reports
MOSL: FUTURE CONSUMER (Buy)-Operating results in line-Gross margin exp...
Future Consumer: Operating results in line; Gross margin expansion to pick up in FY20 (FCON IN, Mkt Cap USD1.2b, CMP INR42, TP INR57, 35% Upside, Buy) 4QFY19 net sales grew 27.9% YoY to INR10.4b (our est. INR10.2b). EBITDA was up 73.7% YoY to INR287m (our est. INR288m). Adj. Loss for the quarter stood at INR103m (our est. loss of INR41m). Consolidated gross margin declined (-80bp YoY to 12.7% v/s our est. 12.9%). EBITDA margin expanded 70bp YoY to 2.8% (our est. 2.8%). During the year...
MOSL: FUTURE CONSUMER (Buy)-Deflation in pulses affects growth margina...
Future Consumer: Deflation in pulses affects growth marginally; Expect pace of gross margin expansion to pick up in FY20 (FCON IN, Mkt Cap USD1.1b, CMP INR43, TP INR56, 31% Upside, Buy) net sales grew 26.3% YoY to INR9.9b (our estimate: INR10.2b) in 3QFY19. EBITDA rose 64% YoY to INR272m (our estimate: INR265m). The company incurred an adj. loss of INR53m v/s INR47m in 3QFY18. Segmental: Centre of Plate portfolio (51% of sales) grew by 13% YoY, with volumes up 25% YoY. Deflationary env...
MOSL: FUTURE CONSUMER (Buy)-A miss on sales and margin, expect growth ...
Future Consumer: A miss on sales and margin, expect growth to pick up (FCON IN, Mkt Cap USD1.3b, CMP INR47, TP INR69, 48% Upside, Buy) Future Consumer's (FCL) reported net sales grew 26.9% YoY to INR8.4b (est. of INR9.4b) in 1QFY19. EBITDA increased 133.4% YoY to INR201m (est. of INR255m). The company reported a loss of INR61m (est. of a profit of INR74m), which narrowed from a loss of INR102m in 1QFY18. Segmental performance: Centre of Plate portfolio grew by just 19% in 1QFY19. Deflati...
MOSL: FUTURE CONSUMER (Buy)-Long runway of growth justifies expensive ...
Future Consumer: Long runway of growth justifies expensive near-term valuations (FCON IN, Mkt Cap USD1.6b, CMP INR56, TP INR76, 36% Upside, Buy) Future Consumer’s (FCL) net sales grew 51.3% YoY to INR8b (est. of INR7.7b) in 4QFY18. EBITDA rose 521% YoY to INR162m (est. of INR190m). The company reported a loss of INR36m (est. of profit of INR58m). Gross margin contracted 80bp YoY to 12.8% (est. of 14.1%), mostly due to faster growth in the lower-margin fruits & vegetables business. Operat...
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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