Emkay Global starts India's Aditya Vision with "buy"

Aditya Vision

11/12/2023 08:40

** Shares of Aditya Vision  ADIV.BO  rise as much as 5.96%
to a record high of 3,475 rupees apiece
    ** Emkay Global Financial Services initiates coverage of the
stock with a "buy" recommendation
    ** Target price fixed at 3,279.60 rupees, an implied upside
of 52.5%
    ** Multi-brand consumer electronics retailer has passed the
"litmus test of scale and is now a well-oiled machine to pursue
the 5x expansion opportunity in six states," says Emkay
    ** Expects ADIV to post EBITDA compound annual growth rate
of 30% during fiscal 2023 to fiscal 2027
    ** Adds, valuations are at a discount to retail peers in its
coverage universe like Titan Company  TITN.NS , Page Industries
 PAGE.NS , Aditya Birla Fashion  ADIA.NS  and sees scope for
re-rating     
    ** Stock is most active since Sept. 15, with a trading
volume of 104,748 shares as of 2:08 p.m. IST, 10.7 times the
30-day avg - LSEG data
    ** Including today's gains, ADIV shares up 127% in 2023 so
far

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))