Trent remains a stellar business. However, the ask from the business is too high (from a valuation stencil). Westside seems to be showing signs of customer fatigue, while Zudio seems to be peaking in terms of unit economics. We build in 23% revenue and PBT CAGR over FY25-27 (8-10% lower than consensus). We maintain SELL on Trent with an SOTP-based TP of INR4,300/sh (incl. 60x adj P/E for the standalone operations)
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