reports
UNITED SPIRITS sees a downgrade to Neutral on account of less fundamen...
The independent financial analyst theScreener just lowered the general evaluation of UNITED SPIRITS (IN), active in the Distillers & Vintners 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 25, 2022, the closing price was INR 874.95 and its ...
- Krishnan Sambamoorthy
MOSL: UNITED SPIRITS (Downgrade to Neutral)-Emerging headwinds; fair v...
UNITED SPIRITS: Emerging headwinds; fair valuations – downgrade to Neutral (UNSP IN, Mkt Cap USD9.4b, CMP INR958, TP INR1025, 7% Upside, Downgrade to Neutral) United Spirits (UNSP) has been the second best performer in our Coverage Universe since our in Jan’21 (only marginally below Titan), with the stock price moving up nearly 60% since. It has also comfortably outperformed its other largecap alcobev peer, UBBL, since our upgrade. a) The as well as b) the ongoing strategic review of the P...
- Mehul Desai
United Spirits' Q3FY20 results (Neutral) - 3Q mixed bag, commentary on...
Q3FY20 result highlights Standalone rev. grew by 3.4% yoy to Rs25.8bn (est:Rs25.4bn), EBITDA grew by 18.4% yoy to Rs4.24bn (est:Rs4.1bn), PAT grew by 34.5% yoy to Rs2.6bn (est: Rs2.8bn). Overall volumes fell by 1.8% yoy (est: +2.0%). P&A volume were up 2.7% yoy (est: +5%), Popular Volumes declined 6.5% yoy (est:-1%).P&A sales grew 8.3% yoy implying positive price/mix. Popular segment sales declined 5.3% yoy (Priority states sales were down 4%). Reported Gross margins declined by 420bps yoy ...
- Krishnan Sambamoorthy
MOSL: UNITED SPIRITS (Buy)-Strong execution in P&A, RM pressure abatin...
United Spirits: Strong execution in P&A, RM pressure abating (UNSP IN, Mkt Cap USD6.7b, CMP INR656, TP INR801, 22% Upside, Buy) UNSP not only reported 8% sales growth in the Prestige & Above (P&A) segment (mainly led by the return of mix improvement and despite a challenging base of 16% growth in 3QFY19), but also ended the quarter with healthy winter and Christmas/New Year eve sales. This is comforting, particularly when looked at the uncertain outlook on P&A at end-2QFY20. After facing...
- Mehul Desai
United Spirits' Q2FY20 results (Neutral) - Mixed bag
Q2FY20 result highlights USL’s reported standalone revenues increased by 3.2% yoy to Rs22.9bn, EBITDA fell by 6% yoy to Rs4.15bn, PAT fell by 13% yoy to Rs2.2bn. The revenue has benefit of one-time sale of bulk scotch of ~Rs713m. Adj. standalone revenue was flat at Rs22.2bn (est: Rs25.8bn), underlying EBITDA decreased by 12% yoy to Rs3.9bn (est: Rs4.1bn) with a margin contraction of 240bps to 17.5% (est: 17.4%). Underlying P&A volume were up by 2.9% yoy (est:7%), Popular Volumes fell 1% yoy...
- Krishnan Sambamoorthy
MOSL: UNITED SPIRITS (Buy)-Subdued sales-significant beat on EBITDA ma...
UNITED SPIRITS: Subdued sales; significant beat on EBITDA margins (UNSP IN, Mkt Cap USD6.4b, CMP INR627, TP INR725, 16% Upside, Buy) Standalone net sales grew 3.2% YoY to INR22.9b (v/s est. INR23.7b), benefiting from the second tranche of bulk Scotch inventory sales. Sales growth, excluding this one-off benefit was almost flat, primarily impacted by (a) slowdown in consumer demand, (b) liquidity challenges in certain markets, and (c) temporary supply chain disruption in the company's Scot...
- Mehul Desai
United Spirits' Q1FY20 results (Neutral) - Strong cost control drives ...
Q1FY20 result highlights USL’s reported standalone rev. grew by 10% yoy to Rs22.2bn, EBITDA grew by 95% yoy to Rs3.95bn, PAT was up 143% yoy to Rs1.97bn. Adj standalone rev. (for one-off scotch sale of Rs970m) grew by 6% yoy to Rs21.2bn (est: Rs21.8bn), adjusted EBITDA grew by 42% yoy to Rs3.39bn (est: Rs2.5bn) with a margin expansion of 407bps to 16%. Underlying volumes increased by 7% yoy. P&A segment net sales increased by 8.7% yoy with a volume growth of 8.4% yoy. Excluding one-off impa...
- Krishnan Sambamoorthy
MOSL: UNITED SPIRITS (Buy)- Good results in a difficult environment, e...
UNITED SPIRITS: Good results in a difficult environment, earnings growth outlook healthy (UNSP IN, Mkt Cap USD6.2b, CMP INR589, TP INR700, 19% Upside, Buy) Standalone net sales grew 10.4% YoY to INR22.2b (v/s our est. INR22.3b). Net sales excluding sale of bulk scotch grew 6%, impacted by the general elections. Reported volume growth stood at 6% YoY (v/s est. of 8% YoY); underlying volume was up 7%. Prestige & above volumes grew 8% YoY, while Popular volumes were up 4% YoY (underlying* Po...
- Mehul Desai
Event update: United Spirits (Neutral) - Challenging external environm...
We attended UNSP’s annual Investor meet 2019. Following are the key takeaways Focus on five strategic priorities – Management highlighted 5 strategic priorities to drive sustainable growth – 1) Strengthen & accelerate core brands through focus on innovation and premiumisation, 2) Evolve route to market – segmentation of market with separate sales teams/activation for each channel, 3) Drive productivity across lines to invest in growth and improve margins, 4) Shape regulatory environment by part...
- Mehul Desai
United Spirits' Q4FY19 results (Neutral) - Weak quarter, near term ear...
Q4FY19 result highlights Standalone revenues grew by 3.5% yoy to Rs22.5bn (est: Rs22.9bn), EBITDA grew by 2.9% yoy to Rs2.8bn (est: Rs2.9bn). PBT (bei) decreased by 35% yoy to Rs1.9bn (est: Rs2.18bn). Reported PAT stood at Rs1.26bn, down by 40% yoy. Overall volumes increased by 1% yoy. Prestige and Above segment net sales increased by 8% yoy with a volume growth of 7.1% yoy. Popular segment sales declined by 2% yoy, with a volume decline of 4.5% yoy. Excluding one off impact, underlying net ...
- Team Research
MOSL: UNITED SPIRITS (Buy)-In-line operating results, outlook looks be...
United Spirits: In-line operating results, outlook looks better for FY20/21 (UNSP IN, Mkt Cap USD5.6b, CMP INR540, TP INR675, 25% Upside, Buy) Standalone net sales grew 3.5% YoY to INR22.5b (our est. INR22.6b), with reported volumes growing 1% YoY (our est. 2% decline); underlying volumes were up 2%. Prestige & above volumes grew 7.1% YoY while Popular volumes were down 4.5% YoY (underlying Popular volumes declined 3% YoY). EBITDA grew 2.9% to INR2.8b (our est. INR2.87b). Underlying* EBIT...
United Spirits' Q3FY19 results (Neutral) - Input cost pressure leads t...
Q3FY19 result highlights Standalone revenues increased 10% yoy at Rs25bn(est: Rs25bn), EBITDA increased 28% yoy at Rs3.5bn (est: Rs3.76bn). Adjusted PAT increased 44% yoy to Rs2.1bn (est: Rs2.17bn) Prestige and above net sales increased by 16% yoy with volume growth of 12.1% yoy, albeit on a lower base (2% decline in 3QFY18). Popular segment sales decreased by 3% yoy, with a volume de-growth of 3.6% yoy. Excluding one off impact of operating model changes, popular net sales decreased by 2% y...
- Krishnan Sambamoorthy
MOSL: UNITED SPIRITS (Neutral)-Disappointing operating performance, fa...
United Spirits: Disappointing operating performance, fair valuations limit upside (UNSP IN, Mkt Cap USD5.8b, CMP INR573, TP INR620, 8% Upside, Neutral) UNSP posted standalone net sales growth of 10.5% YoY to INR25b, with volumes growing 3.8% YoY (est. of +9%) on a base of 14.2% decline. Prestige & Above volumes grew 12% YoY while Popular volumes declined 3.6% YoY (underlying Popular volumes down 2% YoY). EBITDA grew 27.7% to INR3.5b (est. INR3.9b). Adjusted PAT grew 44.3% to INR2.1b (est....
United Spirits' Q2FY19 results (Neutral) - A great quarter in a good y...
Q2FY19 result highlights United Spirits’ (UNSP) standalone revenues increased 14% yoy at Rs22bn(est: Rs21.7bn), EBITDA increased 36% yoy at Rs4.3bn (est: Rs3.3bn). Reported PAT increased 69% yoy to Rs2.6m (est: Rs1.9bn) Excluding impact of operational model changes, net sales were up 15% yoy (volume growth of 10.3%). P&A net sales increased by 19% yoy (volume growth of 15.4% yoy). Popular segment sales increased by 8.1% yoy, with a volume growth of 5.3% yoy. Excluding impact of operating mod...
- Krishnan Sambamoorthy
MOSL: UNITED SPIRITS (Neutral)-Strong operating performance-Margin gui...
United Spirits: Strong operating performance; Margin guidance maintained (UNSP IN, Mkt Cap USD6.1b, CMP INR619, TP INR655, 6% Upside, Neutral) UNSP posted standalone net sales growth of 14.2% YoY to INR22.3b, with volumes growing 10.3% YoY (est. of +5.4%) on a base of 15.9% decline. Prestige and above (P&A) volume grew 15.4% YoY, while Popular volume increased 5% YoY (underlying Popular volumes up 8% YoY). EBITDA grew 58.6% to INR4.3b (est. INR3.2b). Adjusted PAT grew 89.4% to INR2.6b (es...
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