We estimate revenue and PAT to grow at ~23% & ~36% CAGR respectively over FY23-26E as against the de-growth seen over FY20-23
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