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Motilal Oswal Report
Shoppers Stop Ltd. reported an 18% YoY decline in Ebitda (26% miss) due to weak same-store sales growth and gross margin contraction. Revenue rose 5% YoY in Q1 FY25, largely driven by the beauty segment and some contribution from Intune.
Management remains optimistic about Intune (a value segment) and the beauty business. The departmental store expansion could be weak in FY25, offsetting the aggressive store expansion plan of Intune and growth in beauty distribution.
We expect a 15%/20% revenue/Ebitda compound annual growth rate over FY24-26. We value Shoppers Stop at 13 times FY26E enterprise value/Ebitda to arrive at our target price of Rs 780. Reiterate 'Neutral'.
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