Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/shakey-s-pizza-asia-ventures" target="_blank" data-smartkarma-citation="entities:23706:1" rel="noopener">Shakey's Pizza (PIZZA PM)</a> reported slightly disappointing results for Q3FY25, with revenues up 12% YoY but profits down 11% YoY, in line with our expectations, owing to softer demand</li>
<li>The company took guidance down from double-digit to single-digit profit growth while maintaining its double-digit revenue growth forecast for FY25. It confidently guided double-digit revenue/profit growth though for FY26.</li>
<li>Based on management guidance, the stock trades at 10x FY25 PE, with double-digit growth in FY26, resulting in a single-digit PE. </li>
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Shakey's Pizza (PIZZA PM) reported slightly disappointing results for Q3FY25, with revenues up 12% YoY but profits down 11% YoY, in line with our expectations, owing to softer demand
The company took guidance down from double-digit to single-digit profit growth while maintaining its double-digit revenue growth forecast for FY25. It confidently guided double-digit revenue/profit growth though for FY26.
Based on management guidance, the stock trades at 10x FY25 PE, with double-digit growth in FY26, resulting in a single-digit PE. 


Shakey's Pizza (PIZZA PM) Q3FY25 Concall: Slight Miss, But Confident Of Growth and Guidance For FY26

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<a href="https://www.smartkarma.com/entities/shakey-s-pizza-asia-ventures" target="_blank" data-smartkarma-citation="entities:23706:1" rel="noopener">Shakey's Pizza (PIZZA PM)</a> delivered a soft Q2 FY25 with revenues/core profits up 13%/-2% YoY, due to a 270 bps GP margin contraction (to 22.5% vs 25.2% in Q2 FY24)</li>
<li>The company reiterated its guidance of double-digit revenue/profit growth for FY25, with improvements in sequential quarters as we move into the Q4 celebratory season. </li>
<li>Trading at 9.8x FY25e PE, with the street having low expectations on its double-digit growth trajectory, this is a stock worth watching.</li>
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Shakey's Pizza (PIZZA PM) delivered a soft Q2 FY25 with revenues/core profits up 13%/-2% YoY, due to a 270 bps GP margin contraction (to 22.5% vs 25.2% in Q2 FY24)
The company reiterated its guidance of double-digit revenue/profit growth for FY25, with improvements in sequential quarters as we move into the Q4 celebratory season. 
Trading at 9.8x FY25e PE, with the street having low expectations on its double-digit growth trajectory, this is a stock worth watching.


Shakey's Pizza (PIZZA PM): Softish Q2 FY25, Major Uplift in Earnings In H2FY25

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<a href="https://www.smartkarma.com/entities/shakey-s-pizza-asia-ventures" target="_blank" data-smartkarma-citation="entities:23706:1" rel="noopener">Shakey's Pizza (PIZZA PM)</a> guided a strong H2, with mid-teens growth in revenue and profits for the full year of FY24, despite -14% YoY profits in H1 2024.</li>
<li>Potato Corner continues to be a significant growth driver for the company, expanding by 217 stores (base 1784 stores) and maintaining a high single SSSG. </li>
<li>Trading at 12.2x/9.8x FY24E/25E and teens growth CAGR profile for the foreseeable future, the stock is primed to be a multibagger. </li>
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Shakey's Pizza (PIZZA PM) guided a strong H2, with mid-teens growth in revenue and profits for the full year of FY24, despite -14% YoY profits in H1 2024.
Potato Corner continues to be a significant growth driver for the company, expanding by 217 stores (base 1784 stores) and maintaining a high single SSSG. 
Trading at 12.2x/9.8x FY24E/25E and teens growth CAGR profile for the foreseeable future, the stock is primed to be a multibagger. 


Shakey's Pizza (PIZZA PM) Q2 2024:  Concall Highlights Strong H2 Guidance

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<a href="https://www.smartkarma.com/entities/shakey-s-pizza-asia-ventures" target="_blank" data-smartkarma-citation="entities:23706:1" rel="noopener">Shakey's Pizza (PIZZA PM)</a> had a disappointing end to FY23 despite the 32% YoY systemwide sales and 23% YoY profit growth. 4Q FY23 sales/profits were +15% YoY/-21% YoY.</li>
<li>Network expansion was a solid 369 outlets (base of 1772 outlets), primarily led by Potato Corner (359 outlets). Expansion in FY24 was guided at over 400+ outlets (1+ bn Pesos). </li>
<li>Stock trades at 15.6x FY23 earnings and 13x FY24e with mid-teens growth on the top/bottom line guided by the company for FY24</li>
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Shakey's Pizza (PIZZA PM) had a disappointing end to FY23 despite the 32% YoY systemwide sales and 23% YoY profit growth. 4Q FY23 sales/profits were +15% YoY/-21% YoY.
Network expansion was a solid 369 outlets (base of 1772 outlets), primarily led by Potato Corner (359 outlets). Expansion in FY24 was guided at over 400+ outlets (1+ bn Pesos). 
Stock trades at 15.6x FY23 earnings and 13x FY24e with mid-teens growth on the top/bottom line guided by the company for FY24


Shakey's Pizza FY23 Concall Highlights: Challenging Q1 FY24, Smoother Road Ahead in H2

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<li>Consensus estimates for Shakey's Pizza (PIZZA PM) for Q4 FY23 (expected April 15th) are too conservative, implying a degrowth in profitability. We believe there would be a comfortable beat there. </li>
<li>We expect incremental growth plans on Potato Corner to continue to be the aggressive one-store-per-day addition. </li>
<li>Despite the recent move, the stock trades at 14x/10x PE FY23e/24e, with management-guided future revenue growth at 20% CAGR for the next three years.</li>
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Consensus estimates for Shakey's Pizza (PIZZA PM) for Q4 FY23 (expected April 15th) are too conservative, implying a degrowth in profitability. We believe there would be a comfortable beat there. 
We expect incremental growth plans on Potato Corner to continue to be the aggressive one-store-per-day addition. 
Despite the recent move, the stock trades at 14x/10x PE FY23e/24e, with management-guided future revenue growth at 20% CAGR for the next three years.


Shakey's Pizza (PIZZA PM): All Set For Upgrades In Q4 and FY24 Outlook

Philippines

Shakeys Pizza Asia Ventures Inc operates Shakey's pizza chain of full-service restaurant in the Philippines 

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Shakey's Pizza (PIZZA PM)