NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Landmark Cars Ltd. Ebitdam, at 5.8%, was down 40 basis points QoQ (our estimate: 6.3%), with overhead expenses pertaining to new store addition rising and some margin impact from executing lower wholesales to bring down inventory levels.
Landmark Cars revenue from new outlets in Q1 was ~8% of total, at Rs 910 million (proforma), which operated at negative Ebitdam. We believe the impact on margins from new store addition would linger a few more quarters.
Accordingly, we reduce our FY25/FY26 margin estimates by 60 basis points/30 basis points, but retain our revenue estimates.
Maintain 'Add' with a revised discounted cash flow-based target price of Rs 641 (earlier Rs 757), implying ~20 times FY26E earning per share.
Change in target price is due to 19%/8% lower FY25E/FY26E earning per share and valuation rollover.
Click on the attachment to read the full report:
Solar Industries Q1 Results Review – Robust Show; Defence Segment Gathers Steam: ICICI Securities
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
. Read more on Research Reports by NDTV Profit.