External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

FSN E-Commerce Ventures (Nykaa) / Equity Bottom-Up

<ul><li>We recently met Nykaa’s management (Mar-23) to primarily track our core thesis and what it holds</li><li>Hence, our REDUCE rating on Nykaa stands with a DCF-based TP of INR110/sh (implying 157x FY25 P/E)</li><li>Our three-point thesis was (1) TAM seemed oversold (2) ad revenue will be closely contended for and (3) Nykaa seems more like an efficient pipe business than a platform</li></ul>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.

We recently met Nykaa’s management (Mar-23) to primarily track our core thesis and what it holdsHence, our REDUCE rating on Nykaa stands with a DCF-based TP of INR110/sh (implying 157x FY25 P/E)Our three-point thesis was (1) TAM seemed oversold (2) ad revenue will be closely contended for and (3) Nykaa seems more like an efficient pipe business than a platformContent 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.

Fsn E-commerce Ventures: The going seems to be getting tougher! Maintain REDUCE

Fsn E-Commerce Ventures - The Going Seems to Be Getting Tougher! Maintain REDUCE

Thematic (Sector/Industry)

<ul><li>Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four-year revenue CAGR: 16%)</li><li>Elevated ticket sizes and store expansion coupled with normalizing footfalls aided growth</li><li>However, in retail, many of these variables are now mean-reverting</li></ul>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.

Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four-year revenue CAGR: 16%)Elevated ticket sizes and store expansion coupled with normalizing footfalls aided growthHowever, in retail, many of these variables are now mean-revertingContent 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.

Consumer Discretionary - Discretionary Peak Most Certainly Behind Us

<ul><li>When a buzzword (platforms) emerges that affords (GOD)LY valuations, investors and businesses tend to tie themselves in a knot to claim a credible association of their business with the term</li><li>Hence, many online businesses are termed as platforms, but not all are</li><li>This note is an attempt to help investors understand where we believe Nykaa (India’s go-to BPC e-tailer + fledgling fashion marketplace) fits in</li></ul>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.

When a buzzword (platforms) emerges that affords (GOD)LY valuations, investors and businesses tend to tie themselves in a knot to claim a credible association of their business with the termHence, many online businesses are termed as platforms, but not all areThis note is an attempt to help investors understand where we believe Nykaa (India’s go-to BPC e-tailer + fledgling fashion marketplace) fits inContent 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.

Fsn E-Commerce Ventures (Nykaa) -  Mirror, Mirror, on the Wall, Is Nykaa a Platform at All?

Fsn E-Commerce Ventures (Nykaa) - Mirror, mirror, on the wall, is Nykaa a platform at all?

India

FSN E-Commerce Ventures Private Limited providese-retailing beauty and personal care solutions. The Company offers comprehensive selection of makeup, skin and hair care, bath body, fragrance, grooming appliances, personal care, and health and welness categories. FSN E-Commerce Ventures serves customers worldwide.

FSN E-Commerce Ventures (Nykaa) (NYKAA IN)

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FSN E-Commerce Ventures (Nykaa) (NYKAA IN)

Fsn E-commerce Ventures: The going seems to be getting tougher! Maintain REDUCE

We recently met Nykaa’s management (Mar-23) to primarily track our core thesis and what it holds. Hence, our REDUCE rating on Nykaa stands with a...

HDFC Securities

Fsn E-Commerce Ventures - The Going Seems to Be Getting Tougher! Maintain REDUCE

We recently met Nykaa’s management (Mar-23) to primarily track our core thesis and what it holds. Hence, our REDUCE rating on Nykaa stands with a...

HDFC Securities

Consumer Discretionary - Discretionary Peak Most Certainly Behind Us

Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four...

HDFC Securities

Fsn E-Commerce Ventures (Nykaa) - Mirror, Mirror, on the Wall, Is Nykaa a Platform at All?

This note is an attempt to help investors understand where we believe Nykaa (India’s go-to BPC e-tailer + fledgling fashion marketplace) fits in

HDFC Securities

Fsn E-Commerce Ventures (Nykaa) - Mirror, mirror, on the wall, is Nykaa a platform at all?

This note is an attempt to help investors understand where we believe Nykaa (India’s go-to BPC e-tailer + fledgling fashion marketplace) fits in

HDFC Securities

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52-week Range

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