External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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>Outlook: we maintain our positive outlook on WFL despite near-term challenges. Our confidence in the company’s bright future prospects is supported by its strong execution track record of Revenue/EBITDA growth of 17%/51% over FY16-20, which was driven by new product launches and cost rationalization programs (100-200bps cost reduction every year). We expect the company to deliver healthy Revenue/EBITDA growth of 15%/16%CAGR over FY23-26E (Post Ind. AS).</li><li>This will be led by: (a) Foraying and scaling up fast-growing categories such as McDelivery, McCafe, McBreakfast, and Fried chicken.</li><li>(b) Leveraging McDelivery and other convenience platforms to capitalize on the rapidly growing delivery channel, and (c) The management’s ambitions to penetrate into fast-growing smaller towns/cities, raising store guidance prospects to 45-50stores/year from 25- 30 stores earlier and converting normal stores to tech-savvy EOTF (Experience of the Future) stores for better customer experience</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>

Outlook: we maintain our positive outlook on WFL despite near-term challenges. Our confidence in the company’s bright future prospects is supported by its strong execution track record of Revenue/EBITDA growth of 17%/51% over FY16-20, which was driven by new product launches and cost rationalization programs (100-200bps cost reduction every year). We expect the company to deliver healthy Revenue/EBITDA growth of 15%/16%CAGR over FY23-26E (Post Ind. AS).This will be led by: (a) Foraying and scaling up fast-growing categories such as McDelivery, McCafe, McBreakfast, and Fried chicken.(b) Leveraging McDelivery and other convenience platforms to capitalize on the rapidly growing delivery channel, and (c) The management’s ambitions to penetrate into fast-growing smaller towns/cities, raising store guidance prospects to 45-50stores/year from 25- 30 stores earlier and converting normal stores to tech-savvy EOTF (Experience of the Future) stores for better customer experienceContent 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.

WestlifeFoodworld Ltd - Long-Term Outlook Remains Intact; Maintain BUY

Westlife Development

WestlifeFoodworld Ltd - Long-Term Outlook Remains Intact; Maintain BUY