reports
- Krishnan Sambamoorthy
MOSL: . EMAMI: Subdued result trend continues
Emami (HMN)'s overall volume growth in 1QFY23 stood at 9.6% YoY, while it was 2.4% ex-Dermicool (merged from this quarter). The base of healthcare business along with pain management weakened (v/s good growth in other segments) in 1Q. However, it is likely to be less challenging in subsequent quarters. According to the management, material cost pressures are likely to persist for some more time. It is heartening, though, that HMN is investing on growth. Its ad-spends-to-sales ratio is expecte...
EMAMI sees a downgrade to Neutral on account of less fundamental stars
The independent financial analyst theScreener just lowered the general evaluation of EMAMI (IN), active in the Personal Products & Services industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date January 14, 2022, the closing price was INR 500.00 and its ta...
- Krishnan Sambamoorthy
MOSL: EMAMI (Buy)-Margin outlook getting better; sales recovery key to...
EMAMI: Margin outlook getting better; sales recovery key to re-rating (HMN IN, Mkt Cap USD3.4b, CMP INR570, TP INR660, 16% Upside, Buy) Emami (HMN)’s 1QFY22 sales were in line with expectations. Domestic sales grew 5% v/s 1QFY20 levels. While Healthcare and Pain Management have nearly doubled over 1QFY20 levels, the impact of the second COVID wave led lockdown resulted in sharp decline over 1QFY20 in Navratna (in the crucial summer season) and Male Grooming. The outlook for the domestic ...
- Krishnan Sambamoorthy
MOSL: EMAMI (Buy)-Near-term recovery unlikely, cheap valuations offer ...
EMAMI: Near-term recovery unlikely, cheap valuations offer comfort (HMN IN, Mkt Cap USD1.6b, CMP INR256, TP INR310, 21% Upside, Buy) We recently met Emami’s (HMN) management to get an update on its overall business. Key takeaways: Demand is yet to pick up after weakening in the December quarter for both the company and the sector. Terms of trade to distributors have worsened with credit to general trade now at 10-12 days. This can be attributed to delayed summer offtake (due to extended...
- Krishnan Sambamoorthy
MOSL: EMAMI (Buy)-Volume trend remains muted
EMAMI: Volume trend remains muted (HMN IN, Mkt Cap USD1.9b, CMP INR300, TP INR355, 18% Upside, Buy) Emami’s (HMN) third-quarter results disappointed on all fronts. According to management, part of the impact was due to delayed winter, which largely affected its winter portfolio (40% contribution). This should reverse in 4QFY20 if the summer season stocking pans out as expected. We maintain our Buy rating given inexpensive valuations. Key erstwhile overhang caused by high pledge levels of...
- Krishnan Sambamoorthy
MOSL: EMAMI (Buy)-Disappointing volumes despite weak base-Margin outlo...
EMAMI: Disappointing volumes despite weak base; Margin outlook improving (HMN IN, Mkt Cap USD2.1b, CMP INR326, TP INR380, 17% Upside, Buy) Consolidated net sales grew 5.1% YoY to INR6.6b (v/s est. INR7b). Domestic sales grew a meager 2% (with 1% volume growth) while International business saw sales increase 20% YoY. Domestic volumes and sales growth were poor despite the weak base in 2QFY19. Cons. EBITDA grew 3% YoY to INR1.9b (v/s est. INR2b). PBT was up 8.5% YoY to INR1.8b (in-line). PAT b...
- Krishnan Sambamoorthy
MOSL: EMAMI (Buy)-Ad spend reduction and other income boosts PAT-weak ...
EMAMI: Ad spend reduction and other income boosts PAT; weak domestic growth persists (HMN IN, Mkt Cap USD2b, CMP INR312, TP INR390, 25% Upside, Buy) Consolidated net sales grew 5.6% YoY to INR6.5b (in-line). Domestic sales grew a tad (2% YoY) with flat volumes, while International business grew 34% YoY. Cons. EBITDA grew 11.4% YoY to INR1.3b (v/s est. INR1.1b). Cons. PAT before amortization was up 18.1% YoY to INR1b (v/s est. INR747m). Domestic business saw flat volumes for the quarter....
2 directors sold
Two Directors at Emami Limited sold 45,400,000 shares at between 269.759INR and 273.649INR. The significance rating of the trade was 78/100. 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 ...
- Krishnan Sambamoorthy
MOSL: EMAMI (Buy)-Another quarter of big EBITDA miss-Maintain Buy due ...
Emami: Another quarter of big EBITDA miss; Maintain Buy due to inexpensive valuations (HMN IN, Mkt Cap USD2.3b, CMP INR357, TP INR455, 28% Upside, Buy) 4QFY19 consolidated net sales grew 3.7% YoY to INR6.4b (our est. INR6.5b). Domestic sales grew 3% YoY with flat volumes, while the International business grew 19% YoY. Cons. EBITDA was down 10.7% YoY to INR1.5b (our est. INR1.7b). Cons. PAT before amortization was up 1.3% YoY to INR1.2b (our est. INR1.3b). FY19 performance: Sales/EBITDA/...
- Krishnan Sambamoorthy
MOSL: EMAMI (Buy)-Early signs of recovery in Kesh King & Pancharishta-...
Emami: Early signs of recovery in Kesh King & Pancharishta; Inexpensive valuations; Maintain Buy (HMN IN, Mkt Cap USD2.6b, CMP INR411, TP INR520, 27% Upside, Buy) Consolidated net sales grew 7.1% YoY to INR8.1b (our est. INR8.3b). Domestic business grew 7% (3.5% volume growth) while International business grew 18% YoY. Cons. EBITDA was flattish at INR2.67b (our est. 2.7b). Cons. PAT before amortization (adj. for exceptional item relating to VRS compensation of INR98m) was down 0.8% YoY to...
- Krishnan Sambamoorthy
MOSL: EMAMI (Buy)-Largely in line-expect moderate growth, margin press...
Emami: Largely in line; expect moderate growth, margin pressure in 2H (HMN IN, Mkt Cap USD2.5b, CMP INR404, TP INR550, 36% Upside, Buy) net sales were flat YoY at INR6.3b (in-line) in 2QFY19. Domestic business growth was flat (volumes down ~4%), while International business grew at just 4% YoY. Consol. EBITDA declined 5.9% YoY to INR1.9b (in-line). Consol. PAT before amortization declined 8.8% YoY to INR1.4b (our estimate: INR1.5b). 1HFY19 performance: Sales, EBITDA and PAT before amor...
- Krishnan Sambamoorthy
MOSL: EMAMI (Buy)-Seasonality affects 1QFY19 performance; outlook posi...
Emami: Seasonality affects 1QFY19 performance; outlook positive (HMN IN, Mkt Cap USD3.7b, CMP INR566, TP INR665, 17% Upside, Buy) Consolidated reported net sales grew 16.2% YoY to INR6.2b (our estimate: INR6.7b). Consolidated revenue on like-to-like (LTL) basis grew 19% YoY, with volume growth of 16% YoY. Domestic (86% of sales) volumes grew 18% YoY, leading to LTL sales growth of 21%. Gross margin expanded 10bp YoY to 66.3% in 1QFY19. EBITDA margin expanded 490bp YoY to 20.1% (our esti...
- Krishnan Sambamoorthy
MOSL: EMAMI (Buy): Annual Report Update - Transforming itself for the ...
EMAMI (Annual Report Update): Transforming itself for the better; Credible long-term play, available at reasonable valuations (HMN IN, Mkt Cap USD3.5b, CMP INR525, TP INR690, 31% Upside, Buy) Key takeaways from Emami’s (HMN) FY18 annual report: HMN is transforming itself to stay ahead of industry with a continuing high focus on innovation and advertisements. Increased emphasis on data analytics – an area where it had lagged peers previously – is a welcome move. ‘Naya Emami’ seems to be ...
- Krishnan Sambamoorthy
MOSL: EMAMI (Buy)-High A&P spends lead to margins miss; growth revival...
EMAMI: High A&P spends lead to margins miss; growth revival in Kesh King (HNM IN, Mkt Cap USD3.7b, CMP INR1086, TP INR1390, 28% Upside, Buy) net sales (reported) increased 8.2% YoY to INR6.2b (est. of INR6.3b). Domestic revenue, adjusted for GST/ VAT, grew 10% YoY, while international revenue increased 37% YoY. Domestic volume growth of 8% YoY was in line with our estimate. Gross margin contracted 40bp YoY to 65.2% (est. of 62.2%) in 4QFY18. EBITDA margin shrunk 320bp YoY to 28.1% (est...
- Krishnan Sambamoorthy
MOSL: EMAMI (Buy)-Volume disappointment-Kesh King showing signs of rev...
Emami: Volume disappointment; Kesh King showing signs of revival (HMN IN, Mkt Cap USD3.8b, CMP INR1138, TP INR1505, 32% Upside, Buy) Emami’s (HMN) consol. net sales (reported) increased 6% YoY to INR7.57b (est. of INR8.13b). Domestic revenue, adjusted for GST/ VAT, grew by 10% YoY, while International revenue increased 16% YoY. CSD sales declined 2% YoY. Volume growth of 6% YoY missed our estimate of +12%, despite a weak base. Gross margin expanded 40bp YoY to 69.2% in 3QFY18. However, EBI...
- Krishnan Sambamoorthy
MOSL: EMAMI (Buy)-Rural recovery just the beginning of growth revival-...
​EMAMI: Rural recovery just the beginning of growth revival; Valuations attractive; maintain Buy(HMN IN, Mkt Cap USD4.8b, INR1340, TP INR1655, 23% Upside, Buy)We maintain our BUY rating on Emami, as: It is a great play on rural demand growth and wholesale recovery.Before the slowdown caused by extraordinary factors like demonetization, Emami had the best track record among peers on consistency of earnings growth, which we expect will make a comeback.Emami has a formidable portfolio of dominant...
- Krishnan Sambamoorthy
MOSL: EMAMI (Buy)-EBITDA above estimate-recovery seen in wholesale cha...
​Emami: EBITDA above estimate; recovery seen in wholesale channel(HMN IN, Mkt Cap USD4.0b, CMP INR1209, TP INR1435, 19% Upside, Buy)2QFY18 sales grew 9.7% YoY to INR6.3b. Domestic revenue rose 14% YoY, with 10% volume growth. The quarter continued to see CSD and wholesale channel destocking, but there has been significant recovery compared to 1QFY18. HMN expects the wholesale channel to return to normalcy in 2HFY18. CSD (3% salience) declined by 20% YoY. Gross margin shrank 40bp YoY to 67.3%....
- Krishnan Sambamoorthy
MOSL: EMAMI (Buy)-1QFY18 performance below estimates-outlook robust
​Emami: 1QFY18 performance below estimates; outlook robust(HMN IN, Mkt Cap USD4.0b, CMP INR1135, TP INR1310, 15% Upside, Buy)1QFY18 sales declined 16.2% YoY (est. of -5%) to INR5.4b. Revenues were impacted by significant destocking in the domestic business ahead of GST implementation and inventory correction in the international business. Domestic volumes declined ~18% YoY. CSD (4% salience) declined by 20% YoY. Gross margin shrunk 90bp YoY (est. of -200bp) to 63.6%. A&P spend declined 6.9% Yo...
- Krishnan Sambamoorthy
MOSL: EMAMI - Annual Report FY17 (Buy)-Building platform for strong lo...
​EMAMI (Annual Report FY17): Building platform for strong long-term growth; Near-term prospects look challenging due to high wholesale dependence(HMN IN, Mkt Cap USD3.8b, CMP INR1073, TP INR1265, 18% Upside, Buy)Key takeaways from Emami’s (HMN) FY17 annual report:Innovation remained the key focus area in FY17Took much-needed efforts to boost direct reach via Project Race/Project DhanushContinued to emphasize on growing the Kesh King franchiseHealthy operating cash flow growth, led by reducti...
- Krishnan Sambamoorthy
MOSL: EMAMI (Buy)-Sales and EBITDA decline as expected-International b...
​Emami: Sales and EBITDA decline as expected; International business the key drag(HMN IN, Mkt Cap USD3.8b, CMP INR1080, TP INR1250, 16% Upside, Buy)Emami's (HMN) 4QFY17 consolidated sales declined 4.4% YoY (est. of -2.1%) to INR5.78b. Domestic volumes fell 1.5% YoY (est. of -4%). Domestic sales grew 3% YoY, but the international business (-38% YoY) was severely affected.Gross margin contracted 150bp YoY (est. of -50bp) in 4QFY17, which, along with an increase in other expenses (+70bp) and empl...
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