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Anand Rathi Report
An all-India retailer of gold and diamond jewellery at various prices, Senco Gold Ltd. has major market share in East with ~79% of its store presence (FY23) in the east India.
With its focus on light-weight jewellery and extensive retail network, it aims to cater to a wider customer base. Its key strengths are innovation, intricate designs, product quality and finish and ability to recognise consumer preferences and market trends.
We build in 23%/28%/36% revenue/Ebitda/profit after tax compound annual growth rates over FY24-26. We initiate coverage on the company with a Buy, valuing it at 28 times FY26e price/earning to arrive at a target price of Rs1,277.
Risks: More working capital, higher regulatory requirements, keener competition.
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