External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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Equity Bottom-Up

Advanced Enzyme Technologies / Equity Bottom-Up

<div><div><div><div><ul><li>4QFY22 earnings performance: ADVENZY’s 4QFY22 revenue declined by ~1% YoY. The Human Nutrition segment, which contributes ~66% to the overall revenue, declined by ~6% YoY whereas the Bio-processing segment declined by ~5% YoY.</li></ul><div><div><div><div><ul><li>The Animal Nutrition segment grew by ~15% YoY. Region-wise, overall performance was subdued; however, Europe business was impacted more and declined by 43% YoY.</li></ul><div><div><div><div><ul><li>India business, which contributes 45% to the topline, reported ~2% YoY growth. EBITDA declined by ~27% YoY mainly on account of higher other expenses on account of increase in the costs of power &amp; fuel, sales promotion, consulting, freight etc.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

4QFY22 earnings performance: ADVENZY’s 4QFY22 revenue declined by ~1% YoY. The Human Nutrition segment, which contributes ~66% to the overall revenue, declined by ~6% YoY whereas the Bio-processing segment declined by ~5% YoY.The Animal Nutrition segment grew by ~15% YoY. Region-wise, overall performance was subdued; however, Europe business was impacted more and declined by 43% YoY.India business, which contributes 45% to the topline, reported ~2% YoY growth. EBITDA declined by ~27% YoY mainly on account of higher other expenses on account of increase in the costs of power &amp; fuel, sales promotion, consulting, freight etc.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Advanced Enzyme Technologies - Near Term Challenges Continue

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Advanced Enzyme Technologies (AET) is a focused, research driven Indian enzymes company</li><li>The business is divided into three segments - 1) human healthcare, 2) animal healthcare and 3) industrial processing business</li><li>Target Price and Valuation: We value AET at Rs 380 i.e. 24x FY24E EPS of Rs 15.8</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Advanced Enzyme Technologies (AET) is a focused, research driven Indian enzymes companyThe business is divided into three segments - 1) human healthcare, 2) animal healthcare and 3) industrial processing businessTarget Price and Valuation: We value AET at Rs 380 i.e. 24x FY24E EPS of Rs 15.8Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p>About the stock: Advanced Enzyme Technologies (AET) is a focused, research driven Indian enzymes company with a product basket of 400+ proprietary products developed from 68 indigenous enzymes and probiotics.</p><ul><li>The business is divided into three segments - 1) human healthcare, 2) animal healthcare and 3) industrial processing business</li><li>It has seven manufacturing and six R&amp;D facilities, which consist of three integrated fermentations, recovery &amp; formulation facilities, one extraction and recovery facility and one satellite blending, mixing &amp; formulation facility</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

About the stock: Advanced Enzyme Technologies (AET) is a focused, research driven Indian enzymes company with a product basket of 400+ proprietary products developed from 68 indigenous enzymes and probiotics.The business is divided into three segments - 1) human healthcare, 2) animal healthcare and 3) industrial processing businessIt has seven manufacturing and six R&amp;D facilities, which consist of three integrated fermentations, recovery &amp; formulation facilities, one extraction and recovery facility and one satellite blending, mixing &amp; formulation facilityContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Advanced Enzyme Technologies: Below Par Performance Amid Margin Pressure

<p>Target Price and Valuation: We value AET at Rs 480 i.e. 26x P/E on FY23E EPS. AET remains a marginal player in the global enzymes landscape that is estimated at ~US$10 billion and poised to grow at 6-7% CAGR as more...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Target Price and Valuation: We value AET at Rs 480 i.e. 26x P/E on FY23E EPS. AET remains a marginal player in the global enzymes landscape that is estimated at ~US$10 billion and poised to grow at 6-7% CAGR as more...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Advanced Enzyme Technologies: Strong Q1 Numbers with Addition of SSPL

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

<p>A classic case of MOAT business, Advanced Enzyme Technologies Limited <a href="https://www.smartkarma.com/entities/26960" target="_blank" data-smartkarma-citation="entities:26960:1">Advanced Enzyme Technologies (ADVENZY IN)</a> (AETL) operates in the field of enzymes. AETL hit the bourses in mid-2016 and with operating margins in the range of 40-42%, it carries the tag of a lucrative investment opportunity. The company operates globally with India and US being the highest revenue contributing geographies. A New business venture in Palm Oil in Malaysia provides AETL immense opportunity for growth.</p><p>Notwithstanding this feel-good image, AETL’s public disclosures reveal certain practices that require careful attention and vetting.</p>

A classic case of MOAT business, Advanced Enzyme Technologies Limited Advanced Enzyme Technologies (ADVENZY IN) (AETL) operates in the field of enzymes. AETL hit the bourses in mid-2016 and with operating margins in the range of 40-42%, it carries the tag of a lucrative investment opportunity. The company operates globally with India and US being the highest revenue contributing geographies. A New business venture in Palm Oil in Malaysia provides AETL immense opportunity for growth.Notwithstanding this feel-good image, AETL’s public disclosures reveal certain practices that require careful attention and vetting.

Advanced Enzyme Technologies Limited: ‘Enzyme’ Encoded With Enigma

India

Advanced Enzyme Technologies Limited manufactures and markets enzymes. The Company offers enzymes derived from various natural origins, such as plant, fungal, bacterial, and animal. Advanced Enzyme Technologies operates worldwide.

Advanced Enzyme Technologies (ADVENZY IN)

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Advanced Enzyme Technologies (ADVENZY IN)

Advanced Enzyme Technologies - Near Term Challenges Continue

ADVENZY’s 4QFY22 EBITDA came in ~19% below our estimate on account of decline in the Human Nutrition business, RM inflation and increase in other...

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