The 19 reports from 7 analysts offering long term price targets for V Mart Retail Ltd. have an average target of 2007.71. The consensus estimate represents a downside of -0.18% from the last price of 2011.40.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-09-08||V Mart Retail Ltd.||BOB Capital Markets Ltd.||1959.45||1665.00||1959.45 (2.65%)||17.22||Sell|
|2020-08-26||V Mart Retail Ltd.||CD Equisearch||2043.45||1692.00||2043.45 (-1.57%)||15.88||Sell|
Battered by no meager stress in the retail fashion industry owing to large scale lockdowns nationally, V-Mart Mart posted 82.1% decline in revenues in the first quarter of FY21 the sharpest decline thus far. Business remained largely impacted in April and mostt parts of May with operational days at a dismal 2% and 22% respectively. Stress in discretionary consumer spend...
|2020-08-11||V Mart Retail Ltd.||BOB Capital Markets Ltd.||1794.55||1665.00||1794.55 (12.08%)||17.22||Sell|
|2020-07-21||V Mart Retail Ltd.||BOB Capital Markets Ltd.||1789.40||1630.00||1789.40 (12.41%)||18.96||Sell|
|2020-06-27||V Mart Retail Ltd.||BOB Capital Markets Ltd.||1699.60||1560.00||1699.60 (18.35%)||22.44||Sell|
|2020-06-11||V Mart Retail Ltd.||Karvy||1790.30||1735.00||1790.30 (12.35%)||Target met||Sell|
|2020-06-02||V Mart Retail Ltd.||Nirmal Bang Institutional||1747.00||2229.00||1747.00 (15.13%)||Target met||Buy|
V-Mart Retail- 4QFY20 Result Update- 4Q was shaping up well; could benefit from steady farmer income
Nirmal Bang Institutional
4Q was shaping up well; could benefit from steady farmer income Seasonally, 4Q is typically the second worst quarter of the year for V-Mart (VRL) with 3Q being the best followed by 1Q and 2Q being the worst. VRL's 4QFY20 numbers were better than expected. While revenue was in-line, better than expected gross margin (though flat YoY) helped company deliver a positive EBITDA (pre IndAS 116) while we were expecting a loss (due to the Covid-19 impact). VRL had EBITDA margin of +2% while we were expecting -1.9%. 4QFY20 saw revenue growth of 29%, LTL growth of 8% and EBITDA (including IndAS 116, in our view) growth of 60% till 15th March when Covid-19 related lockdowns hit sales. The unusual strength in the first 75 days...
|2020-06-02||V Mart Retail Ltd.||BOB Capital Markets Ltd.||1663.65||1560.00||1663.65 (20.90%)||Target met||Buy|
BOB Capital Markets Ltd.
Weekly Wrap: Better macro prints supported markets. VMART: Lockdown exacts severe toll on business. Banking Credit Tracker: Lockdown mars retail credit growth
|2020-02-10||V Mart Retail Ltd.||Karvy||2257.00||2600.00||2257.00 (-10.88%)||29.26||Hold|
|2020-02-08||V Mart Retail Ltd.||HDFC Securities||2279.65||2500.00||2279.65 (-11.77%)||Target met||Buy|
1) Strong execution, 2. Insulation from an online onslaught and 3) inherent advantage within the ecosystem given the tail's precarious working capital position makes VMART our top pick in apparel retail. We revise our DCF-based TP upwards to Rs. 2,500/sh (earlier Rs. 2,150/sh). Revision is a function of 1. DCF roll-over to FY22, 2. 3/7% increase in FY21/22 EBITDA estimates to factor in better gross margins given the focus on full-price sell-through/fresh merchandise. V-MART continues to track strong growth, albeit expansion-led. SSSG print remains uninspiring (1%). What surprised us positively were higher margins, low SSSG notwithstanding. 1. Clockwork-like execution, 2. Higher full price sell-through, 3. Better merchandise sourcing margins courtesy vendor consolidation underpinned margin expansion. Store expansion remains tactical in existing Tier 1/2 catchments to tighten supply chain costs and in catchments with struggling peers (credit cycles running up for the latter) to gain market share.
|2020-02-06||V Mart Retail Ltd.||Motilal Oswal||2279.65||2650.00||2279.65 (-11.77%)||31.75||Neutral|
6 February 2020 V-Mart recorded a strong sales/PAT growth of 21%/58% YoY (7% beat) in 3QFY20 amidst weak 2% SSSG due to the poor macro outlook, subdued festive season and muted pre-winter sales. However, we raise our FY20/FY21 EBITDA estimate by 14%/11%, on the back of its steady pace of store additions and strong cost optimization initiatives driving margin improvement. However, given the weak economic outlook and the stocks recent sharp rally, we maintain V-Marts revenues for 3QFY20 were up 21% YoY to INR5.6b (7% above est.), despite a weak economic environment and slowing consumer spending. Gross margin improved by 80bp YoY to 36.3%, led by supplier consolidation and efficient merchandise sourcing. Pre Ind-AS116, EBITDA was up 29% YoY to INR944m (16% beat), led by EBITDA margin improvement of 16.8% (up 100bp YoY). PAT at INR661m was up 58% YoY (22% beat), driven by higher sales and improving margins.
|2020-02-06||V Mart Retail Ltd.||BOB Capital Markets Ltd.||2279.65||2320.00||2279.65 (-11.77%)||Target met||Sell|
|2019-11-29||V Mart Retail Ltd.||CD Equisearch||1723.90||1360.00||1723.90 (16.68%)||Target met||Sell|
without the adjustment, operating loss would have been to the tune of Rs 7.87 crs/$1.1m (vs loss of Rs 3.86 crs/$0.6m in Q2FY19). Higher depreciation expense and finance cost due to lease rental adjustment dented PBT (loss of Rs 22.88 crs/$3.3m vs loss of Rs 9.68 crs/$1.4m...
|2019-11-08||V Mart Retail Ltd.||Karvy||1716.95||1894.00||1716.95 (17.15%)||Target met||Hold|
|2019-11-05||V Mart Retail Ltd.||Nirmal Bang||1841.60||2283.00||1841.60 (9.22%)||Target met||Buy|
Focus on market share gain; we cut projected margin V-Mart Retail or VRLs 2QFY20 performance on the revenue front was a decent 20% growth in a seasonally weak quarter, meeting our expectations but falling short on margins. SSG was 1%, driven by increase in price by 9% while volume declined by 8%. 2QFY20 was impacted also by poor consumer sentiment in its key markets. Revenue growth was driven by expansion in retail area by 25% and decline in revenue per sq ft by 3.4%. The revenue growth was driven by 15%/9%/12% increase in ASP/footfalls/transaction size, respectively. There was impact on SSG from lower demand in Bihar, Punjab, Himachal Pradesh and Uttarakhand. Bihar saw negative SSG due to...
|2019-11-04||V Mart Retail Ltd.||Motilal Oswal||1893.80||1880.00||1893.80 (6.21%)||Target met||Neutral|
4 November 2019 After adopting an aggressive pricing strategy to tackle competitive pressure, VMART curtailed discounts in EOSS, which led to healthy revenue growth of 20% YoY to INR3.1b (in-line) and an improvement in the gross margin by 200bp YoY in 2QFY20. However, SSSG (+1% YoY) and volumes (-8% YoY) were muted in the quarter due to a 14% decline in footfall/sq.ft, even as ATP and transaction size improved by 16% YoY. Further, expenses related to new stores, marketing and logistics led to a net loss of INR106m, which was cushioned by tax credit from adoption of the new tax regime. For 1H, revenue/EBITDA stood at INR7.7b (+26% YoY)/INR316m (-24% YoY). (3) In 2QFY20, footfall per store declined by 4- 5% YoY and volumes were down 8% YoY due to weak consumer spending, potential competition from online and as new store are yet to realize full potential. V-Mart remains aggressive on store addition (+45/55 in FY20/21E), despite the slowdown in consumer spending.
|2019-11-04||V Mart Retail Ltd.||BOB Capital Markets Ltd.||1893.80||2030.00||1893.80 (6.21%)||Target met||Sell|
|2019-08-19||V Mart Retail Ltd.||Karvy||1751.25||1869.00||1751.25 (14.86%)||Target met||Hold|
On the back of rationalization of stores, (a net of 24 stores lesser in Tier II in comparison with Q4FY19), same store sales growth (SSSG) grew by 5.2% in Q1FY20 vs 1.2 percent in the same period in the last fiscal.
|2019-08-06||V Mart Retail Ltd.||Nirmal Bang Institutional||1870.35||2316.00||1870.35 (7.54%)||Target met||Buy|
Nirmal Bang Institutional
V-Mart Retail or VRL's1QFY20 performance on the revenue front exceeded our expectations but fell short on margins. After a very relatively weak 4QFY19, VRL's revenue bounced back and grew by 26% YoY (driven by Eid sales, ~27% increase in retail area and no growth in revenue per sqft).1QFY20 same-store sales growth (SSG) was 5%, driven by 6% volume growth. VRL has been indicating softness in demand for 6-9 months now because of reduced consumer confidence in the trader/business/self-employed community, leading to relatively muted sales during festivals and marriages, and early onset of end-of-season-sales (EOSS) and increase in consumer promotions. VRL has not pulled back on its 25% retail area expansion strategy (CAGR) and believes there is...
|2019-08-05||V Mart Retail Ltd.||BOB Capital Markets Ltd.||1799.70||1950.00||1799.70 (11.76%)||Target met||Sell|