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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<li>
<a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a> set a new precedent of paying out 50% of its earnings. If sustained, the yield for FY22e/FY23e will be 6.6%/8.4%. </li>
<li>The move has made <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a> a growth/dividend yield stock with mid-teens profit growth and a forward yield &gt;6% (~10% cash as % of mkt cap). </li>
<li>The catalyst for the company will arise from its strong Q4 2022 earnings. The management has already indicated the growth trajectory is similar to the prior quarters.</li>
</ul>



The Keepers Holdings (KEEPR PM) set a new precedent of paying out 50% of its earnings. If sustained, the yield for FY22e/FY23e will be 6.6%/8.4%. 
The move has made The Keepers Holdings (KEEPR PM) a growth/dividend yield stock with mid-teens profit growth and a forward yield &gt;6% (~10% cash as % of mkt cap). 
The catalyst for the company will arise from its strong Q4 2022 earnings. The management has already indicated the growth trajectory is similar to the prior quarters.


Keeper's 50% Payout Ratio Makes The Yield Better and The Investment Exciting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings, Inc. (KEEPR PM)</a> trades at 7.1x/5.6x FY22e/FY23e on revised numbers (including earnings from the W&amp;H acquisition) and has 10% of its market cap in net cash. </li>
<li>The outlook from the conference call was bullish, and the Q4 2022 revenue growth trend is expected to be similar to the 9M2022 (34% YoY) and future structural teens growth.</li>
<li>At a 300 mn USD market cap, you get a virtual monopoly (&gt;70% marketshare by volume) of the imported spirits business with sole distributorship of the most recognizable brands. </li>
</ul>



The Keepers Holdings, Inc. (KEEPR PM) trades at 7.1x/5.6x FY22e/FY23e on revised numbers (including earnings from the W&amp;H acquisition) and has 10% of its market cap in net cash. 
The outlook from the conference call was bullish, and the Q4 2022 revenue growth trend is expected to be similar to the 9M2022 (34% YoY) and future structural teens growth.
At a 300 mn USD market cap, you get a virtual monopoly (&gt;70% marketshare by volume) of the imported spirits business with sole distributorship of the most recognizable brands. 


Keepers Holdings: Highlights From The Q3 2022 Call / A Multibagger In The Making

<ul>
<li>
<a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings, Inc. (KEEPR PM)</a> reported strong Q3 2022 revenue growth of 48.6% YoY and profit growth of 47.8%, led by strong growth in all categories of spirits.</li>
<li>The stock trades at 8.2x FY22e/6.7x FY23e (numbers exclude the incremental earnings from its 50% stake in W&amp;H, which we estimate could at least add 7-8% to our numbers).</li>
<li>We will get more color from the post-results call on the 16th of November 2022 (aftermarket). </li>
</ul>



The Keepers Holdings, Inc. (KEEPR PM) reported strong Q3 2022 revenue growth of 48.6% YoY and profit growth of 47.8%, led by strong growth in all categories of spirits.
The stock trades at 8.2x FY22e/6.7x FY23e (numbers exclude the incremental earnings from its 50% stake in W&amp;H, which we estimate could at least add 7-8% to our numbers).
We will get more color from the post-results call on the 16th of November 2022 (aftermarket). 


Keepers Holdings: Stellar Q3 2022/ More to Follow in Management Call on 16th November

<ul>
<li>
<a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings, Inc. (KEEPR PM)</a> correction in share price by 23% from the peak provides an opportunity with the stock trading at 7.4x/6.1x PE FY22e/23e (excluding Bodegas W&amp;H earnings).</li>
<li>The company will release its Q3 2022 earnings in early November, and we expect revenue and earnings growth to be &gt;25% YoY. </li>
<li>We also eagerly await more color on accretion to earnings from a 50% stake in Bodegas W&amp;H post which we expect the stock to be even cheaper.</li>
</ul>



The Keepers Holdings, Inc. (KEEPR PM) correction in share price by 23% from the peak provides an opportunity with the stock trading at 7.4x/6.1x PE FY22e/23e (excluding Bodegas W&amp;H earnings).
The company will release its Q3 2022 earnings in early November, and we expect revenue and earnings growth to be &gt;25% YoY. 
We also eagerly await more color on accretion to earnings from a 50% stake in Bodegas W&amp;H post which we expect the stock to be even cheaper.


Keepers Holdings: Global Market Weakness Creates Opportunity

<ul>
<li>The management of <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings, Inc. (KEEPR PM)</a> highlighted bullish trends from their call for H1 2022 for on-premise and travel retail that bode well for H2 2022.</li>
<li>We believe the company is on the cusp of backward integration by acquiring its supplier, Bodegas William and Humbert (in Spain). We believe this is an exciting future catalyst.</li>
<li>The stock trades at 6x PE FY22e (ex-cash) with seven bn+ pesos of cash on the balance sheet representing 37% of market capitalization. We see significant upside ahead.</li>
</ul>


The management of The Keepers Holdings, Inc. (KEEPR PM) highlighted bullish trends from their call for H1 2022 for on-premise and travel retail that bode well for H2 2022.
We believe the company is on the cusp of backward integration by acquiring its supplier, Bodegas William and Humbert (in Spain). We believe this is an exciting future catalyst.
The stock trades at 6x PE FY22e (ex-cash) with seven bn+ pesos of cash on the balance sheet representing 37% of market capitalization. We see significant upside ahead.


Keepers Holdings: Exciting Soundbites From Management Call for H1 2022

Philippines

Keepers Holdings, Inc. is a publicly-listed investment holding company engaged in the liquor, wine, and specialty beverage distribution business in the Philippines. The company distributes a wide range of alcoholic and non-alcoholic beverages, including brandy, whiskies, spirits, wines, beers, sparkling water, and energy drinks, through its subsidiaries Montosco, Inc., Meritus Prime Distributions, Inc., and Premier Wine & Spirits Inc. It was incorporated in 1963 and is based in Manila, the Philippines.

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Keepers (KEEPR PM)

Keeper's 50% Payout Ratio Makes The Yield Better and The Investment Exciting

The increase in payout to 50% makes Keepers Holdings a mouth-watering 6x PE FY23, with a dividend yield of 6.6% FY23 and 10% of the market cap in...

Sameer Taneja

Keepers Holdings: Highlights From The Q3 2022 Call / A Multibagger In The Making

Keepers Holdings, Inc. (KEEPR PM) trades at 7.1x/5.6x FY22e/FY23e on revised numbers (including earnings from the W&H acquisition) and has 10% of...

Sameer Taneja

Keepers Holdings: Stellar Q3 2022/ More to Follow in Management Call on 16th November

Keepers Holdings reported strong Q3 2022 revenue growth of 48.6% YoY and profit growth of 47.8%. The stock trades at 8.2x/6.7x FY22/23 PE and is...

Sameer Taneja

Keepers Holdings: Global Market Weakness Creates Opportunity

The Keepers Holdings, Inc. (KEEPR PM) correction in share price by 23% from the peak provides an opportunity with the stock trading at 7.4x/6.1x PE...

Sameer Taneja

Keepers Holdings: Exciting Soundbites From Management Call for H1 2022

Keepers Holdings trades at 6x PE FY22e (ex-cash) with seven bn+ pesos of cash on the balance sheet representing 37% of market capitalization. We...

Sameer Taneja

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