reports
- Krishnan Sambamoorthy
MOSL : P&G HYGIENE AND HEALTHCARE: Commodity pressures hurt margins
. P&G HYGIENE AND HEALTHCARE: Commodity pressures hurt margins (PG IN, Mkt Cap USD5.8b, CMP INR14393, TP INR16500, 15% Upside, Buy) While the sales decline of 3.7% YoY in 4QFY22 (adjusted for a one-off in other operating income) was optically poor, it was on an unusually high base of Vicks sales in FY21 (24.1%) that may have been especially strong in 4QFY21 given the second wave of Covid-19. Even so, the two-year sales CAGR, which has been in the 12-17% range in the preceding three quarters...
- Krishnan Sambamoorthy
MOSL: P&G HYGIENE AND HEALTHCARE (Buy) – ANNUAL REPORT UPDATE: Strong ...
P&G HYGIENE AND HEALTHCARE – ANNUAL REPORT UPDATE: Strong broad-based topline growth; ad spends to stabilize at lower levels (PG IN, Mkt Cap USD6.3b, CMP INR14371, TP INR17450, 21% Upside, Buy) Here are the key takeaways from P&G Hygiene and Healthcare (PGHH)’s FY21 Annual Report: Feminine Hygiene and Healthcare segments report strong growth: PGHH continued to strengthen its brand fundamentals with innovation, product launches, distribution expansion, and superior communication and execu...
- Krishnan Sambamoorthy
MOSL: P&G HYGIENE AND HEALTHCARE (Buy)-Sales disappoint; margin surpri...
P&G HYGIENE AND HEALTHCARE: Sales disappoint; margin surprise lead to profit beat (PG IN, Mkt Cap USD6.2b, CMP INR14302, TP INR17450, 22% Upside, Buy) PGHH's sales growth of ~5% was lower than our expectation, albeit on a base of 18.5% growth. While the company does not share segment-wise numbers in its interim results, it is likely that high Healthcare segment sales growth in the base quarter may have led to modest sales growth in 1QFY22 (June year-end company). The Healthcare segment ha...
- Krishnan Sambamoorthy
MOSL: P&G HYGIENE AND HEALTHCARE (BUY)-Topline momentum healthy; incre...
P&G HYGIENE AND HEALTHCARE: Topline momentum healthy; increase in ad spends affects quarterly margin (PG IN, Mkt Cap USD5.7b, CMP INR13113, TP INR15530, 18% Upside, Buy) P&G Hygiene and Healthcare (PGHH) ended FY21 (June year-end company) with 19.1% sales growth - this is the second year in the preceding three years that it has reported topline growth of over 19%. Thus, after losing momentum in the three years between FY16 and FY18, after the CEO change, the company seems to be back at th...
P&G.HYGIENE & HCRE.LTD. reduced its risk exposure resulting in an upgr...
P&G.HYGIENE & HCRE.LTD. (IN), a company active in the Personal Products & Services industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 2 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date February 25, 202...
- Krishnan Sambamoorthy
MOSL: P&G HYGIENE AND HEALTHCARE (Neutral)-Strong comeback after three...
(PG IN, Mkt Cap USD5b, CMP INR10998, TP INR11441, 4% Upside, Neutral) Key takeaways from P&G Hygiene and Healthcare’s (PGHH) FY19 annual report:** PGHH has maintained its focus on strengthening the brand fundamentals through strategic moves such as innovation, product launches, distribution expansion, and superior communication/execution. Sales increased 20% YoY in FY19, primarily led by the feminine hygiene segment (+24.4% YoY; 70% of sales). Healthcare segment too exhibited a healthy performa...
- Krishnan Sambamoorthy
MOSL: P&G HYGIENE AND HEALTHCARE (Neutral)-Blip in sales growth after ...
P&G HYGIENE AND HEALTHCARE: Blip in sales growth after four strong quarters; structural levers intact (PG IN, Mkt Cap USD5.5b, CMP INR11895, TP INR11441, 4% Downside, Neutral) 1QFY20 (ending Jun'19) net sales grew 7.6% YoY to INR8.5b (v/s est. 9.2b). However, EBITDA declined 13.1% YoY to INR1.8b (v/s est. INR2.1b). PBT declined 12.2% YoY to INR1.8b (v/s est. INR2.1b). Adj. PAT was flat YoY at INR1.4b (v/s est. INR1.4b) due to lower corporate taxes. Feminine care business registered strong d...
- Krishnan Sambamoorthy
MOSL: P&G HYGIENE AND HEALTHCARE (Neutral)-Sales momentum intact, but ...
P&G HYGIENE AND HEALTHCARE: Sales momentum intact, but a big miss on margins (PG IN, Mkt Cap USD4.6b, CMP INR10288, TP INR9880, 4% Downside, Neutral) Net sales grew 21.5% YoY to INR6.4b (our estimate: INR6b) in 4QFY19 (FY ending June) - the fourth straight quarter of extremely healthy sales growth. Even adjusted for the GST effect on sanitary napkins (which optically inflates sales but has an adverse effect on operating costs), comparable growth stands healthy at 12% YoY for 4QFY19 and 14...
- Krishnan Sambamoorthy
MOSL: P&G HYGIENE AND HEALTHCARE (Neutral)-Sales growth momentum susta...
P&G Hygiene and Healthcare: Sales growth momentum sustains; margins below expectations (PG IN, Mkt Cap USD4.9b, CMP INR10416, TP INR9860, 5% Downside, Neutral) 3QFY19 (June-ending) net sales witnessed third consecutive quarter of strong sales revival at 22.9% YoY to INR7b (v/s est. of INR6.5b). EBITDA was in line at INR1.44b (down 1.9% YoY) and PAT was slightly below expectations at INR903m (v/s est. of INR928m), up 8.3% YoY. Management mentioned that adjusted for GST impact in the base q...
- Krishnan Sambamoorthy
MOSL: P&G HYGIENE AND HEALTHCARE (Neutral)-Sales momentum sustains-mat...
P&G Hygiene and Healthcare: Sales momentum sustains; material cut in EPS forecasts on major margin miss (PG IN, Mkt Cap USD4.5b, CMP INR9990, TP INR9800, 2% Downside, Neutral) Net sales grew strongly for the second straight quarter at 16.2% YoY to INR8.2b (our estimate: INR8.3b) in 2QFY19 (FY ending June). However, EBITDA declined by 9% YoY to INR1.9b (our estimate: INR2.4b) and adj. PAT was down by 5.4% YoY to INR1.2b (our estimate: INR1.5b). Gross margin shrank 460bp YoY to 55.5%, whic...
- Krishnan Sambamoorthy
MOSL: P&G HYGIENE AND HEALTHCARE (Neutral)-Sales growth disappoints ag...
P&G Hygiene and Healthcare: Sales growth disappoints again; higher adspend encouraging (PG IN, Mkt Cap USD4.6b, CMP INR9200, TP INR9065, 1% Downside, Neutral) 3QFY18 net sales declined 0.9% YoY (est. of +12%) to INR5.7b. EBITDA fell 4.8% YoY (est. of +19%) to INR1.5b. Adj. PAT declined 8.2% YoY (est. of +16%) to INR914m. With no detailed information on the sales performance provided by PG, we believe that flat sales – despite a weak base – could be a result of weak winter sales of Vicks o...
- Krishnan Sambamoorthy
MOSL: P&G HYGIENE AND HEALTHCARE (Neutral)-Growth disappoints, given w...
P&G Hygiene and Healthcare: Growth disappoints, given weak base; balance sheet metrics improving (PG IN, Mkt Cap USD4.6b, CMP INR9195, TP INR9303, 1% Upside, Neutral) 2QFY18 net sales grew 9.5% YoY (against our estimate of 19% YoY) to INR7.0b. EBITDA declined 8% YoY (against our estimate of 6% YoY growth) to INR2.1b. Adjusted PAT declined 12.9% YoY (against our estimate of flat PAT) to INR1.3b. Management called out strong performance in both Feminine Hygiene and Healthcare, but sales wer...
- Krishnan Sambamoorthy
MOSL: P&G HYGIENE AND HEALTHCARE (Neutral)-Healthy operating performan...
​P&G Hygiene and Healthcare: Healthy operating performance, fair valuations(PG IN, Mkt Cap USD4.4b, CMP INR8729, TP INR9267, 6% Upside, Neutral)1QFY18 (June year-end) net sales grew 9.5% YoY (est. of -2.4%) to INR6.6b. EBITDA grew impressively by 24.0% YoY (est. of +19%) to INR1.15b. Adj. PAT rose 10.6% YoY (est. of +11.5%) to INR1.16b. Management called out a strong performance in the feminine hygiene and healthcare segments.EBITDA margin expanded 330bp YoY to 28.5% in 1QFY18. The company rec...
- Krishnan Sambamoorthy
MOSL: P&G HYGIENE AND HEALTHCARE (Downgrade to Neutral)-GST led destoc...
​P&G Hygiene and Healthcare: GST led destocking impacts sales; Downgrading to Neutral on fair near term valuations(PG IN, Mkt Cap USD4.1b, CMP INR8155, TP INR8800, 8% Upside, Downgrade to Neutral)4QFY17 Net sales (June year-end) declined 5.8% YoY (est. of +7.6%) to INR5b. EBITDA declined by 17.7% YoY (est +2.7%) to INR 1.31b. Adj PAT declined by 28.6% YoY (est. +6%) INR 780m. GST led destocking and higher than expected depreciation and tax rates affected profitability.EBITDA margins declined b...
- Krishnan Sambamoorthy
MOSL: P&G HYGIENE AND HEALTHCARE (Buy)-Payout of INR12b cash a huge bo...
​P&G Hygiene and Healthcare: Payout of INR12b cash a huge boost to return ratios(PG IN, Mkt Cap USD3.7b, CMP INR7373, TP INR8760, 19% Upside, Buy)Net sales rose 5.5% YoY (est. of +9%) to INR5.73b. Sales growth, albeit lower than estimated, is still better than that reported by peers so far. Gross sales were up by a healthy 7% YoY. The company has not shared segmental data; however, in our view, close to double-digit sales in Feminine Hygiene was offset by flat growth and higher excise in Healt...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.