Thanks Ayush for sharing your thoughts after attending the AGM. It’s a big help to get first hand info. The growth potential in the garments division is indeed exciting. As it is, Mirza is amongst the most attractively valued branded footwear players in the country as can be seen from the data below, which includes the tannery operations which adds a certain amount of dead weight & brings down the efficiency ratios. Post the de-merger, the Red Tape numbers will only get better.
The stock may have run up some distance, but as the perception changes to Red Tape being more of a marketing Co. with an asset light model, its valuations will only get better.
Peer comparison
Sector: Leather Industry: Leather / Leather Products
| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Relaxo Footwear | 1021.35 | 105.75 | 25420.30 | 0.24 | 38.67 | 24.90 | 667.15 | 34.20 | 17.55 |
| 2. | Bata India | 1817.55 | 80.05 | 23362.48 | 0.22 | 119.37 | 271.80 | 943.02 | 253.12 | 8.37 |
| 3. | Campus Activewe. | 596.25 | 145.94 | 18156.16 | 0.00 | 28.66 | 1347.47 | 337.71 | 149.60 | 31.19 |
| 4. | Mirza Internatio | 337.55 | 29.17 | 4059.05 | 0.00 | 40.00 | 254.92 | 481.55 | 92.03 | 21.88 |
| 5. | Liberty Shoes | 336.75 | 52.13 | 573.39 | 0.74 | 5.47 | 279.48 | 161.22 | 65.12 | 5.52 |
| 6. | Sreeleathers | 238.65 | 26.45 | 556.24 | 0.00 | 5.60 | 404.50 | 44.91 | 260.72 | 6.99 |
| 7. | Khadim India | 303.55 | 26.29 | 544.22 | 0.00 | 3.35 | 130.76 | 166.07 | 88.22 | 7.59 |
Disc: Invested
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