View 20 reports from 7 analysts offering long term price targets
for Bata India Ltd..
Bata India Ltd. has an average target of 2115.86. The consensus estimate
represents an upside of 10.55%
from the last price of 1914.00.
- This broker has downgraded this stock from it's previous report. (eg. - Buy->Hold)
- Broker has maintained previous recommendation but reduced share price target.
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- Broker has maintained previous recommendation but increased share price target.
V-MART Retail: V-MART reported 30% growth YoY. Organic business (ex-Unlimited acquisition) recovered fully in FY22 (INR3.85bn in Q4) from the pandemic blues. Footfall density is yet to catch up, while transaction sizes remain elevated vs. pre-pandemic levels. Unlimited format's inferior unit economics certainly remains a drag on portfolio unit economics. Profitability beat (11% vs HSIE's 6%) was primarily a function of (1) better topline recovery and (2) higher-than-expected GM (higher full price sales). We continue to realign profitability (-20/-40%) for FY23/FY24, given the Unlimited drag, and maintain our ADD rating, with the DCF-based TP of INR3,500/sh (unchanged, implying 25x EV/EVITDA). TCNS Clothing: TCNS' journey to pre-pandemic sales remained underwhelming, partly due to category-specific idiosyncrasies. At INR2.34bn (broadly in line), revenue was at ~81% of pre-COVID level. Recovery continued to lag that of peers (Trent/Madura clocked 21/8% three-year CAGRs). Profitability missed expectation (EBITM at -3.8% vs HSIE's 0.4%) as cost of retailing remained inefficient. We largely maintain our FY23/24 EBITDA estimates and leave our DCF TP of INR575/sh unchanged (implying 13x FY24 EV/EBITDAR). We upgrade the stock to REDUCE, as valuation is more palatable after the recent correction. Berger Paints: BRGR's topline delivery (8% YoY; three-year CAGR: 14% INR21.9bn in Q4) missed expectations (HSIE: INR23.6). FY19-22 CAGR (standalone) has lagged that of APNT (12% vs APNT's 15%). However, BRGR has managed to better balance growth and margin as we reckon the focus on lower ASP products has been less intense vs APNT over FY19-22. Standalone volume growth remained flat/grew 19% YoY in Q4/FY22. FY22 price hikes are...
We remain positive on the stock from a long-term perspective given its immense growth potential. Maintain BUY with revised TP of Rs 2,200/share and assign a PE of 43x FY24E EPS.
Q3FY22 revenue grew by 37% YoY (+37%QoQ) on a low base (de-growth of 26% in Q3FY21). With the re-opening of markets we expect the volumes to pick up going forward. Topline has crossed pre-covid level sales for the first time. The distribution reach has now crossed 1,000+ towns in Dec 2021 Vs 892 in 2020. To reach smaller towns, the company opens new stores via franchise route and ensures availability in multi-brand outlets via distribution channels. The total franchisee reached 284 (200+ towns covered) Vs 250 in Q2FY22 and targets to open 500 in smaller towns by 2023. The company had introduced other channels like Bata Chatshop, Bata Store on Wheels...
Kolte Patil Developers: Kolte Patil Developers (KPDL) reported its highest-ever quarterly presales of INR 5.6bn (+77%/+31% YoY/QoQ), with volume at 0.86msf (+56%/+28% YoY/QoQ). With this, KPDL is well on the path of surpassing its presales guidance of 2.5msf for FY22. In value terms, the contribution of non-Pune sales was ~31%, similar to that in the previous quarter. KPDL launched Equa in Wagholi and additional towers in Life Republic, Hinjewadi, in Q3. Over the next few quarters, it has a robust launch pipeline of ~5.38msf, with a topline potential of INR 46bn. KPDL is evaluating a business development (BD) pipeline with 10msf GDV in Pune, Mumbai, and Bengaluru. The net D/E dropped lower to 0.19x (0.23x, as of Sep-21). Given its comfortable liquidity, it can also acquire a land bank, paving the way for faster BD activities. We cut our FY22/FY23/FY24 estimates by 45.6/12.6/8.6% to factor in some project completion shifting by a few quarters and higher commodity prices. Maintain BUY with an unchanged TP of INR 377 (Dec-23E). J. Kumar Infraprojects: JKIL reported largely an in-line performance with revenue/EBITDA/APAT at 9.7/1.4/0.6bn. FY22 revenue is expected at INR 34-35bn, with EBITDA margin of 14-15%. The order inflow (OI) of INR 2.7bn took the order book (OB) to INR 106bn (~4.1x FY21 revenue). JKIL has bid for projects worth INR 80bn (Kanpur, Agra metro/Goregoan-Mulund link road worth INR 20/60bn resp.) and has a bid pipeline of INR 280bn (incl. INR 80bn of BKC-Bhiwandi HSR project). Consequently, it expects OI of INR 20/50bn in FY22/23. JKIL, in a strategic...
It has a robust b/s with healthy cash, bank balance worth | 865+ crore (as on H1FY22), negative working capital cycle and generating RoCE of 23%+ Q3FY22 Results: On the back of strong festive demand and easing of trade restrictions, revenues for Bata has surpassed pre-Covid levels in Q3FY22. On a benign base, reported revenue growth of 37% YoY to | 614.1 crore...
Bata isn't quite there yet (TP: INR1,400/sh, implying 38x FY24 P/E; trading at 51x); Relaxo is, but is fully priced (TP: INR1,050/sh, implying 55x FY24 P/E; trading at 68x). We initiate coverage on both recommending SELL on both. Footwear, like most F&L categories, is fragmenting, with top businesses within the ecosystem losing revenue/EBITDA share (23 footwear companies tracked; >3/4th the organized pie; cohort growth 10% CAGR over FY15-20). As shoppers increasingly want a multi-brand environment, the ecosystem is becoming more casual (sports/at-leisure-heavy) and distribution-led (wholesale + online). Retail sales densities are thinning (0 to -5%). Many inefficient brands have been found hiding behind high GMs to save ballooning cost structures, only to worsen their balance sheets; advantage platforms! We reckon inefficient brands could be arm-twisted by platforms into parting with a portion of their margins to boost sales. Against this backdrop, a company's ability to connect relevant assortment with relevant distribution at smart price points is key for a long and healthy reinvestment story.
We upgrade the stock to BUY (HOLD earlier) with revised TP of Rs. 2,300/share (Rs. 1,675/share earlier) with an upward revision in target multiple to 45x (40-45x 5 year average PE band
It has a robust b/s with healthy cash and bank balance worth | 865+ crore (as on H1FY22), negative working capital cycle, generating RoCE of 23%+ Q2FY22 Results: Bata India reported strong operational numbers in Q2FY22 with...
Bata has devised new strategies that would aid in providing thrust to revenue growth. It is tweaking the product portfolio in favour of casual footwear that is experiencing higher demand. It is providing more visibility at stores for younger brands like Hush Puppies, Power and North Star. Channel checks suggest a healthy recovery in August-September with...
Bata's core product portfolio includes formal and fashion footwear category. While open footwear and slippers category witnessed speedy recovery (as witnessed in financials of Relaxo), fewer social gatherings and office/school closures had a material impact on performance of Bata in FY21. ASPs declined ~14% to | 535/pair with gross margin declining 660 bps YoY in FY21. With a gradual opening of economy, we expect premiumisation story...
We believe, BIL will be able to revive its revenue growth trajectory when the economy is back to normal given its strong brand recall & reach. Expect 41%CAGR over FY21-23E. We value BIL at 57x on FY23 EPS. Volumes impacted by the second wave, improved from last year Q1FY22 revenue grew by 98% YoY on a low base (de-growth of 84% in Q1FY21 due to Covid-19), but de-grew by 55% on a sequential basis impacted by second wave related lockdowns. The retail outlets were largely shut, but the other channels like E-Com, Bata Chatshop , Bata Store on Wheels enabled the company to minimize the overall impact....
Net sales rebound on a low base of Q1FY21 Bata reported robust net sales growth on a low base of Q1FY21. The management attributed better performance to preparedness with an agile contingency plan in place which helped the company to navigate adroitly through the changing business landscape amidst infection surge. The management guided that since the ease in lockdown, footfalls in retail outlets have started growing, signaling strong signs of recovery. Prudent cost management narrowed EBITDA loss The company's focus on cost optimization in its retail network, cost savings across...
We introduce FY24 Estimates but continue to maintain HOLD rating with a revised TP of Rs 1675/share (Rs 1500 earlier) given subdued discretionary demand due to extended lockdown. We roll forward our target PE multiple of 40x FY24E EPS.
Bata India witnessed a revenue recovery rate (adjusted) reaching 80% in Q4FY21 vs. 74% in Q3FY21. Lower revenues from formal & fashion footwear continued to impact gross margin YoY though QoQ gross margins witnessed an improvement. Revenue fell 5% YoY to | 589.9 crore in Q4FY21. Aligning with the current demand scenario, Bata tweaked its product portfolio from formals & fashion categories to casuals, fitness & essential categories. Gross margins contracted ~570 bps YoY to 53.1% mainly owing to unfavourable product mix. Cost control measures led to lower other...
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