Trent Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for TRENT, BSE:500251 Trent Ltd.

Trent Ltd.

01 Aug 2019

5364.00

-1.23%

Westside, Zudio progressing well; expect acceleration in store adds

Buy: Trent Ltd.

Target

Motilal Oswal

Revenue growth healthy; PAT supported by other income: Standalone revenue increased strongly by 30% YoY, led by healthy 21% growth in Westside sales. EBITDA was up 130% at INR1.6b on account of Ind-AS 116 reclassification we, however, believe that this number makes limited sense in the absence of any company-provided reconciliation. Reported PBT was up 50% YoY at INR865m (INR85m/9% impact due to Ind-AS 116). On a preInd-AS 116 basis, PBT would have been INR950m (+62% YoY; 32% beat). PAT (post Ind-AS 116) was up 51% YoY at INR579m (23% beat), mainly led by significantly higher other income (+6x YoY to INR359m)....

Number of FII/FPI investors decreased from 1154 to 1097 in Mar 2025 qtr

Trent Ltd.

10 Jul 2019

5364.00

-1.23%

Preparing for next leg of growth

Buy: Trent Ltd.

Motilal Oswal

10 July 2019 Westside is a well-oiled business format with a right product proposition, pricing and favorable store economics. It now plans to replicate Westsides success in Zudio, which will have competitive pricing and value products targeted at the youth. Against this promising backdrop, the company targets to double its store count potentially in three years (adding 60 stores). Subsequently, we have revised our store addition estimate for Westside/Zudio to 35/40 annually v/s 23/25 earlier. Keeping in mind its ambitious plans and accelerated growth, the company has announced equity fund raising plans of INR15.5b in end-June. calculations, Westside garners mid-teens RoCE, but the upcoming investments in scaling up both Westside and Zudio may keep the return profile in single- digits. Further, we expect RoIC to languish at ~10% in FY20E, but believe it will recover to healthy mid-teens level over the next 2-3 years on (a) Zudio driving scale benefits, (b) accelerated store addition, and (c) backend synergies.

Trent Ltd. has an average target of 6470.25 from 4 brokers.

Trent Ltd.

08 Jul 2019

5364.00

-1.23%

Trent Ltd

Buy: Trent Ltd.

Target

ICICI Securities Limited

Westside continues to be one of the most successful, established franchises in the women's wear category. With steady same store sales growth (8%) and aggressive store addition (added 25 stores: highest store addition historically in a single year); revenues from the Westside format grew robustly by 17% YoY in FY19. Private label brands continue to dominate the product portfolio with the share now touching 97% (from 80% in FY13). On the profitability front, gross margins for Westside format declined 210 bps YoY to 57.9%, mainly owing to price rationalisation in selected categories of...

Number of FII/FPI investors decreased from 1154 to 1097 in Mar 2025 qtr

Trent Ltd.

02 May 2019

5364.00

-1.23%

Trent Ltd

Buy: Trent Ltd.

Target

ICICI Securities Limited

Westside (~92% of standalone revenues) continued to deliver a superior performance with healthy revenue growth of 18% YoY in FY19. Westside is considered one of the most successful and established franchises, consistently delivering high single digit SSSG (FY13: 7%, FY14: 9%, FY15: 11%, FY16: 8%, FY17: 9%, FY18: 9% and FY19: 9%) and deriving ~96% of share of revenues from private label brands. The management accelerated its store expansion pace by adding record number of stores in FY19 (added 20 Westside stores in FY19 vs. 18 in FY18). Healthy store addition coupled...

Trent Ltd. is trading below all available SMAs

Trent Ltd.

06 Feb 2019

5364.00

-1.23%

Trent Ltd

Buy: Trent Ltd.

Target

ICICI Securities Limited

Driven by strong festive season, revenue grew a robust 26% YoY to | 656.5 crore (I-direct estimate: | 612.6 crore). For 9MFY19, Westside format sales grew 17% YoY, with like to like sales growth of 8% Gross margins for the quarter declined 359 bps YoY to 53%. However, decline in other expense as a percentage of sales (down 177 bps YoY) neutralised the impact of lower gross margins, to a certain extent. Subsequently, the decline in EBITDA margin was restricted to 211 bps YoY to 11.1% (I-direct estimate: 13.7%). Absolute EBITDA grew 6%...

Trent Ltd. is trading below all available SMAs

Trent Ltd.

02 Nov 2018

5364.00

-1.23%

Trent Ltd

Buy: Trent Ltd.

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research Trent reported a healthy operational performance, with revenue and EBITDA in line with our estimates. Net profit came in below our estimates mainly on account of higher interest expense Revenue for the quarter grew 18% YoY to | 615.9 crore (I-direct estimate: | 612.4 crore). Gross margins for the quarter declined 125 bps YoY to 50.8%, mainly on account of higher discounting days. However, a decline in other expense as a percentage to sales (down...

Number of FII/FPI investors decreased from 1154 to 1097 in Mar 2025 qtr

Trent Ltd.

10 Aug 2018

5364.00

-1.23%

Trent Ltd

Buy: Trent Ltd.

Target

ICICI Securities Limited

EBITDA margins improved marginally by 20 bps YoY to 12.0% (I-direct estimate: 12.2%), mainly on the back of a decline in rental expense as a percentage to sales by 69 bps YoY. Subsequently, absolute EBITDA grew 21% YoY to | 71.0 crore (I-direct estimate: | 71.8 crore) Other income for Q1 came in at | 5.7 crore vs. | 16.0 crore in Q1FY18. This led to restriction of PAT growth. Consequently, PAT for the quarter stayed flat YoY at | 38.4 crore (I-direct estimate: | 47.3 crore) Key takeaways from AGM: 1) the management has chalked out...

Trent Ltd. is trading below all available SMAs

Trent Ltd.

09 Jul 2018

5364.00

-1.23%

Trent Ltd

Buy: Trent Ltd.

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research Westside continues to be one of the most successful, established franchises in the women's wear category. With steady same store sales growth (8%) and aggressive store addition (added 18 stores, the highest store addition historically in a single year), revenues from the Westside format grew robustly by 20% YoY in FY18. Westside has proven to have one of the most profitable business models as it primarily focuses on selling private label brands. Share of private label brands has improved significantly from 80% in...

Trent Ltd. is trading below all available SMAs

Trent Ltd.

08 May 2018

5364.00

-1.23%

Trent Ltd

Buy: Trent Ltd.

Target

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research Revenues for the quarter grew 18% YoY to | 528.7 crore vs. our estimate of | 540.4 crore. Results for the quarter include revenues from Zudio, which was acquired by the company with effect from October 1, 2017. For FY18, revenues of the Westside format grew robustly by 20% YoY with like to like (LTL) sales growth of 9% Gross margins improved 92 bps YoY to 50.3% while controlled operating expenses accelerated the improvement in EBITDA margins,...

Trent Ltd. is trading below all available SMAs

Trent Ltd.

20 Mar 2018

5364.00

-1.23%

Fundamental Research Report : Trent Ltd.

Buy: Trent Ltd.

Choice India

Trent Limited is engaged in the retail sale of readymade garments. The Company's segments include Retailing and Others. It primarily operates stores across three formats: Westside, Star and Landmark. Westside offers apparel, footwear and accessories for men, women and children, along with furnishings, decor and a range of home accessories. It offers products in approximately 61 cities across over 108 stores. Star hypermarket and convenience store chain offers a range of products, including staple foods, beverages, health and beauty products, apparel, home...

Trent Ltd. has an average target of 6470.25 from 4 brokers.

Is Trent Ltd. worth buying?

451 Votes:

Buy 70.29%

Sell 18.18%

Hold 11.53%

RESEARCH REPORTS

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