Accumulate Liberty Shoes

Accumulate Liberty Shoes,[link widoczny dla zalogowanych]
Chugh told CNBC-TV18, "Liberty Shoes as far as the financial performance is concerned for the past four years it has been lackluster but the stock price also has been lackluster for the past six months. If you see the stock price consolidating in the range of about Rs 100-125,[link widoczny dla zalogowanych], we have seen a bounce in the market and many stocks have doubled. Inspite of that, this stock is stagnated at these levels for a long time. Now this is mainly because of the fact that there has practically been no growth in revenues or profitability of the company for the past four years."
He further added, "This company has got six manufacturing plants,[link widoczny dla zalogowanych], it is a very well-known brand name and it has got a number of brands, which are well recognized like Force 10 and Cooler and about a dozen others,[link widoczny dla zalogowanych], which when you say Liberty, everybody recognizes these brands. So off late what we have seen is that given India s strong consumption story,[link widoczny dla zalogowanych], number of companies which have good visibility, good brand, these companies are getting re-rated,[link widoczny dla zalogowanych], stocks like VIP Industries, Hawkins Cooker and also TTK Prestige, they have moved up. Ofcourse this has to be backed by the financial performance,[link widoczny dla zalogowanych], without financial performance the market will not re-rate you but off late."
"We have been hearing a number of aggressive steps being taken by the management,[link widoczny dla zalogowanych], they are talking about opening 100 more Liberty exclusive stores by March 2011,[link widoczny dla zalogowanych], they currently have about 350 exclusive stores and the product is sold through about 60,[link widoczny dla zalogowanych],000 retail outlets. Given the fact that the management has now got aggressive, they are talking about opening more stores, they are talking about doubling the production levels from about 50,000 to one lakh pairs a day in the next three years and ofcourse if it is backed by the financial performance of the company, we may see rerating of the stock from these levels of about Rs 110-115, I don t see investors too much losing from these levels, marketcap at a current price is close to Rs 200 crore."
"I think given the brand value and the access which the company has, I think the marketcap at Rs 200 crore looks extremely attractive for investment. The caveat here is that the rerating will happen only when signs of better financial performance start emerging from the company. So till that time, it may be a stock to accumulate at about Rs 110-115 levels."
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