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Monte Carlo Fashions Ltd. - Expensive Valuation - Avoid - Microsec

Posted On: 2014-12-07 02:15:44

Monte Carlo Fashions Ltd. Launched in 1984 as an exclusive woolen brand by Oswal Woollen Mills Limited ("OWML"), one of its group Companies, the company is one of the leading Indian apparel brands based on revenue (Source: Technopak Report, 2014). 'Monte Carlo' has been recognized as a 'Superbrand' for woolen knitted apparel in each edition of Consumer Superbrands India since its first edition in September 2004. The company primarily cater to the premium and mid-premium branded apparel segment for men, women and kids, offering a comprehensive line of woolen, cotton and cotton-blended knitted and woven apparel and home furnishings through their 'Monte Carlo Exclusive Brand Outlets' and Multi Brand Outlets ("MBOs"), including a network of national chain stores under the 'Monte Carlo' brand. It has 191 brand outlet out of which 17 are owned by the company rest are franchisees.

Established leading Indian apparel brand:

As per the 'Technopak Report, 2014, 'Monte Carlo' is the flagship brand of in India with a portfolio of woolen apparel, cotton and cotton blended apparel in the premium and mid-premium segment. The strength and authenticity of its brand is a competitive advantage and an integral part of its success. Customers associate the 'Monte Carlo' brand with high quality apparel that incorporates quality materials, modern fashion and comfort. Monte Carlo' has been recognized as a 'Superbrand' for woolen knitted apparel in each edition of Consumer Superbrands India ever since its first edition in September 2004 as per DRHP.

Nationwide sales and distribution network:

The company distributes its apparel products through its 'Monte Carlo Exclusive Brand Outlets' and Multi Brand Outlets (MBOs), including a network of national chain stores. As of March 31, 2014, company retailed its products through more than 1,300 outlets on a pan India basis. Out of the 191 'Monte Carlo Exclusive Brand Outlets ' in India as of March 31, 2014, 17 are owned and operated by the Company and the rest are operated by different franchisees. As per DRHP the company has 77 'Monte Carlo Exclusive Brand Outlets ' in the northern region of India, 42 in the eastern region, 57 in the central region, 11 in the western region and 4 in the southern region of India.

At the upper price band of INR645.00 Monte Carlo is at 25.31 times of its FY2014 standalone Earnings per Share (EPS) of INR25.48. Based on P/E valuations, the company's price reflects premium vis-à-vis its competitor's. Although the company reported a strong fundamental performance in recent years, its valuation remain expensive than its peer. Hence, we recommend investors to Avoid the issue.


Source: Equity Bulls

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