阿迪蒂亚·博拉时尚零售（ABFRL）将于5月22日剥离ABLBL

Kunal Shah * | Equity Analyst+91 (22) 4224 6111 | kshah5@jefferies.comVivek Maheshwari * | Equity Analyst91 22 4224 6135 | vmaheshwari@jefferies.comABFRL (de-merged) revenue split (FY25e).Pantaloons58%DesignerBrands12%PremiumEthnic wear14%Digital firstbrands9%Luxury/ SuperPremium7%RevenuesplitABFRL(de-merged)-FY25eSource: Company data, JefferiesExhibit 7 - Pantaloons is Ebitda positive, offsetby losses in growth categories, especiallyTMRW and Ethnic wearPre-Ind AS 116 Ebitda - FY25e (approx.).0.6(5)(4)(3)(2)(1)01(Rs bn)Losses primarilyin Tasvaand TCNSSource: Jefferies estimates Exhibit 1 - ABFRL is India's leading fashion & lifestyle franchise with a portfolio of brands and retailformats. It is set to de-merge into two listed entities - ABLBL (western wear brands) and ABFRL(demerged).Source: Company data, JefferiesExhibit 2 - Post demerger, ABLBL will offer steady growth (10-12% Cagr), with profitability and cashflows. Demerged ABFRL will offer faster growth, albeit PBT losses, at least in the next few years.(Rs bn)Revenue (FY25e)Ebitda (FY25e) - Pre Ind AS 116 (approx.)Ebitda margin (%) (FY25)Net debt (FY25e)DetailsSource: Company data, Jefferies estimatesExhibit 3 - SoTP value - ABLBLOur PT for cash-generating ABLBL is at Rs215 per share or >65% of combined PT.SoTPValuation methodABLBLLifestyle brandsEV Ebitda (pre-Ind AS)Other brandsLess: Net debtABLBL equity valueSource: Company data, Jefferies estimatesExhibit 4 - SoTP value - ABFRL (demerged)We value ABFRL (de-merged) at Rs100 per share.SoTPValuation methodABFRL (de-merged)Pantaloons EVEV Ebitda (pre-Ind AS)New business EVMinority adjusted EV SalesAdd: net cashABFRL - Residual equity valueSource: Company data, Jefferies estimatesPlease see important disclosure information on pages 6 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. EV-to-Sales pre-Ind ASEV/EbitdaEbitda/ Sales(Mar-27) (Rsbn)EV(Rs bn)258.62153.017.151(4)262pre-Ind ASEV/EbitdaEbitda/ Sales(Mar-27) (Rs bn)(Rs bn)251.72.035119 Exhibit 5 - SoTP value - ABFRL (combined)Combined business PT stands at Rs315 per share.SoTPValuation methodABLBLLifestyle brandsEV Ebitda (pre-Ind AS)Other brandsLess: Net debtABLBL equity valueABFRL (de-merged)Pantaloons EVEV Ebitda (pre-Ind AS)New business EVMinority adjusted EV SalesAdd: net cashABFRL - Residual equity valueTotal equity valueSource: Company data, Jefferies estimatesPlease see important disclosure information on pages 6 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Consolidated Financials (ALBL + ABFRL) - Without assuming a capital raise in TMRWExhibit 8 - Consolidated income statement - ABLBL + ABFRL.Consolidated (Rs mn)RevenuesMaterialGross profit% of net revenuesEmployee costsAd-spendsRentalsOther expensesEbitda% of consol revenuesDepreciation/amortisationEbitInterestOther IncomePBTTaxesShare of associateMinorityPATExceptionalsReported PATPre Ind-AS 116 Ebitda% margin (%)Source: Company data, Jefferies estimatesExhibit 9 - Consolidated balance sheet - ABLBL + ABFRL.Balance SheetNetworthEquity CapitalOthersDebtLease liabilitiesOther liabilitiesMinorityTotalNFA, CWIP, Prod PropGoodwillROU assetsInvestmentsCash & liquidNet current assetsTotalSource: Company data, Jefferies estimatesPlease see important disclosure information on pages 6 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. FY20FY21FY22FY23FY24FY25e87,87952,48981,362124,179139,959149,621167,343(42,242)(25,630)(37,202)(55,520)(62,672)(63,857)45,63726,86044,16168,65977,28685,76451.951.254.355.355.257.3(10,805)(8,654)(11,585)(15,634)(18,263)(21,185)(3,643)(1,201)(2,930)(6,525)(7,600)(8,275)(4,870)(107)(3,932)(8,970)(9,705)(10,524)(14,201)(11,351)(14,714)(22,595)(27,193)(29,478)12,1185,54810,99914,93614,52616,30213.810.613.512.010.410.9(8,853)(9,628)(9,970)(12,270)(16,552)(18,569)3,265(4,080)1,0292,666(2,026)(2,267)(4,247)(5,026)(3,507)(4,724)(8,766)(8,916)6537341,0061,1652,3762,257(329)(8,372)(1,473)(893)(8,417)(8,926)(1,321)1,0152662089311,696000000206321203031,206603(1,630)(6,725)(1,087)(382)(6,279)(6,627)00022(1)0(1,630)(6,725)(1,087)(360)(6,280)(6,627)4,8431834,1723,878529(99)5.50.35.13.10.4(0.1)FY20FY21FY22FY23FY24FY25e10,67926,43827,73333,43340,33888,0337,7409,1519,3839,48810,15012,2002,93917,28718,35023,94530,18875,83327,83011,36412,32323,05542,0527,05225,01824,63428,68142,67352,46251,389(1,877)(1,217)(1,685)17,53917,24717,247199325152276,8727261,84961,54467,204116,728158,971163,794164,2767,97713,13914,30326,10045,29946,22619,83122,09222,09223,29732,01032,01022,06921,41425,22936,23443,06840,171727367598421,0411,0412,7406,0617,2878,83513,43116,1249,162(1,898)(2,466)21,42124,12328,22161,84961,54467,204116,728158,971163,794164,276 Exhibit 10 - Consolidated cash flow statement - ABLBL + ABFRL.Cash FlowsOperating Cash flowPBTLess: tax paidDepreciation & AmortisationInterest incomeFinance cos