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

ICICI Securities Limited

External broker reports(aggregated public sources)

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. 

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Equity Bottom-Up

<p>Consensus (continues to) believe that DMart is a linear and secular growth story. We disagree. This analyst's &gt;20 years Consumer experience suggests that in India, nuances matter more. We disagree with consensus' over-enthusiasm of BAAP. SELL. Watch-out for DMart (and modern retail) potentially getting disrupted like how India skipped wireline penetration and jumped directly to wireless.</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>

Consensus (continues to) believe that DMart is a linear and secular growth story. We disagree. This analyst's &gt;20 years Consumer experience suggests that in India, nuances matter more. We disagree with consensus' over-enthusiasm of BAAP. SELL. Watch-out for DMart (and modern retail) potentially getting disrupted like how India skipped wireline penetration and jumped directly to wireless.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.

Not a BAAP story (please allow us to repeat an acronym which we coined in July 2020)

<p>Robust store operating metrics (breakeven in 18-24 months of its operations and one of industry best revenue per sq ft: Rs 32000+) Q2FY22 Results: Operating performance better than consensus estimates as...</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>

Robust store operating metrics (breakeven in 18-24 months of its operations and one of industry best revenue per sq ft: Rs 32000+) Q2FY22 Results: Operating performance better than consensus estimates as...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.

Avenue Supermarts: Strong Performance; Rich Valuations Limit Upside

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>We revise our estimates leading to an upward revision in our target price to Rs 3,600/share (prev Rs 3,110) valuing at 45x FY24E EV/EBITDA. We downgrade the stock to SELL from HOLD earlier.</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>

We revise our estimates leading to an upward revision in our target price to Rs 3,600/share (prev Rs 3,110) valuing at 45x FY24E EV/EBITDA. We downgrade the stock to SELL from HOLD earlier.
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.

Avenue Supermarts: Priced to Perfection; Downgrade to Sell

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>We maintain our SELL recommendation on DMART with a revised DCF-based TP of INR 2,700/sh (earlier 2,260/sh), implying 35x Dec-23E for the standalone business + 4x Dec-23E sales for DMART Ready. Note: the target price change is a function of EPS change (+4%), a 6M DCF rollover (+9%), and a marginal multiple increase (+4%). Avenue Supermarts: D-MARTs Q2FY22 revenue recovery was healthy (47% growth YoY). Profitability and unit economics were in line but have not yet caught up with the pre-pandemic levels.</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>

We maintain our SELL recommendation on DMART with a revised DCF-based TP of INR 2,700/sh (earlier 2,260/sh), implying 35x Dec-23E for the standalone business + 4x Dec-23E sales for DMART Ready. Note: the target price change is a function of EPS change (+4%), a 6M DCF rollover (+9%), and a marginal multiple increase (+4%). Avenue Supermarts: D-MARTs Q2FY22 revenue recovery was healthy (47% growth YoY). Profitability and unit economics were in line but have not yet caught up with the pre-pandemic levels.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.

<p>D-Mart has progressively enhanced its return ratios (RoIC: 20%+) despite being capital intensive (follows ownership model) Robust store operating metrics (breakeven in 18-24 months of its operations...</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>

D-Mart has progressively enhanced its return ratios (RoIC: 20%+) despite being capital intensive (follows ownership model) Robust store operating metrics (breakeven in 18-24 months of its operations...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.

Avenue Supermarts: Sharp Revenue Recovery Post Easing of Restrictions

India

Avenue Supermarts Ltd. (ASL) owns and operates hypermarkets and supermarkets. The Company offers products such as garments, footwears, toys and games, bed and bath linen, stationery, grocery, household, and electronic products. ASL operates throughout India.

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Avenue Supermarts Ltd (DMART IN)

Not a BAAP story (please allow us to repeat an acronym which we coined in July 2020)

Consensus (continues to) believe that DMart is a linear and secular growth story. We disagree. This analyst's >20 years Consumer experience...

ICICI Securities Limited

Avenue Supermarts: Strong Performance; Rich Valuations Limit Upside

Robust store operating metrics (breakeven in 18-24 months of its operations and one of industry best revenue per sq ft: Rs 32000+) Q2FY22 Results:...

ICICI Securities Limited

Avenue Supermarts: Priced to Perfection; Downgrade to Sell

We revise our estimates leading to an upward revision in our target price to Rs 3,600/share (prev Rs 3,110) valuing at 45x FY24E EV/EBITDA. We...

Axis Direct

HSIE Results Daily: Avenue Supermarts

We maintain our SELL recommendation on DMART with a revised DCF-based TP of INR 2,700/sh (earlier 2,260/sh), implying 35x Dec-23E for the...

HDFC Securities

Avenue Supermarts: Sharp Revenue Recovery Post Easing of Restrictions

D-Mart has progressively enhanced its return ratios (RoIC: 20%+) despite being capital intensive (follows ownership model)

ICICI Securities Limited

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Not a BAAP story (please allow us to repeat an acronym which we coined in July 2020)

Consensus (continues to) believe that DMart is a linear and secular growth story. We disagree. This analyst&#x27;s >20 years Consumer experience...

ICICI Securities Limited

Avenue Supermarts: Strong Performance; Rich Valuations Limit Upside

Robust store operating metrics (breakeven in 18-24 months of its operations and one of industry best revenue per sq ft: Rs 32000+) Q2FY22 Results:...

ICICI Securities Limited

Avenue Supermarts: Priced to Perfection; Downgrade to Sell

We revise our estimates leading to an upward revision in our target price to Rs 3,600/share (prev Rs 3,110) valuing at 45x FY24E EV/EBITDA. We...

Axis Direct

HSIE Results Daily: Avenue Supermarts

We maintain our SELL recommendation on DMART with a revised DCF-based TP of INR 2,700/sh (earlier 2,260/sh), implying 35x Dec-23E for the...

HDFC Securities

Avenue Supermarts: Sharp Revenue Recovery Post Easing of Restrictions

D-Mart has progressively enhanced its return ratios (RoIC: 20%+) despite being capital intensive (follows ownership model)

ICICI Securities Limited

Consensus (continues to) believe that DMart is a linear and secular growth story. We disagree. This analyst's >20 years Consumer experience...