ICICI Direct IPO report on Campus Activewear (India)
Campus Activewear (Campus) is one of the fastest growing sports and athleisure footwear brands in India, which covers ~85% of its total addressable market. Campus has ~17% market share in branded sports and athleisure footwear in India and is the largest player in terms of volume (13.6 million pairs) • The company registered a healthy revenue CAGR of ~20% in FY18-20 with average EBITDA margins of ~18%. Capital efficient business model translates into average RoCE of ~21%.
Valuation and Outlook
We assign Subscribe rating given its niche positioning in a fast growing segment, which would enable it to deliver sustainable profitable growth.
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