This is a forward
Conviction is hard to develop.
I personally have Invested a LOT of time, energy, effort in studying Dmart from pillar to post & validating my Original thesis every year at Mallard Investors ie AGMs...
It's Such a great business & rare 💎 of Indian Capital Markets ...
Customers love them, Suppliers love them, Investors love them, Financial Ratios are the best in the Industry not only domestically but globally before the likes of Costos, Walmart's, Tesco's of the World, Solid Cashflows, No Debt, Efficient Working Capital Management, Solid Inventory turnover, Solid Store expansion strategy(clusters), very good SSSG, solid plan on their realestate Dev(35ksqft), Owning Real Estate (that's the thing & their USP, which is making their Ratios the best), Reputed & Ethical Promoter who understands Pulse of Customer & simultaneously Power of EQUITY, 600B $ Industry with Organized players less than 30bill$,
Super high cannabalisation of sales from local super markets (industry shift from unorganized to organized), private labels margin expansion, strong Margins & margin squeezing at the production level.. etc...
What else one wants?
I am deaf & dumb to all Valuation theories