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. 

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Equity Bottom-Up

<ul><li>Relaxo Footwear’s (RLF) performance in Q2FY23 was a miss on all three fronts of Revenue, EBITDA and PAT vis-a- vis ours and consensus estimates.</li><li>This was on account of 1) Weak demand in mass open footwear and 2) High cost RM inventory.</li><li>Revenue for Q2FY23 stood at Rs 670 Cr, down 6% YoY (volume down 15% to 3.9 Cr pairs).</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>

Relaxo Footwear’s (RLF) performance in Q2FY23 was a miss on all three fronts of Revenue, EBITDA and PAT vis-a- vis ours and consensus estimates.This was on account of 1) Weak demand in mass open footwear and 2) High cost RM inventory.Revenue for Q2FY23 stood at Rs 670 Cr, down 6% YoY (volume down 15% to 3.9 Cr pairs).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.

Relaxo Footwear - Near Term Pain Persist; Downgrade to HOLD

<div><div><div><div><div><div><div><div><div><div><div><div><ul><li>Mgmt has undertaken 25% price hike across categories, to counterRM inflation and GST hike&amp; remains cautious on further price hikes depending on demand scenario.</li><li>The Margins are impacted due to high base, Covid, GST rate differential &amp; inflation (leading to substantial increase in raw material prices and normalisation of selling, marketing and admin expenses).</li><li>Good growth is observed in athleisure and sports category in line with industry.</li></ul><ul style="list-style-type: none;"><li><div><div><div><div><ul style="list-style-type: none;"><li> </li></ul></div></div></div></div></li></ul></div></div></div></div></div></div></div></div></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>

Mgmt has undertaken 25% price hike across categories, to counterRM inflation and GST hike&amp; remains cautious on further price hikes depending on demand scenario.The Margins are impacted due to high base, Covid, GST rate differential &amp; inflation (leading to substantial increase in raw material prices and normalisation of selling, marketing and admin expenses).Good growth is observed in athleisure and sports category in line with industry. 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.

<p>We reduce our FY22/23/24 estimates on account of slower-than-expected recovery and revise our rating from BUY to HOLD with a revised TP of Rs 1,060/share (previous: 1,145/share) and value at a target PE multiple of 55x FY24E EPS.</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>

We reduce our FY22/23/24 estimates on account of slower-than-expected recovery and revise our rating from BUY to HOLD with a revised TP of Rs 1,060/share (previous: 1,145/share) and value at a target PE multiple of 55x FY24E EPS.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.

Relaxo Footwear: Weak Performance Amidst COVID 2.0

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

ICICI Securities Limited

<p>Relaxo has, over the years, maintained balance sheet prudence with controlled working capital cycle (NWC days: 60 days), healthy asset turn of 2.5x and generating RoCE of 20%+...</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>

Relaxo has, over the years, maintained balance sheet prudence with controlled working capital cycle (NWC days: 60 days), healthy asset turn of 2.5x and generating RoCE of 20%+...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.

Relaxo Footwears: Long Term Story Remains Intact

<p>We continue to maintain BUY with a TP of Rs. 1,145/ share and we roll forward to FY24E numbers with a target PE multiple of 57x FY24E EPS.</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>

We continue to maintain BUY with a TP of Rs. 1,145/ share and we roll forward to FY24E numbers with a target PE multiple of 57x FY24E EPS.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.

India

Relaxo Footwears Ltd. is the marketing company for Relaxo Group.  The Group manufactures Hawai and lightweight chappals.

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Relaxo Footwears (RLXF IN)

Relaxo Footwear - Near Term Pain Persist; Downgrade to HOLD

Relaxo Footwear’s (RLF) performance in Q2FY23 was a miss on all three fronts of Revenue, EBITDA and PAT vis-a- vis ours and consensus estimates.

Axis Direct

Result Update - Relaxo Footwear

Relaxo Footwear’s(RLXF)topline performancein Q4FY22 was significantly impacteddue to weak demand in open footwear. Revenue for Q4FY22 stood at...

Axis Direct

Relaxo Footwear: Weak Performance Amidst COVID 2.0

We reduce our FY22/23/24 estimates on account of slower-than-expected recovery and revise our rating from BUY to HOLD with a revised TP of Rs 1,060...

Axis Direct

Relaxo Footwears: Long Term Story Remains Intact

Relaxo has, over the years, maintained balance sheet prudence with controlled working capital cycle (NWC days: 60 days), healthy asset turn of 2.5x...

ICICI Securities Limited

Result Update:Relaxo Footwear

We continue to maintain BUY with a TP of Rs. 1,145/ share and we roll forward to FY24E numbers with a target PE multiple of 57x FY24E EPS.

Axis Direct

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