External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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Equity Bottom-Up

<ul><li>Ugro reported a satisfactory performance in Q2FY25, where it delivered a strong performance in terms of highest-ever net disbursement of Rs19.7bn (+34% YoY; +71% QoQ) and AUM reaching Rs101.6bn (+34% YoY; +10% QoQ).</li><li>The momentum on fund mobilization and co-lending/direct assignment was strong in the quarter, leading to strong growth in Assignment income.</li><li>Additional write-off in the rundown supply chain finance book led to a surge in credit cost for the quarter, affecting profitability.</li></ul><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>

Ugro reported a satisfactory performance in Q2FY25, where it delivered a strong performance in terms of highest-ever net disbursement of Rs19.7bn (+34% YoY; +71% QoQ) and AUM reaching Rs101.6bn (+34% YoY; +10% QoQ).The momentum on fund mobilization and co-lending/direct assignment was strong in the quarter, leading to strong growth in Assignment income.Additional write-off in the rundown supply chain finance book led to a surge in credit cost for the quarter, affecting profitability.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.

UGRO Capital - Strong AUM Growth, Led by Micro Branch Addition

Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

<ul><li>We are reiterating our Buy Rating, $8 price target and projections for urban-gro, as the company continues to register material progress, which we believe will become more obvious going forward.</li><li>Further, while we view the potential for Florida to legalize recreational cannabis as a key positive catalyst, we do not believe it will be the only potential upside driver for urban-gro, as the company has continued to make material progress on the commercial side of the business, leveraging their turnkey services to gain market share and deeper competitive advantages.</li><li>As such, and, we believe, with the company on track to become fully current in their financial filings, we reiterate our Buy rating and $8 price target for UGRO.</li></ul>

We are reiterating our Buy Rating, $8 price target and projections for urban-gro, as the company continues to register material progress, which we believe will become more obvious going forward.Further, while we view the potential for Florida to legalize recreational cannabis as a key positive catalyst, we do not believe it will be the only potential upside driver for urban-gro, as the company has continued to make material progress on the commercial side of the business, leveraging their turnkey services to gain market share and deeper competitive advantages.As such, and, we believe, with the company on track to become fully current in their financial filings, we reiterate our Buy rating and $8 price target for UGRO.

UGRO: Momentum Continues to Build; Reiterate Buy, $8 PT

<ul><li>We are reiterating our Buy rating, $8 price target and slightly tweaking our projections after urban-gro, as part of their engagement with a new accounting firm, announced a restatement of historic results, driven by deferred tax liabilities.</li><li>We note the restatement will have no material impact on historic Revenue, Adjusted EBITDA and cash flows.</li><li>That said, we now do not expect the company to announce 2Q24 results now before October.</li></ul>

We are reiterating our Buy rating, $8 price target and slightly tweaking our projections after urban-gro, as part of their engagement with a new accounting firm, announced a restatement of historic results, driven by deferred tax liabilities.We note the restatement will have no material impact on historic Revenue, Adjusted EBITDA and cash flows.That said, we now do not expect the company to announce 2Q24 results now before October.

UGRO: View 2Q Delay, Restatement as Immaterial; Setting up 3Q, Reiterate Buy

<ul><li>We are reiterating our Buy recommendation, $8 price target and projections as we look at key trends for 2H2024 and beyond for urban-gro.</li><li>Given the increase in Controlled Environment Agriculture ("CEA") contract momentum, the pending reclassification from a Schedule I to a Schedule III drug for marijuana, the potential for Florida to legalize recreational cannabis on Election Day, and what we believe has been continued demand for commercial services, we believe the potential for top and bottom line upside for the company has continued to increase.</li><li>That said, we have, given urban-gro's prior history and the current valuation, remained conservative in our projections.</li></ul>

We are reiterating our Buy recommendation, $8 price target and projections as we look at key trends for 2H2024 and beyond for urban-gro.Given the increase in Controlled Environment Agriculture ("CEA") contract momentum, the pending reclassification from a Schedule I to a Schedule III drug for marijuana, the potential for Florida to legalize recreational cannabis on Election Day, and what we believe has been continued demand for commercial services, we believe the potential for top and bottom line upside for the company has continued to increase.That said, we have, given urban-gro's prior history and the current valuation, remained conservative in our projections.

UGRO; 2H Signposts: Leaving the CEA Wilderness?; Reiterate Buy, $8 PT

<ul><li>We are reiterating our Buy rating, projections and price target for urban-gro after meeting with management at their Centennial, CO headquarters.</li><li>After a period where the company has repositioned the business model around the commercial real estate space, urban-gro is optimistic on the prospects for a return to growth for Controlled Environment Agriculture ("CEA"), driven by the pending reclassification of cannabis by the Drug Enforcement Administration and the potential for Florida to legalize recreational cannabis in November.</li><li>Further, management is breaking down silos between functions to be able to offer more services and register stronger overall returns.</li></ul>

We are reiterating our Buy rating, projections and price target for urban-gro after meeting with management at their Centennial, CO headquarters.After a period where the company has repositioned the business model around the commercial real estate space, urban-gro is optimistic on the prospects for a return to growth for Controlled Environment Agriculture ("CEA"), driven by the pending reclassification of cannabis by the Drug Enforcement Administration and the potential for Florida to legalize recreational cannabis in November.Further, management is breaking down silos between functions to be able to offer more services and register stronger overall returns.

UGRO: Management Focused On Driving Growth, Returns; Reiterate Buy, $8 PT

United States

urban-gro, Inc. operates as an agricultural technology systems integrator. The Company designs irrigation and water treatment systems, inventory monitoring, cultivation equipment, and pest management solutions for cannabis growing industry. urban-gro serves customers in the United States and Canada.

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Urban-Gro (UGRO US)

UGRO Capital - Strong AUM Growth, Led by Micro Branch Addition

Ugro reported a satisfactory performance in Q2FY25, where it delivered a strong performance in terms of highest-ever net disbursement of Rs19.7bn...

Emkay

UGRO: Momentum Continues to Build; Reiterate Buy, $8 PT

We are reiterating our Buy Rating, $8 price target and projections for urban-gro, as the company continues to register material progress, which we...

Small Cap Consumer Research

UGRO: View 2Q Delay, Restatement as Immaterial; Setting up 3Q, Reiterate Buy

We are reiterating our Buy rating, $8 price target and slightly tweaking our projections after urban-gro, as part of their engagement with a new...

Small Cap Consumer Research

UGRO; 2H Signposts: Leaving the CEA Wilderness?; Reiterate Buy, $8 PT

We are reiterating our Buy recommendation, $8 price target and projections as we look at key trends for 2H2024 and beyond for urban-gro. Given the...

Small Cap Consumer Research

UGRO: Management Focused On Driving Growth, Returns; Reiterate Buy, $8 PT

We are reiterating our Buy rating, projections and price target for urban-gro after meeting with management at their Centennial, CO...

Small Cap Consumer Research

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