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14 May 2014
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Talwalkars Better Value
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Chola Wealth Direct
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1.45
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177.30
(-99.18%)
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Core thesis remain intact depreciation continues to increase In 4QFY14, Revenues up 18.1% YoY and 80% QoQ at INR 659.16mn. In the recent past, company has been slow in adding gy ms and focuses more on improving gy m productiv ity by offering value added services, thereby improving the revenue per gy m. In FY14, company has added 14 gy ms compared to 23 gy ms (excl. Nuform) in FY13. How ever,...
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10 Feb 2014
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Talwalkars Better Value
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Chola Wealth Direct
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1.45
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143.45
(-98.99%)
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Revenues up 29.1% YoY and dow n 47.3% QoQ at INR 366mn. EBITDA stood at INR 154mn, up 43.5% YoY and dow n 50.7% QoQ EBITDA margin up 420bps YoY to 42.1% Adj.PA T grew by 21% YoY to INR 35.5mn in 3QFY14 Tw o new HiFi centers w ere added during the quarter....
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06 Nov 2013
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Talwalkars Better Value
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Chola Wealth Direct
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1.45
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151.85
(-99.05%)
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Background: TBVF is one of the India's largest fitness chain and holds ~10% market share. TBVF has over 147 health clubs and gyms across 76 cities and towns of India and members base of over 133,000. They have 103 owned gyms, 16 gyms under JV, 6 licensed gym, 7 Franchisee gyms and 15 HI-FI format gyms. Geographic distribution of gyms: West (43%), North (27%), South (25%) and East (5%). Urban, semi-urban mix's of gym: Tier I (35%), Tier II (40%) and Tier III (25%). During...
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15 Aug 2013
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Talwalkars Better Value
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Chola Wealth Direct
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1.45
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129.00
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132.30
(-98.90%)
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Neutral
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Revenues up 31% YoY and -33.1% QoQ at INR 374mn. EBITDA stood at INR 126mn up 34.3% YoY and -55.6% QoQ EBIDTA margin expanded 80bps YoY to 33.8% Adj.PAT grew by 21% YoY to INR 34mn in 1QFY14 Introduced Reduce' program in 27 new centers taking the total count to 44 and Zumba is offered in...
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14 May 2013
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Talwalkars Better Value
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Chola Wealth Direct
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1.45
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134.00
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162.05
(-99.11%)
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Target met |
Sell
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Background: TBVF is one of the India's largest fitness chain and holds ~10% market share. TBVF has over 144 health clubs and gyms across 75 cities and towns of India and members base of over 133,000. They have 101 owned gyms, 15 gyms under JV, 6 licensed gym, 7 Franchisee gyms and 15 HI-FI format gyms. Geographic distribution of gyms: West (43%), North (26%), South (26%) and East (5%). Urban, semi-urban mix's of gym: Tier I (34%), Tier II (41%) and...
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15 Feb 2013
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Talwalkars Better Value
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Chola Wealth Direct
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1.45
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95.00
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163.00
(-99.11%)
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Sell
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The company's new initiatives like NuForm, Zumba and Reduce are receiving good response from members. NuForm, which is offered in 6 centres has over 1,100 members. During the quarter NuForm business has achieved a breakeven and turned EBIDTA positive. Reduce program has 43 products; currently offered in 5 centres and has over 400 members enrolled. Zumba is offered in 15 centres and has 300 members....
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19 Oct 2012
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Talwalkars Better Value
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Chola Wealth Direct
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1.45
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209.00
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194.85
(-99.26%)
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Target met |
Buy
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Background: TBVF is one of the Indias largest fitness chain and holds ~10% market share. TBVF has over 130 health club and gyms across 69 cities and towns of India and members base of over 126,000. They have 92 owned gyms, 11 gyms under JV, 10 licensed gym, 7 Franchisee gyms and 10 HI-FI format gyms. Geographic distribution of gyms: West (39%), North (30%), South (25%) and East (5%). Urban, semi-urban mixs of gym: Tier I (31%), Tier II...
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