reports
Shoppers Stop Limited: 2 directors
Two Directors at Shoppers Stop Limited sold 6,362 shares at between 771.300INR and 785.000INR. The significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors ov...
- Aliasgar Shakir
MOSL : SHOPPERS STOP: Ticking the right boxes
. SHOPPERS STOP: Ticking the right boxes (SHOP IN, Mkt Cap USD1b, CMP INR780, TP INR805, 3% Upside, Neutral) Aided by price hikes, SHOP reported a healthy 19% revenue growth in 2QFY23 from pre-COVID levels (8% beat) on healthy (+10%) SSSG and sustained volumes. EBITDA grew 2.3x YoY (22% over pre-COVID levels), with a 540bp margin improvement. 1) A strong recovery in revenue, backed by an improved pricing; 2) expansion within the Beauty and Private Label segment; and 3) healthy annual 12/15...
- Aliasgar Shakir
SHOPPERS STOP: Headed in the right direction
Contrary to the challenging market outlook and its historical performance, SHOP posted a healthy 13% growth over pre-COVID levels (1QFY20) on higher store additions and marginally positive SSSG. EBITDA grew 18%, with 60bp improvement in EBITDA margin. 1) Healthy annual store additions of 12/15 for SHOP/Beauty, 2) improving share of private labels and Beauty stores, and 3) the newly initiated smaller store size of 25-30k sq. ft. which is driving store economics are expected to drive growth. We...
Increased risk weighs on SHOPPER'S STOP, penalising its rating down t...
The independent financial analyst theScreener just lowered the general evaluation of SHOPPER'S STOP (IN), active in the Broadline Retailers industry. As regards its fundamental valuation, the title still shows 2 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date September 24, 2021, the c...
- Rohit Dokania
Shoppers Stop's Q3FY20 results (Outperformer) - Muted LTL growth impac...
Q3FY20 result highlights On reported basis (including impact of IndAS 116 accounting), standalone net sales declined by 0.5% yoy to Rs9.9bn (est: Rs10.1bn), EBITDA increased by 2.0x to Rs1.97bn (est: Rs1.87bn), net loss stood at Rs52mn (vs Rs443m PAT in 3QFY19). Comparable gross revenues increased by 3.1% yoy to Rs12.9bn (IDFCe: +2%), with LTL sales growth of 1% yoy. Conversions were up 0.4% yoy, ASP was up 2.3% and transaction size was up 7% yoy. Comparable gross margins were up 10bps yoy ...
- Aliasgar Shakir
MOSL: SHOPPERS STOP (Neutral)-Pressure from low footfall amidst aggres...
Shoppers Stop: Pressure from low footfall amidst aggressive store addition (SHOP IN, Mkt Cap USD0.5b, CMP INR409, TP INR425, 4% Upside, Neutral) SHOP’s third-quarter performance was broadly in line with our expectations. Weak economy and aggressive store expansion led to marginal contraction in the EBITDA margin on a reported basis (non-GAAP). We largely maintain our revenue estimates but cut our EBITDA estimate marginally by 3%/8.5% for FY20/21 due to lower margins from new stores. ...
- Rohit Dokania
Shoppers Stop's Q2FY20 results (Outperformer) - Weak performance..
Q2FY20 result highlights On reported basis (including impact of IndAS 116 accounting), standalone net sales declined by 2.2% yoy to Rs8.4bn (est: Rs8.7bn), EBITDA increased by 2.5x to Rs1.37bn (est:Rs1.46bn), net loss stood at Rs54mn (vs Rs132m PAT in 2QFY19). Comparable gross revenues declined by 0.5% yoy to Rs10.7bn (IDFCe: +4%), with LTL sales decline of 1% yoy (LTL vol declined by 3.5%, ASP was up 2.5%). Customer entry was down 10.7% yoy, however conversions were up 4.4% yoy and transact...
- Aliasgar Shakir
MOSL: SHOPPERS STOP (Neutral)-New strategies in place, but growth rema...
SHOPPERS STOP: New strategies in place, but growth remains muted (SHOP IN, Mkt Cap USD0.5b, CMP INR407, TP INR450, 11% Upside, Neutral) We met the management of Shoppers Stop (SHOP) to discuss the company's upcoming strategy and growth levers. Key insights highlighted below: To combat the retail market slowdown, SHOP has taken noteworthy efforts over the last one year to rejig its Private Label portfolio and to improve throughput and footprint addition. Management has revised its store...
- Rohit Dokania
Shoppers Stop's Q1FY20 results (Outperformer) - Decent start in a chal...
Q1FY20 result highlights On reported basis (including impact of IndAS 116 accounting), standalone net sales grew by 0.7% yoy to Rs8.3bn, EBITDA increased by 3x to Rs1.38bn, PAT decreased by 75% yoy to Rs24m. Adjusting for IndAS 116, Standalone net sales grew by 0.7% yoy to Rs8.32bn (est: Rs8.39bn), EBITDA grew by 18% yoy to Rs491mn (est: Rs493m), PBT declined by 69% yoy to Rs47m (est: Rs218m), PAT fell by 66% yoy to Rs33m. Comparable gross revenues grew by 4.9% yoy to Rs1.09bn (IDFCe...
- Aliasgar Shakir
MOSL: SHOPPERS STOP (Neutral)-Growth trend lackluster but cost efforts...
SHOPPERS STOP: Growth trend lackluster but cost efforts appreciable (SHOP IN, Mkt Cap USD0.6b, CMP INR467, TP INR520, 11% Upside, Neutral) Cost efforts drive earnings in an otherwise muted quarter: Standalone revenue declined 7% YoY to INR7.9b (5% miss), with the impact of the GST and the new accounting standard on revenue recognition (Ind-AS 115) coming into play. However, adjusted for the aforesaid factors, revenue was up 4.7% YoY. EBITDA grew strongly by 15% YoY to INR591m (19% beat), dri...
Shoppers Stop's Q2FY19 results (Outperformer) - Muted quarter… growt...
Q2FY19 result highlights Shoppers Stop’s (SHOP) standalone revenues (reported) increased by 3% yoy to Rs8.6bn (est: Rs8.7bn). EBITDA increased by 7% yoy to Rs540m (est: Rs557m). PBT(bei) increased by 17% yoy to Rs229m (est: Rs269m).Reported PAT came in at Rs132m (est: Rs162m) versus loss of Rs218m in base quarter. Comparable revenues (adj for IND AS & GST) increased by 7.4% yoy and LTL sales grew by 3.6% yoy (est:5%) impacted by shift in festive season this year. However management has indi...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Our outlook remains neutral - bordering on cautious - on the MSCI ACWI ex-U.S. index (local currency) on an absolute basis with horizontal support continuing to hold for now. Our concern stems from the recent pattern of lower highs and continued underperformance relative to MSCI ACWI - remain underweight... see chart below. • Bullish developments in Japan. We have been fairly downbeat recently on Japan given the TOPIX's descending triangle pattern and underperformance relative to the MSCI ACW...
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Shoppers Stop's Q1FY19 results (Outperformer) - Good quarter on a high...
Q1FY19 result highlights Shoppers Stop’s (SHOP) standalone revenues (reported) declined by 12% yoy to Rs8.3bn (est: Rs9bn). EBITDA increased by 38% yoy to Rs415m (est: Rs384m). PAT came in at Rs98m (est: Rs62m) versus loss of Rs37m in base quarter. Revenues for Departmental stores increased by 1.2% yoy while LTL sales declined by 1.2% yoy (est: 2% decline), albeit on a high base (20% LTL sales in 1QFY18). LTL volumes declined by 4.5% yoy while ASPs increased by 3.3% yoy. Gross margins look ...
Management Speak: Shoppers' Stop (Outperformer) - A revised strategy t...
We present key takeaways from our interaction with Shoppers Stop’s (SHOP) new Managing Director (MD), Mr Rajiv Suri (appointed as CEO in January 2018). Mr Suri cited 5 key strategic focus areas that would help drive growth for SHOP 1) increase private label share, 2) strengthen the beauty segment, 3) focus on customer service, 4) drive in-store experience and 5) ramp up omni-channel presence. The company has maintained FY19 guidance of mid to high single digit same store sales growth (SSSG), 5-6...
Event update: Shoppers' Stop (Outperformer) - Senior level management ...
Event Shoppers Stop (SHOP) has announced key managerial and board level changes. Key details Mr Govind Shrikhande, Managing Director since 2010 and CEO from 2006, tendered his resignation. Mr Rajiv Suri, CEO since January 2018 has been elevated to the position of Managing Director for a period of 3 years. He has 25 years of strategic leadership experience across Europe, Middle East, Africa and Asia and prior to joining SHOP he was CEO of the Majid Al Futtaim fashion business which has close...
Shoppers Stop's Q4FY18 results (Outperformer) - Weak SSSG impacts 4Qâ€...
Q4FY18 result highlights Shoppers Stop’s (SHOP) standalone revenues declined by 7% yoy to Rs8.5bn (est: Rs8.8bn). EBITDA declined by 2% yoy to Rs516m (est: Rs603m). PBT (bei) increased by 11% yoy to Rs227m (est: Rs258m). PAT (bei) increased by 77% yoy to Rs 208m (est: Rs149m). Departmental stores LTL sales declined by 4.1% yoy as LTL volumes declined by 8.7% yoy while ASPs increased by 4.6% yoy. For FY18, LTL sales increased by 2.1% yoy. Gross margins improved 220bps yoy but look optically ...
Shoppers Stop's Q3FY18 results (Outperformer) - Strong margin expansio...
Q3FY18 result highlights Shoppers Stop’s (SHOP) standalone revenues declined by 5% yoy to Rs9.63bn. EBITDA grew by 16% yoy to Rs794m (est: Rs824m). Reported PAT declined by 14% yoy to Rs163m, impacted by exceptional loss of Rs 166m. Adjusted for this, PAT was up 42% at Rs269m (est Rs306m) Comparable sales declined by 2% yoy. Departmental stores like to like (LTL) sales increased by 1.4%. However, adjusting for the price cut in its non-apparel portfolio due to GST, LTL sales were up ~4.5% Gr...
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...
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