This exact scenario is also playing out in OYO. Earlier this year market prices were in the range of 65-80. This week they are raising funding by alloting equity to a group of investors of Incred Capital at 29 per share. Immediately unlisted market price has also corrected to 30-32 levels in a matter of few weeks.
Posts tagged Value Pickr
Buy Unlisted Shares (13-06-2024)
Valuations / price discovery in the unlisted market is always a challenge and often determined by broking platforms. Waaree energies is presently going through a earnings explosion aided by US biz where giant Chinese companies are facing trade barriers, make in India / PLI push in the domestic market. FY23 earnings were strong and FY24 will also be a blockbuster year and this may continue into FY25 too (not sure when the party would end). Ever since they alloted shares to Madhusudhan Kela around 550 in Jun23 the price in the unlisted market is on a crazy spree (presently around 2200). No one knows what is likely to be the IPO price. It may well launch at 1500 but given the appetite for this stock in the market given the tailwinds, wont we surprised if the stock doubles from that level post listing.
PDS Limited – A platform for entrepreneurs (13-06-2024)
Let me try to add some context to this. Let’s go over the sourcing as a service(SAAS) business query first. So GMV is not reported as the topline for SAAS business. PDS earns a service fee for the volume of the business it manages and that service fee is reported in the topline. The Gross margins for SAAS business is 100% and EBIT margins are around 38%. Last year SAAS contributed 1% to the topline. Based on the numbers that the management was quoting on the Investor day, my guess is that the service fee is around 2% of the total order. Last year PDS managed around 700 million USD worth of sourcing for George and Asda. 2% of that comes to around 14 million which is around 116 Crores in Rs and that is around 1% of the total topline of 10500 crores. This year they would be handling around 1 Billion USD in SAAS for Asda and that lead to a meaningful topline of 20 million this year. They have also added Myntra in India for SAAS business. So I don’t think GMV is reported in the topline for SAAS business.
Coming to the 2nd question on PAT margins. The PAT margin is at 2% based on last year’s numbers. But management said that the actual PAT margin is actually 3% because they have reinvested 100 Cr back into the business to forge new partnerships in other businesses. They don’t want to raise debt and put load on their balance sheet. They are going to utilise money out of the bottom line every year and reinvest as and when needed. So it is debatable and depends on you how you want to perceive that. If you add 0.5% growth in the PAT margin every year then it will hit 5% in 4-5 years time if you consider 3% as the PAT margin for last year.
Overall I would say that the Investor day was very insightful and I got to learn a lot about the business and understand lot of things which I would have never figured out otherwise. MDs of Poetic Gem, Simple Approach and North America region gave a good detailed presentation on their businesses and vision going forward. Things look promising on the face atleast.We will have to see how things shape up.
MSTC Ltd.: Growth through to E-Commerce (13-06-2024)
Its from Trendlyne software
Priyank’s Portfolio (13-06-2024)
please share latest portfolio…
ICICI Securities Ltd (13-06-2024)
When will icici sec shares be converted to icici bank’s shares? Do we know the date? And we get 67 shares of the bank but based on which date? Does anyone know?
Angel One: Metamorphosis into a Fintech? (Previously Angel Broking) (13-06-2024)
“Any unchecked explosion in retail trading of futures and options (F&O) can create future challenges, not just for the markets, but for the investor sentiments and also for household finances,” Sitharaman said. “Household finances have made a generational shift. We want to safeguard that and ensure that it is not going to be shattered,”
^ Nirmala Sitharaman
Very scary, i had exited from Angelone because I don’t want a delta corp like hit on my pf
Advanced Enzyme Technologies Ltd – The Enzyme company (13-06-2024)
Advanced Enzymes -
Q4 and FY 24 concall and results updates -
FY 24 outcomes -
Revenues - 623 vs 540 cr, up 15 pc
EBITDA - 204 vs 156 cr, up 31 pc ( margins @ 33 vs 29 pc )
PAT - 137 vs 103 cr, up 32 pc
Q4 outcomes -
Revenues - 157 vs 138 cr, up 14 pc
EBITDA - 55 vs 44 cr, up 26 pc ( margins @ 35 vs 32 pc )
PAT - 29 vs 32 cr ( due exceptional charge of 15 cr in Q4 FY 24 )
Category Wise sales break up for FY 24 -
Human nutrition - 67 pc of sales , grew by 18 pc
Animal nutrition - 11 pc of sales, degrew by 5 pc
Industrial bioprocessing - 16 pc of sales, grew by 21 pc
Specialised manufacturing - 6 pc of sales, grew by 19 pc
Geography wise sales break up for FY 24 -
India - 50 pc of sales, grew by 21 pc
Americas - 34 pc of sales, grew by 34 pc
Europe - 6 pc of sales, grew by 12 pc
Asia - 7 pc of sales, de-grew by 3 pc
RoW - 3 pc of sales, grew by 78 pc
Have received fresh US FDA approvals for 02 of their enzymes to be launched in US
Top 10 customer contributed to 26 pc of topline vs 24 pc in FY 23
R&D expenses @ 4.6 pc of topline
RM prices have been stable in FY 24, expect the same to continue
Human nutrition business has the highest gross margins
Expect topline to grow in double digits ( in 13 - 16 pc band ) in FY 25 along with Gross and EBITDA margin expansions
Industrial BioProcessing is a key focus area. This segment has a long growth runway ahead
Expect growth in US to be in double digits in FY 25 as well
Company’s US business currently has EBITDA margins of 37 pc vs 29 pc for India business
Disc: holding, biased, not SEBI registered
Ranvir’s Portfolio (13-06-2024)
Advanced Enzymes -
Q4 and FY 24 concall and results updates -
FY 24 outcomes -
Revenues - 623 vs 540 cr, up 15 pc
EBITDA - 204 vs 156 cr, up 31 pc ( margins @ 33 vs 29 pc )
PAT - 137 vs 103 cr, up 32 pc
Q4 outcomes -
Revenues - 157 vs 138 cr, up 14 pc
EBITDA - 55 vs 44 cr, up 26 pc ( margins @ 35 vs 32 pc )
PAT - 29 vs 32 cr ( due exceptional charge of 15 cr in Q4 FY 24 )
Category Wise sales break up for FY 24 -
Human nutrition - 67 pc of sales , grew by 18 pc
Animal nutrition - 11 pc of sales, degrew by 5 pc
Industrial bioprocessing - 16 pc of sales, grew by 21 pc
Specialised manufacturing - 6 pc of sales, grew by 19 pc
Geography wise sales break up for FY 24 -
India - 50 pc of sales, grew by 21 pc
Americas - 34 pc of sales, grew by 34 pc
Europe - 6 pc of sales, grew by 12 pc
Asia - 7 pc of sales, de-grew by 3 pc
RoW - 3 pc of sales, grew by 78 pc
Have received fresh US FDA approvals for 02 of their enzymes to be launched in US
Top 10 customer contributed to 26 pc of topline vs 24 pc in FY 23
R&D expenses @ 4.6 pc of topline
RM prices have been stable in FY 24, expect the same to continue
Human nutrition business has the highest gross margins
Expect topline to grow in double digits ( in 13 - 16 pc band ) in FY 25 along with Gross and EBITDA margin expansions
Industrial BioProcessing is a key focus area. This segment has a long growth runway ahead
Expect growth in US to be in double digits in FY 25 as well
Company’s US business currently has EBITDA margins of 37 pc vs 29 pc for India business
Disc: holding, biased, not SEBI registered