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    UBS initiates coverage on FSN E-Commerce Ventures, here’s why

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    UBS initiates coverage on FSN E-Commerce Ventures, here’s why

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    UBS has initiated coverage on FSN E-Commerce Ventures (Nykaa) with a 'buy' call, having a target price of Rs 2,750.

    UBS has initiated coverage on FSN E-Commerce Ventures (Nykaa) with a 'buy' call, having a target price of Rs 2,750. They believe the company has a long runway of profitable growth. UBS is forecasting a 38 percent GMV/revenue growth for the beauty and personal care segment over the next five years.
    Nykaa is one of the few profitable platform companies having a positive EBITDA margin of 6.5 percent in FY21, UBS expects it would inch up to 16 percent by FY26 largely on the back of growth in private labels, the scale of the fashion segment, influencer-led growth and operating leverage benefits.
    While investors have already made money on Nykaa, UBS expects further upside largely on the back of profitable growth.
    Watch the accompanying video of CNBC-TV18’s Nimesh Shah for more details.
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