External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

Equity Bottom-Up

Tata Consumer Products / Equity Bottom-Up

<ul><li>Tata Consumer Products (TATACONS) reported 8% YoY EBIT growth in2QFY25 on the back of a strong performance in its international branded beverage segment (EBIT up 74% YoY) and non-branded business (EBIT up86% YoY).</li><li>EBIT for India branded business declined 26% YoY due to tea costinflation.</li><li>Organically (excluding acquisition), India's business revenue grew 2% YoY and EBITDA declined 23% YoY in 2QFY25. Going ahead, India's business margins are likely to recover as the company has increased prices of salt (to mitigate cost inflation) and tea (staggered price increases).</li></ul>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.

Tata Consumer Products (TATACONS) reported 8% YoY EBIT growth in2QFY25 on the back of a strong performance in its international branded beverage segment (EBIT up 74% YoY) and non-branded business (EBIT up86% YoY).EBIT for India branded business declined 26% YoY due to tea costinflation.Organically (excluding acquisition), India's business revenue grew 2% YoY and EBITDA declined 23% YoY in 2QFY25. Going ahead, India's business margins are likely to recover as the company has increased prices of salt (to mitigate cost inflation) and tea (staggered price increases).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.

Tata Consumer Products - Incubating New Products

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>Our analysis of Tata Starbucks financials over FY14-24 indicate (1) It had revenue CAGR of 29% over FY14-24 and store count CAGR of 26%.</li><li>The revenue/store has remained flat at ~INR 35mn. (2) The gross margins of Tata Starbucks (TS) and Starbucks Corporation (SBUX) are similar at ~67%.</li><li>We believe TS can potentially reach &gt;20% EBITDA margin (SBUX EBITDA margin: ~18%) and (3) TS plans to reach 1,000 outlets by FY28 (421 in FY24). </li></ul>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.

Our analysis of Tata Starbucks financials over FY14-24 indicate (1) It had revenue CAGR of 29% over FY14-24 and store count CAGR of 26%.The revenue/store has remained flat at ~INR 35mn. (2) The gross margins of Tata Starbucks (TS) and Starbucks Corporation (SBUX) are similar at ~67%.We believe TS can potentially reach &gt;20% EBITDA margin (SBUX EBITDA margin: ~18%) and (3) TS plans to reach 1,000 outlets by FY28 (421 in FY24). 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.

Tata Consumer Products - Consumer Staples & Discretionary

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Ventive Hospitality Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ventive-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:43933:1" rel="noopener">Ventive Hospitality Ltd (0807075D IN)</a> is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares, is downsized from an earlier size of ~US$240m.</li>
<li>Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Ventive Hospitality Ltd (0807075D IN) is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares, is downsized from an earlier size of ~US$240m.
Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Ventive Hospitality IPO - Quick Thoughts on Peer Comp and Valuation

<ul><li>Motilal Oswal's research report onTata Consumer Products Tata Consumer Products (TATACONS) reported a strong operating performance in 4QFY24.</li><li>EBIT growth of 20% YoY was led by a healthyperformance in the international branded beverage segment (EBIT up 29% YoY), and non-branded business (up 3.6x YoY).</li><li>However, the EBIT of the India branded business grew by only 3% YoY.</li></ul>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.

Motilal Oswal's research report onTata Consumer Products Tata Consumer Products (TATACONS) reported a strong operating performance in 4QFY24.EBIT growth of 20% YoY was led by a healthyperformance in the international branded beverage segment (EBIT up 29% YoY), and non-branded business (up 3.6x YoY).However, the EBIT of the India branded business grew by only 3% YoY.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.

Tata Consumer Products - International Beverage and Non-Branded Business Drive Profitability

<ul><li>ICICI Securities research report onTata Consumer Products TCPL’s Q4FY24 was in line with our estimates.</li><li>We reckon, stock trigger in FY25-26 is likely outperformance of growth businesses (which are gross margin accretive too).</li><li>Post-acquisition of Capital Foods and Organic India, salience of growth businesses is ~30% of India branded sales.</li></ul>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.

ICICI Securities research report onTata Consumer Products TCPL’s Q4FY24 was in line with our estimates.We reckon, stock trigger in FY25-26 is likely outperformance of growth businesses (which are gross margin accretive too).Post-acquisition of Capital Foods and Organic India, salience of growth businesses is ~30% of India branded sales.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.

Tata Consumer Products - Performance of Growth Businesses Crucial for Re-Rating

India

Tata Consumer Products Limited produces food and beverage products. The Company manufactures, sells, and exports tea, coffee, salt, oil, pulses, spices, and food products. Tata Consumer Products serves customers worldwide.

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Tata Consumer Products (TATACONS IN)

Tata Consumer Products - Incubating New Products

Tata Consumer Products (TATACONS) reported 8% YoY EBIT growth in2QFY25 on the back of a strong performance in its international branded beverage...

Motilal Oswal

Tata Consumer Products - Consumer Staples & Discretionary

Our analysis of Tata Starbucks financials over FY14-24 indicate (1) It had revenue CAGR of 29% over FY14-24 and store count CAGR of 26%.

ICICI Securities Limited

Ventive Hospitality IPO - Quick Thoughts on Peer Comp and Valuation

Ventive Hospitality is looking to raise about US$188m in its India IPO. In this note, we will undertake a quick peer comparison and talk about the...

Akshat Shah

Tata Consumer Products - International Beverage and Non-Branded Business Drive Profitability

Motilal Oswal's research report onTata Consumer Products Tata Consumer Products (TATACONS) reported a strong operating performance in 4QFY24.

Motilal Oswal

Tata Consumer Products - Performance of Growth Businesses Crucial for Re-Rating

ICICI Securities research report onTata Consumer Products TCPL’s Q4FY24 was in line with our estimates. We reckon, stock trigger in FY25-26 is...

ICICI Securities Limited

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