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Healthy ADS growth drives the earnings beat * WLDL reported a better than expected sales momentum in 2QFY23. Even as gross margin was in line, operating leverage led to an 18% EBITDA beat from our expectation. * The management indicated a gradual improvement in gross margin going forward, led by a further 2% blended price increase in Oct’22 and the return of the high margin McCafe business to pre-COVID levels. * While WLDL’s prospects are improving, its medium term earnin...
Neutral Westlife Development Ltd For Target Rs.805 - Motilal Oswal Financial Services
Best-in-class SSG performance leads to a big TP upgrade, maintain BUY WLDL’s Q2 EBITDA was 5-6% higher than estimates, largely led by better revenues. WLDL reported a 3Y revenue CAGR of 13%, led by a best-in-class revenue/store CAGR of 9.3% vs. estimate of 7.5%. Inflation management was better than expected, as GM improved by 80bps vs. expectation of a 40bps decline. Unlike peers, WLDL was confident of maintaining its GM, led by 2% price hikes in Oct-22, better revenue mix, and suppl...
Buy Westlife Development Ltd For Target Rs.910 - Emkay Global
Jubilant FoodWorks Ltd, which runs the Domino's Pizza chain of restaurants in India, reported a near-10% jump in second-quarter profit on Tuesday, as people dined out more following the easing of COVID-19 restrictions. Profit rose to 1.32 billion Indian rupees ($16.12 million) in the three months ended Sept. 30, from 1.2 billion rupees a year earlier. "Dine-in and takeaway channels combined witnessed strong year-on-year growth," said the restaurant operator. Restaurants...
Domino`s India franchisee Jubilant`s Q2 profit rises 10% on dine-in demand
IDFC First Bank Ltd BUY IDFC First Bank Ltd CMP 53 ,Target 70, Potential Upside (%) 32% About the Company: IDFC First bank (IDFCB) was formed by the merger of erstwhile IDFC bank – promoted by renowned infrastructure financing institution IDFC Ltd. and Capital First – a leading technology NBFC. The bank has a robust balance sheet of Rs 2,00,565 Cr and has provided over 30 Mn loans by far. Currently, it serves customers in over 60,000 villages, c...
Diwali Funadamental Muhurat Picks 2022 By Axis Securities
Stellar performance in 1QFY23 Staggered royalty increase to offer better earnings visibility * Westlife Development (WLDL) delivered a strong operating performance surpassing our estimates. Dine-in recovered to pre-Covid levels while the Convenience channel (delivery, on-the-go, and drive-thrus) sales continued to remain elevated – resulting in WLDL’s SSSG of 97% in 1QFY23 (est. INR76%). * The full impact of the 5% price hikes taken towards end-1QFY23 should be reflected ...
Neutral Westlife Development Ltd For Target Rs.575 - Motilal Oswal Financial Services
Strong consecutive beat boosts confidence; maintain Buy * Q4 is the second consecutive quarter where WLDL’s operating performance is 30-50% higher than street estimates and ~20% higher than our estimates. The strong performance was led by a stronger recovery in dine-in sales and better-than-expected margin gains. * Despite challenges in Q4, dine-in sales recovered fully and convenience sales doubled, leading to 35% growth vs. Q4FY20. Growth was driven by filling portfolio gaps in ...
Buy Westlife Development Ltd For Target Rs.650 - Emkay Global
Westlife Development is currently trading at Rs. 454.55, up by 8.45 points or 1.89% from its previous closing of Rs. 446.10 on the BSE. The scrip opened at Rs. 441.15 and has touched a high and low of Rs. 457.70 and Rs. 437.20 respectively. So far 6503 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 683.55 on 24-Sep-2021 and a 52 week low of Rs. 389.75 on 24-Feb-2021. Last one week high and low of the scrip stoo...
Westlife Development surges as its owned McDonald’s opens first restaurant in Bhilai
Stronger recovery; stepping up expansion pace * WLDL’s revenue recovery at 97% in Q2 was strong and ahead of our/street expectations of 90%. EBITDA margins, however, came in lower at 12% vs. expectations of 13-14%, due to higher other expenses, while gross margins were in line at 65%, despite RM inflation. * Sep’21 trends were even better at 103%. The recovery is strong, despite delayed opening in Maharashtra, where WLDL has higher store salience of 40%+, led by continued tr...
Buy Westlife Development Ltd For Target Rs.680 - Emkay Global
Activating most growth levers Although dine-in was again impacted (in 1Q) across its core markets, strengthened convenience formats (delivery, drive-thru, takeaway and OTG) continued to perform well, driving an in-line revenue print. Besides, consistent cost optimization underpinned operating profit amidst the disruption (ROM of 3.0%). We believe Westlife’s ramp-up of delivery adoption has been impressive and should certainly see higher base-level demand when the situation normalizes...
Add Westlife Development Ltd For Target Rs.550 - ICICI Securities
Westlife Development is currently trading at Rs. 612.00, up by 45.25 points or 7.98% from its previous closing of Rs. 566.75 on the BSE. The scrip opened at Rs. 640.00 and has touched a high and low of Rs. 640.00 and Rs. 605.00 respectively. So far 5801 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 683.55 on 24-Sep-2021 and a 52 week low of Rs. 360.00 on 27-Oct-2020. Last one week high and low of the scrip sto...
Westlife Development jumps on planning to invest around Rs 800-1,000 crore in business over next 3-4 years
Westlife Development is currently trading at Rs. 563.40, up by 3.30 points or 0.59% from its previous closing of Rs. 560.10 on the BSE. The scrip opened at Rs. 560.00 and has touched a high and low of Rs. 570.00 and Rs. 555.50 respectively. So far 9675 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 683.55 on 24-Sep-2021 and a 52 week low of Rs. 360.00 on 27-Oct-2020. Last one week high and low of the scrip stoo...
Westlife Development rises as its owned - McDonald’s unveils new range of indulgent gourmet burgers
Aggression on store additions a welcome change * WLDL delivered better than expected SSSG and sales growth, led by continued strong momentum in the convenience platform, while dine-in was affected by COVID-related restrictions. As these restrictions are being lifted, WLDL would see much better sales performance going forward. This is because the convenience channel continues to remain elevated, despite a recovery in dine-in, as per recent trends. This bodes well for both sales per store an...
Neutral Westlife Development Ltd For Target Rs.540 - Motilal Oswal
Turning more aggressive * Revenues were in line at Rs2.6bn, but higher other expenses (41% of sales vs. 31% in Q4FY21) led to a weak EBITDA margin of ~2% vs. our/Street expectation of 9%/6%. Higher costs were due to negative leverage on a higher base of operational network. * Recovery trends were robust, with Jun’21 reaching Nov’20 festive sales and Jul’21 recovery at more than 90% of Jul’19 levels. Store opening guidance has been increased to 30-40 stores from 2...
Buy Westlife Development Ltd For Target Rs.630 - Emkay Global
Demand trends encouraging; expect faster recovery * Our interaction with management indicates strong traction in convenience channel sales, led by consumer shift to dominant brands & digital initiatives. Dine-in is currently impacted but faster recovery is expected vs. FY21 on easing restrictions and increasing vaccination. * Expansion plans are intact at 25-30 store additions in FY22 despite second wave-led lockdowns. Ramp-up of Mc-Café network (present in 80% stores current...
Buy Westlife Development Ltd For Target Rs.630 - Emkay Global
Second COVID wave dampens near-term outlook * Westlife Development (WLDL) delivered in-line SSSG, but lower-thanexpected sales growth, with just one new store addition in 4QFY21 and only five in FY21. Furthermore, the dine-in channel (45% of sales in 4QFY21) was still below normal levels. However, strong performance from the convenience channel is a positive. * Gross margin (GM) expansion through volume recovery, channel optimization, and supply chain initiatives is encouraging. The rec...
Neutral Westlife Development Ltd For Target Rs.400 - Motilal Oswal
Good 4Q; retains store expansion target 4Q performance was robust with revenues up 6.3% (SSSG: +10.5%) on the back of (1) strong recovery in dine-in (70% of pre-Covid in Jan-21) and (2) continued growth momentum in the convenience channel (+42% YoY). Consistent cost optimization (rental benefit, vendor-led benefits, variable staff costs, etc.), drove EBITDA margin print of 11% (adjusting for special bonus for employees). Although dine-in is again impacted (in 1Q) across its core markets, s...
Add Westlife Development Ltd For Target Rs.450 - ICICI Securities
Second wave restrictions lead to temporary overhang Structural opportunity intact * Amid the rising second wave of COVID cases, Maharashtra has imposed stringent restrictions from 5th to 30th Apr’21. Accordingly, restaurant players have been directed to stop dine-ins, though deliveries are permitted 24x7. This offers some respite, especially for QSR players, which depend heavily on the channel. * On account of the high delivery salience and best practices in hygiene and safet...
Neutral Westlife Development Ltd : Second wave restrictions lead to temporary overhang - Motilal Oswal
Still in the early days of QSR marathon Our bullish investment thesis on Westlife Development (WLDL) rests on three pillars: 1) Superior unit economics – about 30-40% higher revenue per store – relative to peers; supported by value pricing and strategies aimed at increasing in-store visits and offering complementing menus. Recent initiatives on digital could provide a further fillip. 2) Comparison with Domino’s highlights a 3x store roll-out potential – offering a ...
Westlife Development Ltd : Poised for sustainable growth and profitability turnaround; initiate with Buy - Emkay Global
Weak dine-in continues to be a drag 3Q performance was subdued as revenues declined 25% (SSSG declined 24%) despite all stores being operational. However, consistent cost optimization led the reduction in average monthly fixed cost by ~30% (renegotiating rents, reimagining supply chain, variable staff costs, etc.), thereby bringing back margins close to pre-Covid levels. Although the trajectory of improvement of convenience formats (delivery, drive-thru, takeaway and on-the-go – toge...
Add Westlife Development Ltd For Target Rs.460 - ICICI Securites
Encouraging recovery trends and margin outlook * Westlife Development (WLDL) delivered in line sales growth as convenience channels drove the overall recovery, while dine-in witnessed a sequential improvement. With an upbeat consumer sentiment and 97% recovery to pre-COVID levels in Dec’20, the company is poised to deliver a positive sales growth from 4QFY21 on a soft base. * Gross and EBITDA margin delivered a positive surprise in 3QFY21. As the RM outlook remains benign and cost...
Neutral Westlife Development Ltd For Target Rs.480 - Motilal Oswal
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