HDFC Securities has downgraded Aditya Birla Fashion & Retail to add from buy with a target price of Rs 120, based on 23 times FY22 EV/EBITDA. According to the brokerage, the company delivered a reasonable FY20 (pre-Covid) normalized revenue/EBITDA growth of 12/15 per cent to Rs 90.8/7.1 billion respectively as both Madura and Pantaloons performed well. Rep. Revenue/Adjusted EBITDA, however grew 7.7 per cent/declined 16 per cent year on year to Rs 87.4/4.7 billion respectively. as the lockdown disrupted demand in March 2020. For the fourth quarter, revenue declined 5 per cent to Rs 18.2 billion against the brokerage estimate of Rs 17.63 billion). However, margins disappointed at -3.1 per cent vs the brokerage estimate of -1 per cent). In the earnings call, the management said that the first 11 months of FY20 were going in line with the company’s plans leading to an almost perfect year. It was only with the advent of Covid-19 that led to an economic standstill negatively … [Read more...] about Add Aditya Birla Fashion & Retail, target price Rs 120: HDFC Securities
For Natanya Montgomery, owner of Naza Hair in the Mission, that looks like offering a weekly Zoom class on different hairstyles for African American hair, which her salon specializes in. Her salon, which closed a month after opening in February, has been able to retain staff and started selling hair kits online, largely thanks to a $1 million funding round led by Initialized Capital — she’s one of the few female- and minority-owned businesses that’s seen some venture funding. … [Read more...] about Will e-commerce help small business survive coronavirus fallout?
On Sept. 11, 2001, Canada assisted when U.S. airspace was abruptly closed, by putting a mothballed airport in Gander, Newfoundland, into service. And 10,000 citizens of Gander volunteered to house and feed more than 7,000 inbound passengers who couldn’t get to the U.S. This act of international friendship was celebrated in the popular Broadway musical “Come From Away.” … [Read more...] about Shuttered Canada-US border highlights different approaches to the pandemic – and differences between the 2 countries
It had grown rapidly in the nine years since the transaction was completed, nearly doubling the number of stores. But it has also accumulated far more debt. It had $50 million of long-term debt on its books in 2010, before the deal was announced -- and as of February of this year that number had ballooned to $1.7 billion. … [Read more...] about 6 companies that filed for bankruptcy in May
Last month, he was astonished to get a notice of criminal charges in the mail. “It’s been overwhelming, what with everything else,” he said, adding that he has lost $16,000 in monthly revenue since the gym, and an adjacent barber shop he owns, have shut down. … [Read more...] about Will small-business owners go to jail for breaking coronavirus rules? We’ll find out