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Jefferies initiates ‘high-conviction’ buy call on Mamaearth with ₹520 target price; here's why
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₹520, which indicates 73.85% upside from the current levels of ₹299.10 at 13:07 IST on Friday. As a scaled-up internet-first franchise, Honasa, best known for its main brand "Mamaearth," enjoys a sizable moat, according to the brokerage's analysis.
With 33% of its current revenue coming from newer brands, the company has successfully transformed into a house of brands. Also Read: Mamaearth's parent Honasa Consumer share price cracks over 15%, down 21% from issue price “While online remains at the core, Honasa derives a third of its revenues from offline now.
We expect 27% revenue growth over FY23-26E with improving margins, which makes for a compelling story. Initiate at BUY with ₹520 price target," Jefferies said it its report.
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