External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Aditya Birla Fashion and Retail / Equity Bottom-Up

Aditya Birla Fashion and Retail (ABFRL IN)

<ul><li>Aditya Birla Fashion (ABFRL) reported 50% YoY revenue growth (33% revenue growth over pre- Covid levels) in Q2FY23, led by a sharp recovery in demand across categories, aggressive store expansion, and accelerated E-commerce and omnichannel play, footfall recovery, and operating leverage benefits kicking in.</li><li>Overall revenue was up 50% YoY to Rs 3,075 Cr as all business units performed well.</li><li>EBITDA at Rs 397 Cr was up 27% YoY ( although 20% below our estimate of Rs 495 Cr).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Aditya Birla Fashion (ABFRL) reported 50% YoY revenue growth (33% revenue growth over pre- Covid levels) in Q2FY23, led by a sharp recovery in demand across categories, aggressive store expansion, and accelerated E-commerce and omnichannel play, footfall recovery, and operating leverage benefits kicking in.Overall revenue was up 50% YoY to Rs 3,075 Cr as all business units performed well.EBITDA at Rs 397 Cr was up 27% YoY ( although 20% below our estimate of Rs 495 Cr).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aditya Birla Fashion (Abfrl) -Long Term Growth Levers Intact; Maintain BUY

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<div><div><div><div><ul><li>A strong recovery in business, particularly the Lifestyle segment, saw 59% YoY jump in ABFRL’s 4QFY22 EBITDA backed by 25% YoY revenue growth and 210bp gross margin improvement.</li><li>Net debt at INR5b too was comfortable even after building inventory for the upcoming season and new stores.</li><li>With healthy recovery and growth momentum across verticals, we raise our FY23E/24E EBITDA by 7-8%, modeling strong 40% EBITDA CAGR over FY22-24E.</li></ul><ul style="list-style-type: none;"><li> </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

A strong recovery in business, particularly the Lifestyle segment, saw 59% YoY jump in ABFRL’s 4QFY22 EBITDA backed by 25% YoY revenue growth and 210bp gross margin improvement.Net debt at INR5b too was comfortable even after building inventory for the upcoming season and new stores.With healthy recovery and growth momentum across verticals, we raise our FY23E/24E EBITDA by 7-8%, modeling strong 40% EBITDA CAGR over FY22-24E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aditya Birla Fashion and Retail - A Strong Recovery in Business, Particularly the Lifestyle

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>ABFRL combines Madura’s portfolio of leading power brands (Allen Solly, Van Heusen, Louis Philippe and Peter England) with Pantaloons’ strength as largest value fashion retailer</li><li>ABFRL has acquired the licencing rights to sell and distribute Reebok products in India from Authentic Brand Group, US (ABG)</li><li>We value ABFRL at Rs 360 i.e. 3.0x FY23E EV/sales</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

ABFRL combines Madura’s portfolio of leading power brands (Allen Solly, Van Heusen, Louis Philippe and Peter England) with Pantaloons’ strength as largest value fashion retailerABFRL has acquired the licencing rights to sell and distribute Reebok products in India from Authentic Brand Group, US (ABG)We value ABFRL at Rs 360 i.e. 3.0x FY23E EV/salesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aditya Birla Fashion & Retail: Expanding ‘footprint’ into Sportswear, Athleisure

<p>Aditya Birla Fashion and Retail Ltd (ABFRL) acquired Reebok India's current business and exclusive licensing rights for an investment of just INR750m INR1b. Reebok India has a steady revenue/EBITDA of INR4.3b/INR721m In our view, this is a highly value-accretive deal ABFRL has acquired a strong...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Aditya Birla Fashion and Retail Ltd (ABFRL) acquired Reebok India's current business and exclusive licensing rights for an investment of just INR750m INR1b. Reebok India has a steady revenue/EBITDA of INR4.3b/INR721m In our view, this is a highly value-accretive deal ABFRL has acquired a strong...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ABFRL bags exclusive licensing rights for Reebok India 
- profitable biz with limited upfront...

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Aditya Birla Fashion and Retail (ABFRL) is consolidation of ABNL's branded apparel business of Madura and Pantaloons.</li><li>ABFRL is one of the strongest plays in the Indian retail market due to its brand strength and strong parentage (Aditya Birla group)</li><li>Key highlight was the retail channel recovery in Lifestyle brands at 125%. The business during the festive period has seen full recovery.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Aditya Birla Fashion and Retail (ABFRL) is consolidation of ABNL's branded apparel business of Madura and Pantaloons.ABFRL is one of the strongest plays in the Indian retail market due to its brand strength and strong parentage (Aditya Birla group)Key highlight was the retail channel recovery in Lifestyle brands at 125%. The business during the festive period has seen full recovery.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: Aditya Birla Fashion and Retail

India

Aditya Birla Fashion and Retail Limited (ABFRL) is an Indian fashion retail company offering a diverse portfolio of apparel and non-apparel accessories, including casual wear, formal wear, ethnic wear, and footwear. The company operates prominent brands like Louis Philippe, Van Heusen, Allen Solly, Peter England, and Pantaloons. ABFRL is headquartered in Mumbai, Maharashtra, India, and was founded in 2015.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Aditya Birla Fashion and Retail (ABFRL IN)

Aditya Birla Fashion (Abfrl) -Long Term Growth Levers Intact; Maintain BUY

Aditya Birla Fashion (ABFRL) reported 50% YoY revenue growth (33% revenue growth over pre- Covid levels) in Q2FY23, led by a sharp recovery in...

Axis Direct

Aditya Birla Fashion and Retail - A Strong Recovery in Business, Particularly the Lifestyle

A strong recovery in business, particularly the Lifestyle segment, saw 59% YoY jump in ABFRL’s 4QFY22 EBITDA backed by 25% YoY revenue growth and...

Motilal Oswal

Aditya Birla Fashion & Retail: Expanding ‘footprint’ into Sportswear, Athleisure

ABFRL has charted out growth strategies to become a ~US$2.8 billion entity (Rs 21000 crore) by FY26E, translating to 15% CAGR in FY20-26E Company...

ICICI Securities Limited

ABFRL bags exclusive licensing rights for Reebok India - profitable biz with limited upfront...

Aditya Birla Fashion and Retail Ltd (ABFRL) acquired Reebok India's current business and exclusive licensing rights for an investment of just...

Motilal Oswal

Pick of the Week: Aditya Birla Fashion and Retail

Aditya Birla Fashion and Retail (ABFRL) is consolidation of ABNL's branded apparel business of Madura and Pantaloons.

Edelweiss

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)