External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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>Titan’s acquisition of a 67% stake in century-old Damas Jewellery, one of the largest retailer in the GCC with 146 stores, is a high margin of safety bet which gives Titan immediate regional dominance, access to a premium brand and broad customer base, and a platform that would have taken years to build organically</li><li>While Damas has faced a decade of financial stress including declining revenues, margin squeezes, and low profits, the acquisition, valued at AED 1,038mn with an effective EV/Sales (CY24) multiple of ~0.9x excluding the Graff monobrand sales, provides a steep margin of safety to stage a turnaround from</li><li>Through integration, operational discipline, and cross-brand synergies, Titan appears to be well-positioned to unlock profitability, drive growth, and solidify market leadership in the high-potential GCC jewellery market</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>

Titan’s acquisition of a 67% stake in century-old Damas Jewellery, one of the largest retailer in the GCC with 146 stores, is a high margin of safety bet which gives Titan immediate regional dominance, access to a premium brand and broad customer base, and a platform that would have taken years to build organicallyWhile Damas has faced a decade of financial stress including declining revenues, margin squeezes, and low profits, the acquisition, valued at AED 1,038mn with an effective EV/Sales (CY24) multiple of ~0.9x excluding the Graff monobrand sales, provides a steep margin of safety to stage a turnaround fromThrough integration, operational discipline, and cross-brand synergies, Titan appears to be well-positioned to unlock profitability, drive growth, and solidify market leadership in the high-potential GCC jewellery marketContent 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.

Titan: Damas Bet: Heads It Wins, Tails It Doesn’t Lose Much. Maintain REDUCE

Titan Co Ltd

Titan: Damas Bet: Heads It Wins, Tails It Doesn’t Lose Much. Maintain REDUCE