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

Emkay

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.

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