DMART
10.01.2022 - CS on Dmart Maintain Underpreform Target 3600
03.01.2022 - MS on Avenue Supermart UnderWeight TP Rs 4338
CITI ON AVENUE SUPER : 12.07.2021
* Citi has a Sell call on Avenue Super. It trims consensus estimates by another 8% for full year
* MAINTAIN SELL TARGET: 2,210
* Weak Q1 Results Lead To Trimming Of Estimates
• Trim Consensus Estimates By Another 8% For Full Year
JEFFERIES ON AVENUE SUPER : 12.07.2021
* Jefferies has an underperform rating on Avenue Supermart with a target of Rs 2,300/sh
* MAINTAIN UNDERPERFORM TARGET: 2,300
* Surprised Negatively With A 22-quarter Low Gross Margin Of 12.4%
* Revenue Growth Benefited From A Low Base
* Store Needs 45 Days Of Unhindered Operational Time To Get Back To Pre COVID Lvl
MS ON AVENUE SUPER : 12.07.2021
* MS downgrades Avenue Supermart to Equal-weight. It says, will await a better entry point due to lack of near-term triggers
* MAINTAIN SELL TARGET: 3,268
* Q1 Earnings Missed Our & Consensus Estimates
* Will Await A Better Entry Point Due To Lack Of Near-term Triggers
GS ON AVENUE SUPER : 12.07.2021
* MAINTAIN BUY TARGET: 3,690
* GS maintains Buy call on Avenue Supermart, but lowers FY22 EPS estimates by 7.9% to reflect lower margin in Q1
* Below Expectations On
* Lower Gross Margin
* Lower FY22 EPS Estimates By 7.9% To Reflect Lower Margin In Q1
* Margin Impact To Be One off As A Consequence Of COVID Restrictions
GOLDMAN SACHS ON DMART : 12.07.2021
• Q1 below expectations on lower gross margins
• Strong subsidiary growth
• Lower our FY22E EPS estimates by 7.9% to reflect lower margins in 1QFY22
MS on Avenue Supermart : 06.07.2021
* OW, TP Rs 3218
* 1QF22 Post-Qtr Update: Revenues up 31% YoY
* DMart was one of best reopening plays in our coverage last yr
* Store footfall recovered to 96% of the previous year's level by Dec, & stock outperformed the Sensex between Oct & mid-Mar
CITI ON DMART : 05.07.2021
• Maintain SELL, Target at Rs 2,210/share
• A much slower than expected start to FY22
* Further downside risks to earnings likely
• Revenue at Rs 5,030cr grew 31% YOY, 20% below what we had penciled in
* Given last year's base, Q1 was perhaps a key driver of the sharp rebound forecast
MACQUARIE ON AVENUE SUPER : 05.07.2021
* Macquarie upgrades FY23/24 EPS estimates for Avenue Super by 4% / 6% factoring in sales/ sq ft moving back to FY19 levels in FY23
* Quick Recovery Helped Drive *5,030 Cr Sales In Q1, Down 31% QoQ
* Inflation Should Increase Attractiveness Of Value Retailers Like DMart
* Upgrade FY23/24 EPS By 4%/ 6%
* Factor In Sales/ sq ft Moving Back To FY19 Levels In FY23
* MAINTAIN OUTPERFORM TARGET: 3,700
MS ON AVENUE SUPER : 05.07.2021
* MS has an Overweight rating on Avenue Super, but target is below the CMP
* MAINTAIN OVERWEIGHT TARGET: 3,218
* DMart Was One Of The Best Reopening Plays In Our Coverage Last Year
* Store Footfall Recovered To 96% Of The Previous Year's Level By Dec
* Co Is Now Also Better Positioned In The Online Delivery Platform
