Metro Brands' share price touched a new lifetime high of Rs 948.85, after gaining over 6 per cent on the BSE intraday during Tuesday's trading session. The stock surpassed its previous high of Rs 935, touched on September 23, 2022. 

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The mutlibagger stock has doubled or reported growth of over 102 per cent in 2022. Currently, it is trading 90 per cent higher than its issue price of Rs 500 per share. 

The stock, however, turned choppy as it succumbed to weak market sentiment and was trading in red at 11:20 am on the BSE. 

Metro Brands on September 21 said in clarification on increase in the volume of shares of the company across the exchanges, “There are no matters/events which are pending for disclosure to the Stock Exchanges that may have a bearing on the price/volume behaviour in the Company's scrip," 

The stock in the last seven trading days has outperformed the market by gaining 22 per cent, as against a 2 per cent fall in the S&P BSE Sensex. The scrip has zoomed 69 per cent in the past two months on the back of strong earnings in the June quarter (Q1FY23). 

According to Motilal Oswal, Metro Brands has seen healthy double-digit revenue/PAT growth consistently over the last 10 years. The brokerage valued the stock at 50x P/E on FY25E EPS, at par with our footwear coverage universe, to arrive at the target of Rs 1,000 apiece with a BUY rating.

The company’s combination of superior store economics and strong runway of growth should allow it to garner rich valuations going ahead, it said. 

Metro Brands is one of the largest Indian footwear specialty retailers. It retails footwear under its own brands Metro, Mochi, Walkway, Da Vinchi and J. Fontini. It has third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop.