The 20 reports from 6 analysts offering long term price targets
for Page Industries Ltd. have an average target of 22543.50. The consensus estimate
represents a downside of -0.93%
from the last price of 22754.95.
On MoM basis, sales improved gradually. The company achieved sales normalization in August and witnessed strong growth in September. Despite GM contraction, better operating efficiency and lower A&P; spends helped EBITDA margins to expand by 310bps. Secondary demand was ahead of primary throughout the quarter, signifying steady increase in sales growth. Going ahead, we believe that the company's focus to increase...
Page Industries'(PAGE) Q2FY21 revenue at Rs 740 crs was broadly in-line with our estimates at Rs 755 Crs, and was down 5% YoY led by 13% volume de-growth despite ~9% value growth.
EBITDA margin improved by 311bps YoY to 22.3% on account of better product mix and fall in other expenses (24% YoY). Outstanding cash balance improved to Rs409cr due to inventory reduction and efficient working capital management. Strong margin, debt free status and doubling of capacity by 2025 will help to tap vigorous opportunity in the sector. The company opened 60new EBOs in Q2FY21 and expect...
The supply chain for the company is close to normal levels after issues faced by vendors during the initial period of the quarter. Revenue trajectory has been on an upward trend on a MoM basis, with August sales reaching preCovid levels while from September it witnessed double digit growth. The momentum is expected to sustain running into the festive season. Currently, 94% of MBOs, 100% EBOs and 92% of LFS are operational. E-commerce channels have seen significant growth with both, own website and third party platforms revenue share increasing. The company added 60 new exclusive Jockey outlets taking the total store count to ~800+....
Background: Page Industries is the exclusive licensee of Jockey International Inc (USA) to manufacture and distribute Jockey brand in India, Sri Lanka, Nepal, Bangladesh and UAE till 2040. They broadly operate in premium men's innerwear; women's innerwear and leisure wear segments. Jockey enjoys high brand recall and they spend ~5% of their annual sales for brand building and promotional activity, which enables them to dominate most of the segments in which they operate. They are also exclusive licensee of Speedo swimwear brand in India. Page has network in ~250 cities and ~760 exclusive brand outlets in India. They...
Page Industries (PAGE) Q1FY21 revenue at Rs285 Crs was a sharp miss on our estimates (Est. Rs 405 Crs), and was down 66%/47% YoY/QoQ impacted by steep fall in volumes (down 69%). Volume decline was primarily due to 2/3rd of quarter being washed out due to lockdowns leading
As on date, 96% of EBOs (742), 90% of large format stores (1928 stores) and 80% of multi branded outlets (54000+ touch points) are operational. The company is currently operating at 85% capacity utilisation. E-commerce channels have seen significant growth with both own website and outside e-com platform revenue share increasing. In the offline space, recovery in LFS has been sluggish owing to lower footfalls in malls. The management indicated healthy recovery especially in the athleisure segment from July. Also, primary sales in August have almost reached 100% of pre-Covid level...
In addition to contraction in GM, employee expenses remained firm resulted in EBITDA loss during the quarter. GM contraction for the third consecutive quarter was the most discouraging....
3 September 2020 Page Industries (PAG) reported an extremely weak set of numbers in its 1QFY21 results, with a particularly stark miss on EBITDA and PAT, both of which came in at loss. Recovery has been rapid, with August nearly back at last years levels for the corresponding month. However, there is no indication that the company, which has reported flattish EPS over the past two years, has turned the corner on the path to topline and earnings growth. Maintain Employee expenses declined by 4% YoY to INR1.2b, and other expenses fell 66% YoY to INR488m. Volumes declined 69% in 1QFY21 and Average Selling Price (ASP) grew on higher athleisure sales. In 1QFY21, an INR107m provision was taken on slow-moving goods, which may be reversed later. While July had some supply chain issues, recovery was seen to near last years numbers in August.
Innerwear market in India expected to grow at 12% CAGR in the next decade to Rs743bn from Rs290bn at present. While Page's increasing penetration will provide strong potential to grow. Innerwear is evolving from being functional to a segment with a...
Page Industries Annual report 2020 highlights Jockey's strong brand equity and leadership, channel and capacity expansion and sustainability initiatives. Page's volumes de-grew 3.2% in FY20, due to slowdown in the domestic market during the year, further exacerbated by nationwide lockdown in March'20. We expect business to normalise in H2FY21E with complete opening of markets and consumer confidence coming back. Moreover, with strong brand recall of Jockey, strong in-house product development, manufacturing expertise and extensive distribution...
Background: Page Industries is the exclusive licensee of Jockey International Inc (USA) to manufacture and distribute Jockey brand in India, Sri Lanka, Nepal, Bangladesh and UAE till 2040. They broadly operate in premium men's innerwear; women's innerwear and leisure wear segments. Jockey enjoys high brand recall and they spend ~5% of their annual sales for brand building and promotional activity, which enables them to dominate most of the segments in which they operate. They are also exclusive licensee of Speedo swimwear brand in India. Page has network in ~250 cities and ~760 exclusive brand outlets in India. They...
Page Industries (PAGE) reported lower than expected Q4FY20 numbers with revenue declining by 11% YoY at Rs 541 Crs vs Est Rs582 Crs impacted by steep fall in volumes (down by 19% vs 8% decline as estimated).COVID-19 led shutdownsince the beginning of March'20 largely impacted PAGE's sales in Q4F..
Tepid consumer demand & high competitive intensity impacted the performance in FY20. Revenue grew 3.3% YoY to | 2945.4 crore with volumes declining 3.2% YoY to 168 mn pieces in FY20 (for 9MFY20, revenue grew 7% YoY). Increased investments in marketing spend, technology and staff led Page to report one of its lowest ever EBITDA margin of 15.6% in FY20 (for 9MFY20, EBITDA margins were down 243 bps YoY to 19.7%). Post lockdown relaxation, green shoots were visible with the company seeing strong demand and average daily sales of certain stores reaching pre-Covid...
23 June 2020 Page Industries (PAG) 4QFY20 results missed estimates significantly on top line, and particularly, on EBITDA/PAT levels. Even with gradual reopening of stores, demand trend for the first 2-3 quarters of FY21 is likely to be weak. There is no evidence yet that the company has turned the corner toward recovering anywhere close to the ~30% earnings CAGR witnessed during FY08-18. The PAG stock is fully valued at 50.5x FY22E EPS.
Page Industries Ltd is the exclusive licensee of JOCKEY International Inc. (USA) for manufacture, distribution and marketing of the brand Jockey' in India, Sri Lanka, Bangladesh, Nepal and UAE.
Background: Page Industries is the exclusive licensee of Jockey International Inc (USA) to manufacture and distribute Jockey brand in India, Sri Lanka, Nepal, Bangladesh and UAE till 2040. They broadly operate in premium men's innerwear; women's innerwear and leisure wear segments. Jockey enjoys high brand recall and they spend ~5% of their annual sales for brand building and promotional activity, which enables them to dominate most of the segments in which they operate. They are also exclusive licensee of Speedo swimwear brand in India. Page has network in ~250 cities and ~720 exclusive brand outlets in India. They...
Continuing business investment while awaiting demand revival Tepid consumer demand and high competitive intensity impacted the performance of Page Industries. It resulted in lower offtake from distributors and a decline in footfalls in its own exclusive stores (720+). For 9MFY20, revenues grew 7% YoY to | 2404 crore, with volume growth of mere 1% YoY to 138 million pieces. In a bid to beat the blues, the management has undertaken several initiatives such as new product launches, sustained enhancement in distribution reach and higher investments in marketing and...
13 February 2020 PAG reported a disappointing set of numbers on both volumes and earnings, with EBITDA declining 16% YoY in 3QFY20. Reported operating margin was the lowest in 30 quarters, and adjusted for the Ind-AS 116 impact, the margin was among the lowest ever. While the long-term growth potential is high and the past track record impressive, valuations of 55.7x/47.6x FY21/22E EPS are expensive. Management commentary also did not assuage concerns about the lack of earnings recovery in the near term. Maintain 490bp YoY to 17.5% due to higher employee costs (+110bp YoY), partly offset by lower other expenses (-20bp YoY). Investments in technology implementation and staff recruitment (mainly on tech and kids businesses) have also impacted the EBITDA margin. Inventory days have come down to ~75 from 85 as of Mar19. Kidswear has shown an encouraging demand trend.
