ADITYA BIRLA FASHION AND RETAIL – ANNUAL REPORT UPDATE: Eyeing growth across all avenues (ABFRL IN, Mkt Cap USD3.4b, CMP INR294, TP INR380, 29% Upside, Buy) We pored over ABFRL’s FY22 annual report to capture key details of its performance. Below are the key takeaways: Gradual recovery from the impact of COVID-related restrictions FY22 saw a partial recovery in the business, with the management focusing on Retail expansion, along with Balance Sheet discipline, a key focal point, given the ch...
The general evaluation of ADITY FASH.& RETAIL (IN), a company active in the Apparel Retailers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 18, 2022, the closing pric...
Aditya Birla Fashion and Retail: See healthy expansion led growth ahead; leverage a key monitorable (ABFRL IN, Mkt Cap USD3.6b, CMP INR290, TP INR350, 21% Upside, Buy) Revenue recovered to 89% of pre-COVID levels (2QFY20) at INR20.5b, with a 340bp improvement in gross margin. This translated into an EBITDA/PAT improvement to INR3.1b/INR59m. We factor in a revenue/EBITDA CAGR of 7%/16% over FY20-23E, and estimate Ind AS 116 EBITDA at INR7.3b in FY23E. Net debt remains a key monitorable as...
ADITYA BIRLA FASHION AND RETAIL – ANNUAL REPORT UPDATE: A year of firefighting (ABFRL IN, Mkt Cap USD2.7b, CMP INR224, TP INR270, 21% Upside, Buy) The year FY21, which proved to be a tumultuous year for the Apparel business, impacted ABFRL even more adversely – high leverage and squeezed working capital led to a strain on liquidity. This was well responded with equity infusion and unwinding of working capital as market recovered. Overall revenues declined 40% to INR52.5b, dragging down EBITDA ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
ADITYA BIRLA FASHION AND RETAIL: Strong revenue recovery, but leverage on the rise (ABFRL IN, Mkt Cap USD2.8b, CMP INR225, TP INR270, 20% Upside, Buy) EBITDA loss was down to INR1.6b (v/s INR3.5b YoY), led by strong 2.5x revenue recovery YoY, much better than estimated (although still 63% below pre-COVID levels). The gross margin also inched to normalcy (up 810bp YoY). Subsequently, net loss declined to INR3.3b (v/s INR4.3b). Given the quicker recovery, we revise up our FY22E estimates, ...
A director at Aditya Birla Fashion & Retail Ltd bought 2,261,800 shares at 205.324INR and the significance rating of the trade was 67/100. 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 over th...
ADITYA BIRLA FASHION AND RETAIL: Stellar performance amidst economic slowdown (ABFRL IN, Mkt Cap USD2.8b, CMP INR254, TP INR300, 18% Upside, Buy) ABFRL delivered a strong beat v/s expectations on all fronts in a challenging demand environment, led by healthy same store performance for both Lifestyle and Pantaloons. We have largely maintained our revenue/EBITDA estimates to deliver CAGR of 14%/25% over FY19-21E. Lifestyle/Pantaloons is expected to deliver 11%/25% EBITDA CAGR driven by hea...
ADITYA BIRLA FASHION & RETAIL: Good performance across verticals (ABFRL IN, Mkt Cap USD2.3b, CMP INR211, TP INR250, 19% Upside, Buy) Stellar growth led by strong SSSG: ABFRL reported strong 2QFY20 performance, backed by healthy SSSG in both Lifestyle/Pantaloons of 7%/10.4%. Overall, revenue was up 14.4% YoY to INR23b (in-line) on the back of strong revenue growth of Lifestyle brands/Pantaloons at 15%/16.3% to INR12.5b/INR9.2b. EBTDA grew 15% YoY to INR1.6b (in-line) on pre IND-AS 116 basi...
ADITYA BIRLA FASHION AND RETAIL (Annual Report): Healthy portfolio mix to help sustain growth; Pantaloons and innerwear biz to drive profitability over next 3-5 years (ABFRL IN, Mkt Cap USD2.2b, CMP INR204, TP INR250, 22% Upside, Buy) We pored over ABFRL’s FY19 annual report to capture key details of the company’s performance. Key takeaways: Management focused on four themes for the future ABFRL has a strong platform of established brands, a deep distribution network and good track record....
ADITYA BIRLA FASHION AND RETAIL: Stellar margin delivery; footprint widening across verticals (ABFRL IN, Mkt Cap USD2.2b, CMP INR200, TP INR240, 20% Upside, Buy) PAT driven by margin improvement: ABFRL delivered a stellar 1QFY20 performance, with EBITDA increasing by 25% YoY to INR1.4b (5% beat) led by 8% YoY revenue growth. Lifestyle/Pantaloons reported healthy EBITDA growth of 22%/12% YoY, with a margin improvement of 120bp/20bp YoY (largely as the overall gross margin expanded by 220bp...
Aditya Birla Fashion and Retail: Performance subdued, undertaking course correction (ABFRL IN, Mkt Cap USD2.1b, CMP INR192, TP INR240, 25% Upside, Buy) A dismal quarter: The fourth-quarter performance was impacted by the muted show in the Pantaloons business and the steep increase in marketing spends across segments. Revenue grew by a modest 9% YoY to INR19.2b (5% miss), mainly on the back of 12%/65% growth in Lifestyle/Other businesses. EBITDA declined steeply by 24% YoY to INR1.2b owing...
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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