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. 

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

<div><ul><li>Strong performance with best-ever Q4 revenue/PAT: WLDL reported ~27% growth in revenues, led by 23% SSG and new store additions (up 7% to 326 stores).</li></ul><div><div><div><div><ul><li>Consistent delivery should boost Street confidence: Pre-IndAS EBITDA margins improved 260bps to 11.8% (vs. ~9% in FY20), despite a RM spike, which affected gross margin by ~150bps.</li></ul><div><div><div><div><ul><li>Attractive valuations vs. peers; maintain Buy: We forecast healthy sales/EBITDA CAGRs of 13%/24% in FY20-25E.</li></ul></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>

Strong performance with best-ever Q4 revenue/PAT: WLDL reported ~27% growth in revenues, led by 23% SSG and new store additions (up 7% to 326 stores).Consistent delivery should boost Street confidence: Pre-IndAS EBITDA margins improved 260bps to 11.8% (vs. ~9% in FY20), despite a RM spike, which affected gross margin by ~150bps.Attractive valuations vs. peers; maintain Buy: We forecast healthy sales/EBITDA CAGRs of 13%/24% in FY20-25E.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.

Westlife Development - Strong Consecutive Beat Boosts Confidence

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

Motilal Oswal

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.

<div><ul><li>In line result, fair valuations limit the upside - <span style="font-size: var(--content-font-size);">All operating parameters for WLDL – SSSG, sales, gross margin, and EBITDA – were in line</span></li></ul><div><ul><li>Operating performance in line - <span style="font-size: var(--content-font-size);">Sales grew 27.3% YoY to INR4.5b (inline). SSSG stood at 23% YoY (inline).</span></li></ul><div><ul><li>Key takeaways from the management commentary - <span style="font-size: var(--content-font-size);">The management has raised prices in 1QFY23. Along with the mix and efficiency, it said it can manage margin.</span></li></ul></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>

In line result, fair valuations limit the upside - All operating parameters for WLDL – SSSG, sales, gross margin, and EBITDA – were in lineOperating performance in line - Sales grew 27.3% YoY to INR4.5b (inline). SSSG stood at 23% YoY (inline).Key takeaways from the management commentary - The management has raised prices in 1QFY23. Along with the mix and efficiency, it said it can manage margin.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.

4QFY22 Results Update - Westlife Development

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>4QFY22 headline performance: WDL's 4QFY22 topline grew by 27.3% YoY to Rs4.55bn (vs. our est. 22% growth to Rs4.36bn), led by SSSG growth of 23% YoY (vs. our est. 17%).</li></ul><div><div><div><div><ul><li>FY22 performance: Revenue and EBITDA grew by ~60% and ~161%, respectively. EBITDA margin stood at 12.6% (up 490bps over FY21).</li></ul><div><div><div><div><ul><li>Other key highlights: (1) WDL did not take any price hike in 4QFY22, but has taken a price hike of 3-5% in 1QFY23. (2) Metro and smaller town mix stands at ~70:30, and at most can change to ~60-40% in coming years.</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 headline performance: WDL's 4QFY22 topline grew by 27.3% YoY to Rs4.55bn (vs. our est. 22% growth to Rs4.36bn), led by SSSG growth of 23% YoY (vs. our est. 17%).FY22 performance: Revenue and EBITDA grew by ~60% and ~161%, respectively. EBITDA margin stood at 12.6% (up 490bps over FY21).Other key highlights: (1) WDL did not take any price hike in 4QFY22, but has taken a price hike of 3-5% in 1QFY23. (2) Metro and smaller town mix stands at ~70:30, and at most can change to ~60-40% in coming years.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.

Westlife Development - Strong SSSG Performance

<p>WLDL once again delivered a better than expected SSSG and sales growth, led by continued strong momentum in the convenience platform. The convenience channels continue to remain elevated, despite a recovery in dine-in, which almost doubled YoY. Inflationary pressures on commodities led to gross and EBITDA margin being slightly lower than expected. The continued sales momentum would drive operational leverage on margin in the future.</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>

WLDL once again delivered a better than expected SSSG and sales growth, led by continued strong momentum in the convenience platform. The convenience channels continue to remain elevated, despite a recovery in dine-in, which almost doubled YoY. Inflationary pressures on commodities led to gross and EBITDA margin being slightly lower than expected. The continued sales momentum would drive operational leverage on margin in the future.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.

Aggression on store expansion a welcome change

India

Westlife Development Limited is an operating-cum-investment company that puts up and operates quick service restaurants. The Company, through its subsidiary, operates fast food franchise restaurants across western and southern India.

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Westlife Development (WLDL IN)

Westlife Development - Strong Consecutive Beat Boosts Confidence

Q4 is the second consecutive quarter where WLDL’s operating performance is 30-50% higher than street estimates and ~20% higher than our estimates.

Emkay

4QFY22 Results Update - Westlife Development

In line result, fair valuations limit the upside - All operating parameters for WLDL – SSSG, sales, gross margin, and EBITDA – were in line

Motilal Oswal

Westlife Development - Strong SSSG Performance

Westlife Development (WDL) reported robust numbers with same-store-sales growth (SSSG) of 23% YoY (vs. our est. 17%) even while there were business...

Nirmal Bang

Aggression on store expansion a welcome change

WLDL once again delivered a better than expected SSSG and sales growth, led by continued strong momentum in the convenience platform. The...

Motilal Oswal

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