The 3 reports from 1 analysts offering long term price targets for Vaibhav Global Ltd. have an average target of 1381.00. The consensus estimate represents an upside of 7.54% from the last price of 1284.15.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-06-16||Vaibhav Global Ltd.||Nirmal Bang||1187.65||1381.00||1187.65 (8.13%)||7.54||Hold|
Valuations and Recommendation The stock has risen 49% in last one year following the strong results shown by the company. We remain positive on the company for coming period. Going forward, we are projecting 14.5% CAGR in sales between FY20-FY22E however expects EBITDA/PAT to grow higher at 25.6%/22.6% during the same period. We expect EBITDA margins to remain steady at around 13.5% in FY21E/FY22E from 13.2% in FY20. The stock is currently trading at 16.7x on our FY21E earnings. We recommend HOLD on the stock with a target price of Rs 1381 (17x FY22E).
|2020-02-20||Vaibhav Global Ltd.||Nirmal Bang||1147.15||1300.00||1147.15 (11.94%)||Target met||Hold|
Valuations and Recommendation The stock has risen 85% in last one year following the strong results shown by the company. We remain positive on the company for coming period. Going forward, we are projecting 13% CAGR in sales between FY19-FY21E however expects EBITDA/PAT to grow higher at 24%/22% during the same period. We expect EBITDA margins to improve to 13.5% in FY21E from 11.2% in FY19. The stock is currently trading at 16.3x on our FY21E earnings. We recommend HOLD on the stock with a target price of Rs 1300 (18x FY21E).
|2019-08-05||Vaibhav Global Ltd.||Nirmal Bang||832.65||832.65 (54.22%)||Hold|
Vaibhav Global Ltd (VGL) reported strong quarter with 16.2% volume growth in retail segment, led by web sales. VGL is gaining market share in botht he geographies, validating the strategy the management has adopted and the actions it has taken. Sales grew by 14% to Rs 440 cr however yoy growth is not comparable as the company had off air period with one of the alliance in US in Q1FY19 which impacted the overall growth. Constant currency sales growth in US/UK is 21%/15% respectively. US growth looks high because of the off air period last year. Gross margins improved yoy to 63.1% in Q1 from...
|2019-05-27||Vaibhav Global Ltd.||Nirmal Bang||727.00||913.00||727.00 (76.64%)||Target met||Buy|
Vaibhav Global Ltd (VGL) reported 16.9% volume growth in retail segment for Q4FY19 and 14.2% for the full year, which is within the given guidance of the management. Sales grew by 9.9%/16.5% yoy for Q4/FY19 respectively. Constant currency sales in US grew by 10.8%/8.8% in Q4/FY and in UK by 17.7%/24% respectively. Gross margins improved yoy to 62.7% in Q4 from 54.9% and for FY19 from 59.3% to 62.5%, due to higher volume growth and lower B2B sales. This resulted in ~80 bps yoy improvement in EBITDA margins at 9.0% vs 8.2% in Q4FY18. For FY19, EBITDA margins were 11.2% as compared...
|2019-02-06||Vaibhav Global Ltd.||Nirmal Bang||639.55||819.00||639.55 (100.79%)||Target met||Buy|
Vaibhav Global Ltd (VGL) is progressing well on the charted path. The company reported 18.4% volume growth in retail segment, ahead of the management's guidance. However, the reported sales growth is 11%, due to lower B2B, which is an opportunistic business for the company. Gross margins continued to show improvement yoy as well as qoq on account of higher retail sales. Gross margins for the quarter were 64% vs 57%/62% in Q3FY18/Q2FY19 respectively. This resulted in ~100 bps yoy improvement in EBITDA margins as well at 13.3% vs 12.4%/11.7% in Q3FY18/Q2FY19 respectively....
|2019-01-01||Vaibhav Global Ltd.||Nirmal Bang||725.00||887.00||725.00 (77.12%)||Target met||Buy|
Vaibhav Global Ltd's (VGL) journey has been a roller coaster ride since its inception. After having a decade or so smooth and growth phase at the start, it faced huge losses during the global turmoil which pushed the company into CDR. However, the management took corrective steps in terms of restructuring the business (like converting the business model from pure jewellery company to retail company, shutting down of loss making subsidiaries etc). Post this, the company not only came out of the process but had its most profitable years. However, this attracted PE funded new players with much more aggressiveness...
|2018-08-03||Vaibhav Global Ltd.||Nirmal Bang||699.80||699.80 (83.50%)||Hold|
Vaibhav Global Ltd (VGL) has emerged stronger and wiser from the difficult times it faced due to intense competition. It is growing well on tracks and reported 17% growth in Q1FY19 (11% in constant currency). The management has maintained its guidance of 12-15% cc for FY19 which we believe is achievable. The company reported gross margins of 60%, in-line with company's guidance of full year. EBITDA margins for the quarter have improved to 9.4% vs 5.8%/8.2% in Q1FY18/Q4FY18. As we have keep highlighting that the company's business model involves high fixed cost (cost of...
|2017-05-29||Vaibhav Global Ltd.||Nirmal Bang||500.00||608.00||500.00 (156.83%)||Target met||Hold|
Vaibhav Global Ltd (VGL) continued the recovery during the quarter as well and posted positive volume growth in both the segments TV as well as Web. As we have keep highlighting that the company's business model involves high fixed cost (cost of channel, employees, inventory etc) hence the leverage of higher growth directly translates to EBITDA level which is evident from the improvement seen in margins during current quarter. EBITDA margins for Q4FY17 improved to 7.2% vs 3.1% in Q4FY16, despite flat gross margins. Net sales grew by 8.2% to Rs 376 cr from Rs 347 cr in Q4FY16. The company has...
|2017-05-23||Vaibhav Global Ltd.||Axis Direct||523.30||523.30 (145.39%)||Results Update|
Vaibhav Global (VGL) reported 8% YoY growth in Q4FY17 revenue at Rs 3.76 bn. This was driven by strong 23% YoY growth in web sales bolstered by 23% YoY growth in its B2B segment. Enhanced organizational efficiencies led to ~340 bps expansion in EBITDA margin to 7.2%.
|2017-02-10||Vaibhav Global Ltd.||Nirmal Bang||470.75||553.00||470.75 (172.79%)||Target met||Hold|
Vaibhav Global Ltd (VGL) shows early signs of recovery in Q2FY17 which got further reiterated in Q3FY17 results wherein the company showed volume growth in both TV as well as Web sales. As we have keep highlighting that the company's business model involves high fixed cost (cost of channel, employees, inventory etc) hence the leverage of higher growth directly translates to EBITDA level which is evident from the improvement seen in margins during current quarter. EBITDA margins for Q3FY17 improved to 8.6% vs 4.6%/6.5% in Q2FY17/Q3FY16, despite steady gross margins. Net sales grew...
|2016-12-27||Vaibhav Global Ltd.||Nirmal Bang||268.00||353.00||268.00 (379.16%)||Target met||Buy|
Vaibhav Global Ltd (VGL) is undergoing various headwinds like restructuring of its back end operations, aggressive competition from a new player leading to change in VGL's strategy and approach, since last two years. Since then, VGL has taken various steps including introduction of Budget pay (EMI), allowed return of goods, launch of mobile app. Due to intense completion VGL lost market share to its competitor and hence was posting decline in volumes for past 4 quarters however in Q2FY17, the company showed early signs of recovery and posted 5.4% volume growth in TV sales. Web sales still continue...
|2016-01-29||Vaibhav Global Ltd.||Nirmal Bang||386.10||386.10 (232.60%)||Buy|
Vaibhav Global posted yet another muted quarter with Sales declining 10% yoy to Rs 353.6 cr. Though Q3 is the seasonally strong quarter for the company on account of holiday season in US and UK however, this time the peak season...
|2015-08-05||Vaibhav Global Ltd.||Nirmal Bang||397.40||493.00||397.40 (223.14%)||Target met||Buy|
Due to its ongoing restructuring to face competition Vaibhav Global posted yet another muted quarter with Sales declining 8% yoy to Rs 276.4 cr. Key reasons for the same are (1) Decline in B2B sales of Rs 20 cr (2) Loss of revenues of rs 11...
|2013-09-18||Vaibhav Global Ltd.||Nirmal Bang||213.00||Hold|
We had initiated Vaibhav Global at a price of Rs. 133 on 16th January 2013, with a target price of Rs. 213 per share which got achieved on 18th September 2013. We recommend investors to continue to Hold the stock...