V-Mart Well-Poised To Capture Value Fashion Opportunity: ICICI Direct Initiates Coverage
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ICICI Direct Report
V-Mart Retail Ltd., having over the years built its fortress in non-tier I cities, is well poised to capture market share in the growing approximately Rs 2.5 trillion value fashion industry.
The company enjoys strong moats that would provide an edge over increasing competition in tier III-IV regions.
We like V-Mart owing to its -
1. immaculate record of high revenue growth trajectory,
2. higher cash conversion model (cash flow from operating activities/Ebitda: ~60%),
3. stringent working capital cycle (average net working capital days: 50),
4. capital-efficient business model return on capital employed- ~25%.
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