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Trent Ltd: 1 director
A director at Trent Ltd bought 1,380 shares at 1,060.649INR and 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 over the last two years clearly s...
TRENT sees an upgrade to Neutral thanks to a better star rating, but t...
The independent financial analyst theScreener just awarded an improved star rating to TRENT (IN), active in the Broadline Retailers industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 1 out of 4 possible stars. Given its market behaviour as moderately risky, theScreener considers that these elements allowing slightly upgrading its general evaluation to Neutral; the title, however, remains unattractive. As of the analysis date December 24, 2021...
- Aliasgar Shakir
MOSL: TRENT (Neutral)-Aggressive store additions drive growth
TRENT: Aggressive store additions drive growth (TRENT IN, Mkt Cap USD4.9b, CMP INR1037, TP INR1030, 1% Downside, Neutral) TRENT saw a strong recovery in revenue (beating our estimate, up 2.3x YoY, and 25% above pre-COVID or 2QFY20 levels) on the back of a 46% addition in its store footprint. On a LTL basis, sales came in ~20% below pre-COVID levels. Westside/Zudio grew 3%/3x from its pre-COVID base. EBITDA/PAT saw a strong 67%/3.3x jump from pre-COVID levels. Despite revenue being below ...
- Aliasgar Shakir
MOSL: TRENT (Neutral)-Recovery much better v/s first wave; aggressive ...
TRENT: Recovery much better v/s first wave; aggressive store adds in place (TRENT IN, Mkt Cap USD4.5b, CMP INR947, TP INR850, 10% Downside, Neutral) TRENT’s revenue came in 57% below pre-COVID levels (1QFY20; 12% miss), better than ABFRL / Shoppers Stop and V-Mart. However, format-wise, we estimate Westside to be 60–65% below pre-COVID levels, in line with peers. EBITDA/PAT continued to report loss at INR318m/INR838m (6% miss). Unlike last year, recovery post the lifting of the lockdowns...
- Aliasgar Shakir
MOSL: TRENT (Buy)-Fabulous outperformance defying macro trends
TRENT: Fabulous outperformance defying macro trends (TRENT IN, Mkt Cap USD3b, CMP INR594, TP INR700, 18% Upside, Buy) In 3QFY20, Trent has displayed strong 13%/35% beat on EBITDA/PBT (post Ind-AS116) with 10% SSSG, at a time when other retailers are facing the brunt of slowing consumer spends. We have largely maintained FY20/FY21 EBITDA estimates, building in the healthy 9% SSSG. Trent, though expensive on headline multiples, is expected to command premium valuations given its continued ...
- Aliasgar Shakir
MOSL: TRENT (Buy)- Zudio – Bazooka in the closet! Encouraging insigh...
Trent: Zudio – Bazooka in the closet! Encouraging insights from store visit (TRENT IN, Mkt Cap USD2.5b, CMP INR504, TP INR605, 20% Upside, Buy) We visited two Zudio stores - TRENT's recently started value fashion format - to explore its offerings. Key insights highlighted below: We came back enthused with Zudio's value proposition - it targets the youth with stylish interiors, good fashionable/fast churning product inventory, sharp pricing and high focus on throughputs - which we believe...
- Aliasgar Shakir
MOSL: TRENT (Buy)-Revenue impressive but store add-led opex dilutes ea...
Trent: Revenue impressive but store add-led opex dilutes earnings (TRENT IN, Mkt Cap USD2.7b, CMP INR541, TP INR605, 12% Upside, Buy) Westside, Zudio fuel growth: Despite the slowdown in consumer spending, TRENT's revenue grew strongly by 32% YoY to INR8.2b (7% beat), led by a strong performance at Westside (revenue up 23% YoY with healthy 13% YoY SSSG). Zudio's revenue grew 150% YoY to INR1.2b (now contributing 15% of overall revenue), led by strong store adds. Our channel checks indicate 23...
- Aliasgar Shakir
MOSL: TRENT (Buy) - ANNUAL REPORT UPDATE-Setting store by consistency;...
TRENT - Annual Report Update: Setting store by consistency; investing aggressively (TRENT IN, Mkt Cap USD2.3b, CMP INR461, TP INR515, 12% Upside, Buy) We pored over TRENT’s annual report to capture key details of the company’s performance over the past year. Key takeaways: Another year of consistent growth Standalone revenue increased 23% to INR25.3b in FY19, primarily led by Westside (+18%) and Zudio (newly started fast fashion value format; +42% to INR2b). However, the EBITDA margin...
- Aliasgar Shakir
MOSL: TRENT (Buy)-Westside, Zudio progressing well; expect acceleratio...
TRENT: Westside, Zudio progressing well; expect acceleration in store adds (TRENT IN, Mkt Cap USD1.9b, CMP INR397, TP INR470, 18% Upside, Buy) Revenue growth healthy; PAT supported by other income: Standalone revenue increased strongly by 30% YoY, led by healthy 21% growth in Westside sales. EBITDA was up 130% at INR1.6b on account of Ind-AS 116 reclassification - we, however, believe that this number makes limited sense in the absence of any company-provided reconciliation. Reported PBT ...
- Aliasgar Shakir
MOSL: TRENT (Buy)-Preparing for next leg of growth; Focus on Westside ...
Trent: Preparing for next leg of growth; Focus on Westside and Zudio (TRENT IN, Mkt Cap USD2.1b, CMP INR435, TP INR500, 15% Upside, Buy) Trent (TRENT) appears well positioned to capitalize on India's high-growth retail apparel market, given its ability to execute well in a fast-changing operating environment. The company is embarking on an accelerated growth strategy, particularly at Westside (with its thrust on women-centric fashion and private labels) and Zudio (margin-accretive apparel ...
- Aliasgar Shakir
MOSL: TRENT (Buy)-Stellar results-strong growth to continue
TRENT: Stellar results; strong growth to continue (TRENT IN, Mkt Cap USD1.7b, CMP INR357, TP INR440, 23% Upside, Buy) Beat on all counts: Healthy growth in Westside fuelled strong 4QFY19 revenue/EBITDA growth of 27%/32% (standalone basis); Zudio (the recently launched value format) too seems to have recorded profitable growth. The 4QFY19 results are better than our estimates and 9MFY19 numbers, which indicated much lower EBITDA growth. Standalone revenues grew at a robust 27% YoY to INR6.7b ...
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