Relaxo Footwears Ltd Research Report By Karvy

Tagged: Karvy, Relaxo Footwears

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June 30, 2015 at 10:21 am #2131

Vidhi Khanna
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Relaxo, with its improving product mix and aggressive advertising, is moving up the value chain and becoming strong pan India player. By signing up leading celebrities from bollywood for promoting their products, the company has build its brands and strengthening its distribution network and venturing into e-commerce channels to push the sales. At CMP of Rs. 848 per share, the stock is trading at 29x FY17E EPS. We value the company at 32.2x and arrive at target price of Rs. 924 with an upside potential of 9% with “HOLD” rating.

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