Kathmandu (KMD): Out of the Whitewater
Kathmandu (KMD): Out of the Whitewater. We believe KMD's strong brand, coupled with a vertically integrated business model, is a key competitive advantage. We believe KMD is well positioned to lift brand penetration in Australia & explore significant new offshore market growth opportunities through online. At current price levels, we consider KMD's valuation as undemanding (FY15e/FY16e PE 13.2x/11.1x) & retain our Buy with a largely unchanged PT of $3.47. View our report by Sam Haddad here: (VIEW LINK)
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