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

<ul><li>With our estimated top-line of Rs23bn (~15% CAGR over FY16-23E) and 13.4% EBITDA margin in FY23E (vs. 6% in FY16), WLDL has delivered towards the mid-point of its 2022 vision statement, which was presented in 2016.</li><li>While growth in Rev/Store at 8.5% CAGR has been better than its expectations of 6-7%, annual store additions have been lower at 18 stores vs. targeted addition of ~30 stores.</li><li>Going ahead (FY23-28), WLDL expects annual addition of 45-55 stores (10-12% CAGR), which suggests a significant pick-up vs. the past trends. I</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>

With our estimated top-line of Rs23bn (~15% CAGR over FY16-23E) and 13.4% EBITDA margin in FY23E (vs. 6% in FY16), WLDL has delivered towards the mid-point of its 2022 vision statement, which was presented in 2016.While growth in Rev/Store at 8.5% CAGR has been better than its expectations of 6-7%, annual store additions have been lower at 18 stores vs. targeted addition of ~30 stores.Going ahead (FY23-28), WLDL expects annual addition of 45-55 stores (10-12% CAGR), which suggests a significant pick-up vs. the past trends. IContent 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 Foodworld - Guidance Appears Conservative; Maintain Buy on Strong Execution

Westlife Development

Westlife Foodworld - Guidance Appears Conservative; Maintain Buy on Strong Execution