Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Flemingo Travel Retail / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/26761" target="_blank" data-smartkarma-citation="entities:26761:1">Flemingo Travel Retail Ltd (1577452D IN)</a> (FTR) plans to raise up to US$370m in its IPO. Proceeds from the IPO will be used to fund the restructuring of the holding company, i.e. buy back the stake from PE investors and founders.With operations spread across India, UK, EU, Africa and the Middle-East and business interests ranging from airport duty-free, cruise duty-free, in-flight sales and F&amp;B, FTR has its fingers in a lot of pies. Moreover, given the pending restructuring, it's not easy to make out which business is doing well and which isn't. The dynamic of the duty-free business itself remain attractive, given the rising outbound travel in India. However, that is only one part of the business. In this insight, we will look at the company's past financial performance and highlight some of the risks in the business. We will follow-up with another note looking at the company's valuations when the deal is launched.

Flemingo Travel Retail Ltd (1577452D IN) (FTR) plans to raise up to US$370m in its IPO. Proceeds from the IPO will be used to fund the restructuring of the holding company, i.e. buy back the stake from PE investors and founders.With operations spread across India, UK, EU, Africa and the Middle-East and business interests ranging from airport duty-free, cruise duty-free, in-flight sales and F&amp;B, FTR has its fingers in a lot of pies. Moreover, given the pending restructuring, it's not easy to make out which business is doing well and which isn't. The dynamic of the duty-free business itself remain attractive, given the rising outbound travel in India. However, that is only one part of the business. In this insight, we will look at the company's past financial performance and highlight some of the risks in the business. We will follow-up with another note looking at the company's valuations when the deal is launched.

Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country

Value investor- India mid & small caps

Bhaskar Chakraborty

Thematic (Sector/Industry)

Consumer finance and durable makers allude to weak demand in 4QFY18In its recent meeting with analysts, <a href="https://www.smartkarma.com/entities/8950" target="_blank" data-smartkarma-citation="entities:8950:1">Bajaj Finance Ltd (BAF IN)</a> (BAF)- India’s largest consumer finance non-bank finance company (NBFC) mentioned that January and February have seen rather weak demand for consumer durables across the country. Consumer durable demand was flat YoY over the 2 months with some recovery seen in March, per BAF’s estimates. This is despite a favorable base year wherein demand was impacted in January and…

Consumer finance and durable makers allude to weak demand in 4QFY18In its recent meeting with analysts, Bajaj Finance Ltd (BAF IN) (BAF)- India’s largest consumer finance non-bank finance company (NBFC) mentioned that January and February have seen rather weak demand for consumer durables across the country. Consumer durable demand was flat YoY over the 2 months with some recovery seen in March, per BAF’s estimates. This is despite a favorable base year wherein demand was impacted in January and…

India Consumer Discretionary: On the Ground Signals of a Growth Slowdown

India

Flemingo Travel Retail Limited operates as a travel retail and duty free operator. The Company offers cruise and inflight retail, foods and beverages, apparel, electronics, household, personal care, gifts, and other products. Flemingo Travel Retail serves customers worldwide.

Flemingo Travel Retail (1577452D IN)

Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country

Flemingo Travel Retail Ltd (1577452D IN) (FTR) plans to raise up to US$370m in its IPO. Proceeds from the IPO will be used to fund the...

Sumeet Singh

India Consumer Discretionary: On the Ground Signals of a Growth Slowdown

Consumer finance and durable makers allude to weak demand in 4QFY18In its recent meeting with analysts, Bajaj Finance Ltd (BAF IN) (BAF)- India’s...

Bhaskar Chakraborty