External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Barbeque Nation Hospitality’s (BBQN) consolidated revenue was flat YoY at INR3.3b (miss), impacted by competition in South India and sluggish demand.</li><li>The Same-Store Sales Growth (SSSG) remained weak and reported -2% YoY in 3QFY25 despite a favorable base of -4.9% in 3QFY24 (- 2.5% in 2QFY25).</li><li>Dine-in revenue declined 2% YoY to INR2.8b, while delivery was up 7% to INR0.5m.</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.

Barbeque Nation Hospitality’s (BBQN) consolidated revenue was flat YoY at INR3.3b (miss), impacted by competition in South India and sluggish demand.The Same-Store Sales Growth (SSSG) remained weak and reported -2% YoY in 3QFY25 despite a favorable base of -4.9% in 3QFY24 (- 2.5% in 2QFY25).Dine-in revenue declined 2% YoY to INR2.8b, while delivery was up 7% to INR0.5m.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.

Barbeque Nation Hospitality - Uninspiring Performance; Recovery Delays Continue

<div><ul><li>Omicron-led disruptions hurt sales and impair profitability - BARBEQUE’s dine-in focused business (as opposed to QSRs) meant that higher-than-expected Omicron impact for the sector adversely affected the company more.</li><li>Sales miss leads to lower operating leverage - Sales grew 10.9% YoY to INR2.5b. (est. INR2.7b), with SSSG of 5.5% (est.13%).</li></ul><div><ul><li>Highlights from the management commentary - BARBEQUE took an effective 5% cumulative price hike in Apr-May’22 put together, which along with other cost saving efforts will be able to revive its gross margin to earlier levels.</li></ul></div></div>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.

Omicron-led disruptions hurt sales and impair profitability - BARBEQUE’s dine-in focused business (as opposed to QSRs) meant that higher-than-expected Omicron impact for the sector adversely affected the company more.Sales miss leads to lower operating leverage - Sales grew 10.9% YoY to INR2.5b. (est. INR2.7b), with SSSG of 5.5% (est.13%).Highlights from the management commentary - BARBEQUE took an effective 5% cumulative price hike in Apr-May’22 put together, which along with other cost saving efforts will be able to revive its gross margin to earlier levels.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.

4QFY22 Results Update - Barbeque Nation Hospitality

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/barbeque-nation-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:28868:1" rel="noopener">Barbeque Nation Hospitality (0823884D IN)</a> is among the largest casual dining chains in the country, and its been a year since it got listed on the bourses. </li>
<li>In our earlier insight <a href="https://www.smartkarma.com/insights/barbeque-nation-ipo-not-grilling-fine" target="_blank" data-smartkarma-citation="insights:49603" rel="noopener">Barbeque Nation IPO: Not Grilling Fine</a> , we had highlighted the business, financial and governance discomforts seen in the IPO document.</li>
<li>A year later, these setbacks still continue to be visible in the balance sheet. In this insight, we try to update our insights regarding the company.</li>
</ul>



Barbeque Nation Hospitality (0823884D IN) is among the largest casual dining chains in the country, and its been a year since it got listed on the bourses. 
In our earlier insight Barbeque Nation IPO: Not Grilling Fine , we had highlighted the business, financial and governance discomforts seen in the IPO document.
A year later, these setbacks still continue to be visible in the balance sheet. In this insight, we try to update our insights regarding the company.


Barbeque Nation Update: Discomforts Still Prevalent

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Devyani International / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/devyani-international-ltd" target="_blank" data-smartkarma-citation="entities:33519:1" rel="noopener">Devyani International (6590204Z IN),</a> franchisee of Pizza Hut, KFC and Costa Coffee restaurants in India, is expected to start trading on the 16th of August 2021. The IPO was oversubscribed by 116.7x at INR 90.0 per share. The grey market premium has held steady at INR 51.0 over the last three days indicating that the shares could open at around INR 141.0 per share which implies a listing gain of around 57%.</li>
<li>The company has collected around INR 8.3bn (45% of the total offer) at INR 90.0 per share from 41 anchor investors including Abu Dhabi Investment Authority, Fidelity, Goldman Sachs, Monetary Authority of Singapore, Abu Dhabi Investment Council, Government of Singapore, Jupiter Asset Management, Nomura and Macquarie.</li>
<li>Moreover, the company has attracted a lot of retail investors, as the retail offer and non-institutional offer were oversubscribed around 39.5x and 213.1x respectively.</li>
</ul>



Devyani International (6590204Z IN), franchisee of Pizza Hut, KFC and Costa Coffee restaurants in India, is expected to start trading on the 16th of August 2021. The IPO was oversubscribed by 116.7x at INR 90.0 per share. The grey market premium has held steady at INR 51.0 over the last three days indicating that the shares could open at around INR 141.0 per share which implies a listing gain of around 57%.
The company has collected around INR 8.3bn (45% of the total offer) at INR 90.0 per share from 41 anchor investors including Abu Dhabi Investment Authority, Fidelity, Goldman Sachs, Monetary Authority of Singapore, Abu Dhabi Investment Council, Government of Singapore, Jupiter Asset Management, Nomura and Macquarie.
Moreover, the company has attracted a lot of retail investors, as the retail offer and non-institutional offer were oversubscribed around 39.5x and 213.1x respectively.


Devyani International IPO: First Day Trading

United Foodbrands / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/barbeque-nation-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:28868:1" rel="noopener">Barbeque Nation Hospitality (0823884D IN)</a> or BBQ Nation (BNHL), in one of the last IPOs for Fiscal 2021, plans to raise INR 4.5 bn from public which consists of fresh issue worth INR 1.8 bn and offer for sale worth INR 2.7 bn.
BNHL is one of the largest casual dining chain in the country, with a portfolio of 147 BBQ Nation Restaurants across 77 cities in India and 6 international outlets. The company also operates 9 restaurants and 11 restaurants under the brands 'Toscano' and 'UBQ by Barbeque Nation'.
The chain casual dining market has thrived in the last few years and so did the company, as its topline has expanded at % CAGR from F18-F20. However, the pandemic has completely shifted the ball game throughout the industry; for a company that was already loss-making, the main problem would be value generation given subdued expected recovery due to the second wave. 
In this insight, we focus on some of the balance sheet and a lot of governance cautions, mainly on the promoter profile that one should consider before taking any action on the stock. Like always, we do not comment on the valuation of IPO.

Barbeque Nation Hospitality (0823884D IN) or BBQ Nation (BNHL), in one of the last IPOs for Fiscal 2021, plans to raise INR 4.5 bn from public which consists of fresh issue worth INR 1.8 bn and offer for sale worth INR 2.7 bn.
BNHL is one of the largest casual dining chain in the country, with a portfolio of 147 BBQ Nation Restaurants across 77 cities in India and 6 international outlets. The company also operates 9 restaurants and 11 restaurants under the brands 'Toscano' and 'UBQ by Barbeque Nation'.
The chain casual dining market has thrived in the last few years and so did the company, as its topline has expanded at % CAGR from F18-F20. However, the pandemic has completely shifted the ball game throughout the industry; for a company that was already loss-making, the main problem would be value generation given subdued expected recovery due to the second wave. 
In this insight, we focus on some of the balance sheet and a lot of governance cautions, mainly on the promoter profile that one should consider before taking any action on the stock. Like always, we do not comment on the valuation of IPO.

India

United Foodbrands Limited is an India-based casual dining restaurant company that operates a chain of restaurants primarily under its flagship brand, Barbeque Nation, offering an 'over-the-table barbeque' concept. The company also manages other brands like Toscano and Salt, expanding into premium casual dining and international markets. It was incorporated in 2006 and is headquartered in Bengaluru, Karnataka, India.

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United Foodbrands (UFBL IN)

Barbeque Nation Hospitality - Uninspiring Performance; Recovery Delays Continue

Barbeque Nation Hospitality’s (BBQN) consolidated revenue was flat YoY at INR3.3b (miss), impacted by competition in South India and sluggish demand.

Motilal Oswal

4QFY22 Results Update - Barbeque Nation Hospitality

BARBEQUE’s dine-in focused business (as opposed to QSRs) meant that higher-than-expected Omicron impact for the sector adversely affected the...

Motilal Oswal

Barbeque Nation Update: Discomforts Still Prevalent

In our earlier insight we had highlighted the business, financial and governance discomforts seen in the IPO document. A year later, BBQ Nation is...

Nitin Mangal

Devyani International IPO: First Day Trading

If shares open at around INR 141.0 per share (based on the grey market premium), Devyani International would be valued at 14.2x FY21 revenue...

Oshadhi Kumarasiri

Barbeque Nation IPO: Not Grilling Fine

In this insight, we focus on some of the balance sheet and a lot of governance cautions, mainly on the promoter profile that one should consider...

Nitin Mangal

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