VAIBHAV GLOBAL LTD… · VAIBHAV GLOBAL LTD Result Update (CONSOLIDATED BASIS): Q3 FY19 CMP: 653.05...

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VAIBHAV GLOBAL LTDResult Update (CONSOLIDATED BASIS): Q3 FY19

CMP: 653.05 JAN 31st, 2019

Overweight ISIN:INE884A01019

Index Details SYNOPSIS

Vaibhav Global Limited is a holding companywhich is an electronic retailer of fashion jewelryand lifestyle accessories.

During Q3 FY19, consolidated net profit jumps toRs. 525.14 mn from Rs. 455.31 mn in Q3 FY18,an increase of 15.34%.

Consolidated revenue for the quarter increased by10.61% to Rs. 5105.91 mn from Rs. 4616.30 mn,when compared with the prior year period.

During Q3 FY19, consolidated EBIDTA is Rs.712.26 mn as against Rs. 617.47 mn in Q3 FY18,grew by 15.35%.

During Q3 FY19, consolidated PBT increased by16.78% to Rs. 644.64 mn from Rs. 552.02 mn inQ3 FY18.

EPS of the company stood at Rs. 16.09 a shareduring the quarter, as against Rs. 13.98 per shareover previous year period.

The Revenue of the company registered a growthof 17.97% at Rs. 13524.48 mn in 9M FY19 asagainst Rs. 11464.39 mn in 9M FY18.

During 9M FY19, PAT of the company stood atRs. 1217.15 mn which was stood at Rs. 805.60 mnin 9M FY18, up by 51.09%.

Operating Cash Flow of the company registered atRs. 760 mn as on 31st Dec 2018.

Free Cash Flow of the company stood at Rs. 730mn as on 31st Dec 2018.

Out of Total Revenue Jewellery & LifestyleProducts TV Sales registered at Rs. 3350 mn inQ3 FY19 as compared to Rs. 2820 mn in Q3FY18.

Web Sales of Jewellery & Lifestyle Products roseby Rs. 1480 mn in Q3 FY19 as compared to Rs.1110 in the corresponding previous year period.

Net Sales and PAT of the company are expected togrow at a CAGR of 13% and 48% over 2017 to2020E, respectively.

Stock DataSector Other Apparels &AccessoriesBSE Code 532156Face Value 10.0052wk. High / Low (Rs.) 770.00/573.30Volume (2wk. Avg.) 3557Market Cap (Rs. in mn.) 21315.09

Annual Estimated Results(A*: Actual / E*: Estimated)Years (Rs. in mn) FY18A FY19E FY20ENet Sales 15754.05 18324.03 20706.15EBITDA 1588.97 2270.75 2557.63Net Profit 1124.66 1621.18 1897.80EPS 34.52 49.67 58.14P/E 18.92 13.15 11.23

Shareholding Pattern (%)

As on Dec 2018 As on Sep 2018

Promoter 64.03 65.36

Public 35.88 34.61

Others 0.09 0.03

1 Year Comparative Graph

VAIBHAV GLOBAL LTD S&P BSE SENSEX


QUARTERLY HIGHLIGHTS (CONSOLIDATED BASIS)

Results updates- Q3 FY19,

(Rs. in million) Dec-18 Dec-17 % Change

Revenue 5105.91 4616.30 10.61%

Net Profit 525.14 455.31 15.34%

EPS 16.09 13.98 15.10%

EBIDTA 712.26 617.47 15.35%

The consolidated net profit increased by 15.34% to Rs. 525.14 million from Rs. 455.31 million in the corresponding

quarter ending of previous year. Revenue for the quarter stood at Rs. 5105.91 million as against Rs. 4616.30 million, up

by 10.61% when compared with the prior year period. Reported earnings per share of the company stood at Rs. 16.09 a

share during the quarter, as against Rs. 13.98 per share over previous year period. Profit before interest, depreciation and

tax is Rs. 712.26 million as against Rs. 617.47 million in the corresponding period of the previous year.

Break up of Expenditure

Break up ofExpenditure

Value in Rs. Million

Q3FY19

Q3FY18

%Change

Cost of MaterialConsumed 802.07 902.76 -11%

Purchase of Stock inTrade 1164.41 936.16 24%

Employees BenefitExpenses 910.07 697.52 30%

Depreciation &Amortization Expenses 62.03 56.31 10%

Manufacturing Expenses 220.64 180.67 22%

Administrative andSelling Expenses 1678.73 1356.27 76%


Operating Highlights in Q3 & 9M FY19:

Driving forward on its quality journey, Shop LC is preparing to apply for the Malcolm Baldridge Progress Level

Award from Quality Texas Foundation after receiving recognition for the Malcolm Baldrige Commitment Level

Award.

With the objective of diversifying its revenue profile, Shop LC is implementing entire days dedicated to non-jewelry

products – resulting in new customer addition, lower sales returns and ASP.

Shop LC launched Fulfillment by Amazon (FBA) Marketplace, enabling placement of select inventory at Amazon

Fulfillment Centers, which raises brand awareness with customers converting from Amazon to Shop LC at a low

acquisition cost.

TJC focused on better customer targeting through additional slots and better channel positioning.

Shop LC expanded studio operations, adding remote broadcasting capability to support HD programming.

75,000 units were sold on Shop LC’s Birthday Bash along with ongoing support to the One for One program.

Great Place to Work Institute named VGL’s China subsidiary STS Gems among Greater China’s Best Companies to

Work For 2018 for the third consecutive year.

Financial Performance Trends:

Operating Cash Flow of the company registered at Rs. 760 mn as on 31st Dec 2018.

Free Cash Flow of the company stood at Rs. 730 mn as on 31st Dec 2018.

Operating Cash Flow of the company achieved at Rs. 1710 mn for 9M FY19.

Free Cash Flow of the company stood at Rs. 1580 mn for 9M FY19.

Jewellery & Lifestyle Products Financial Performance:

Out of Total Revenue, Jewellery & Lifestyle Products TV Sales registered at Rs. 3350 mn in Q3 FY19 as comared to

Rs. 2820 mn in Q3 FY18.

During the nine months period, TV Sales increased by Rs. 8740 mn as against Rs. 7400 mn in 9M FY18.

Web Sales of Jewellery & Lifestyle Products rose by Rs. 1480 mn in Q3 FY19 as compared to Rs. 1110 in the

corresponding previous year period.

For 9M FY19, Web Sales of the company rose by Rs. 3570 mn as against Rs. 2730 mn in 9M FY18.

B2B Segment Sales registered at Rs. 280 mn in Q3 FY19 as compared to Rs. 670 mn in Q3 FY18.

During 9M FY19, B2B Sales registered at Rs. 1220 mn which was at Rs. 1340 mn in 9M FY18.

Retail Performance Trends:


TV Sales Volume of the company increased by 4778 products at Average Selling Price of 26.3 US$ in 9M FY19 as

against 4342 products in H1 FY18.

During Q3 FY19, sales Volume through TV Sales increased by 1919 products at Average Selling Price of 24.6 US$

as against 1666 products in Q3 FY18.

Web Sales of the company registered a sales volume of 992 products in Q3 FY19 at Average Selling preice of 21.2

US$ as compared to 792 products in Q3 FY18.

During 9M FY19, Web Sales Volume increased by 2505 products at average selling price of 21.2 US$ as compared to

2086 products in 9M FY18.

Home TV Network Reach – 100 Mn Households across US and UK

100 million households on full time equivalent (FTE*) basis

75 million households in the US

25 million households in the UK

Q3 FY19 Retail Volumes at 2.9 Million Units, up 18% YoY and overall ASP* at $23.43, down 5% YoY

Home TV shopping volumes at 1.92 million units

Web shopping volumes at 0.99 million units

Strong volume growth on both platforms

Deep customer engagement drives strong repeat purchase.

COMPANY PROFILE

Vaibhav Global Limited is a holding company which is an electronic retailer of fashion jewelry and lifestyle accessories.

The Company owns and operates the Liquidation Channel in the United States, and Jewelry Channel in the United

Kingdom. It operates through wholesale business-as a downstream manufacturing facility segment. The Company offers a

range of jewelry and non-jewelry products. The Company manufactures and exports various kinds of jewelry, colored

gems stones, precious and semi-precious stones. It offers fashion jewelry, including bracelets, bangles, earrings and

studded jewelry. Its fashion accessories and lifestyle products include watches, handbags, scarves, home decor, bed linen,

pillow covers and towels. Its products are sold on its television shopping and Web platforms. Its plants are located in

Jaipur and Mumbai. In addition to electronic retailing, the Company also engages in traditional business-to-business

wholesale distribution through STS Jewels Inc.


FINANCIAL HIGHLIGHT (CONSOLIDATED BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)

Balance Sheet as of March 31, 2017-2020E

FY17A FY18A FY19E FY20E

ASSETS1) Non-Current Assets

a) Property, plant and equipment 731.77 709.61 745.09 797.24b) Goodwill 286.83 286.83 301.17 313.22c) Other Intangible Assets 243.30 201.05 191.00 179.54d) Financial Assets

i) Investments 4.15 0.03 0.02 0.02ii) Others 71.93 82.17 90.39 97.62

e) Deferred Tax Assets (net) 229.83 314.12 424.06 559.77f) Other Non Current Assets (net) 99.56 47.27 35.45 29.07Sub - Total Non- Current Assets 1667.36 1641.09 1751.74 1947.41

2) Current Assetsa) Inventories 3036.18 3515.85 4043.23 4609.28b) Financial Assets

i) Investment 42.10 115.09 147.31 184.14ii) Trade Receivables 960.31 1290.11 1702.94 2213.82iii) Cash and Cash Equivalents 724.55 665.59 632.31 613.34iv) Bank Balances other than Cash 21.89 9.17 6.88 5.50v) Loans 6.20 8.89 11.38 14.22vi) Others 6.61 3.45 2.76 2.26

c) Other Current Assets 294.41 379.06 473.82 582.80Sub - Total Current Assets 5092.24 5987.20 7020.62 8225.37

Total Assets (1+2) 6759.60 7628.28 8772.36 10172.78EQUITY AND LIABILITIES1) EQUITY

a) Equity Share Capital 325.35 325.84 326.39 326.39b) Other Equity 4018.57 5175.68 6521.36 8086.49

Total Equity 4343.92 5501.53 6847.75 8412.882) Non Current Liabilities

a) Financial Liabilitiesi) Borrowings 0.00 0.00 0.00 0.00

b) Provisions 43.59 37.46 33.72 31.02Sub - Total Non Current Liabilities 43.59 37.46 33.72 31.02

3) Current Liabilitiesa) Financial Liabilities

i) Borrowings 827.20 665.78 565.91 509.33ii) Trade Payables 1142.38 1026.61 898.84 755.03iii) Other financial liabilities 49.73 20.96 16.77 13.75

b) Liabilities for Current Tax 4.46 54.75 86.51 125.44c) Provisions 155.15 161.26 170.94 179.49d) Current Tax Liabilities 193.18 159.92 151.92 145.85Sub - Total current Liabilities 2372.10 2089.30 1890.89 1728.88

Total Equity and Liabilities (1+2+3) 6759.60 7628.28 8772.36 10172.78


Annual Profit & Loss Statement for the period of 2017 to 2020E

Value(Rs.in.mn) FY17A FY18A FY19E FY20E

Description 12m 12m 12m 12mNet Sales 14389.45 15754.05 18324.03 20706.15Other Income 156.98 104.66 129.76 155.72Total Income 14546.42 15858.70 18453.79 20861.87Expenditure -13527.33 -14269.74 -16183.04 -18304.24Operating Profit 1019.09 1588.97 2270.75 2557.63Interest -64.06 -42.96 -38.81 -35.70Gross profit 955.03 1546.01 2231.95 2521.93Depreciation -294.13 -254.51 -248.99 -273.89Profit Before Tax 660.90 1291.50 1982.96 2248.04Tax -15.12 -166.83 -361.77 -350.24Profit After Tax 645.79 1124.66 1621.18 1897.80Minority Interest -0.38 0.00 0.00 0.00Net Profit 645.40 1124.66 1621.18 1897.80Equity capital 325.35 325.84 326.39 326.39Reserves 4018.57 5175.68 6521.36 8086.49Face value 10.00 10.00 10.00 10.00EPS 19.84 34.52 49.67 58.14

Quarterly Profit & Loss Statement for the period of 30th June, 2018 to 31st Mar, 2019E

Value(Rs.in.mn) 30-June-18 30-Sep-18 31-Dec-18 31-Mar-19E

Description 3m 3m 3m 3mNet sales 3901.24 4517.33 5105.91 4799.55

Other income 39.22 20.25 31.24 39.05

Total Income 3940.46 4537.58 5137.15 4838.60

Expenditure -3496.47 -3987.68 -4424.89 -4274.00

Operating profit 443.99 549.91 712.26 564.60

Interest -15.94 -12.54 -5.59 -4.75

Gross profit 428.06 537.37 706.67 559.85

Depreciation -59.63 -61.59 -62.03 -65.75

Profit Before Tax 368.43 475.78 644.64 494.10

Tax -67.96 -84.23 -119.50 -90.07

Net Profit 300.47 391.55 525.14 404.03

Equity capital 325.99 326.09 326.39 326.39

Face value 10.00 10.00 10.00 10.00

EPS 9.22 12.01 16.09 12.38


Ratio Analysis

Particulars FY17A FY18A FY19E FY20E

EPS (Rs.) 19.84 34.52 49.67 58.14

EBITDA Margin (%) 7.08% 10.09% 12.39% 12.35%

PBT Margin (%) 4.59% 8.20% 10.82% 10.86%

PAT Margin (%) 4.49% 7.14% 8.85% 9.17%

P/E Ratio (x) 32.92 18.92 13.15 11.23

ROE (%) 14.87% 20.44% 23.67% 22.56%

ROCE (%) 14.02% 21.64% 27.27% 25.60%

Debt Equity Ratio 0.19 0.12 0.08 0.06

EV/EBITDA (x) 20.89 13.31 9.29 8.22

Book Value (Rs.) 133.52 168.84 209.80 257.75

P/BV 4.89 3.87 3.11 2.53

Charts


OUTLOOK AND CONCLUSION

At the current market price of Rs. 653.05, the stock P/E ratio is at 13.15 x FY19E and 11.23 x FY20E respectively.

Earning per share (EPS) of the company for the earnings for FY19E and FY20E is seen at Rs. 49.67 and Rs. 58.14

respectively.

Net Sales and PAT of the company are expected to grow at a CAGR of 13% and 48% over 2017 to 2020E

respectively

On the basis of EV/EBITDA, the stock trades at 9.29 x for FY19E and 8.22 x for FY20E.

Price to Book Value of the stock is expected to be at 3.11 x and 2.53 x for FY19E and FY20E respectively.

Hence, we say that, we are Overweight in this particular scrip for Medium to Long term investment.

INDUSTRY OVERVIEW

Vaibhav Global Limited (VGL) has its retail operations spread in two of the largest developed economies of the world

where consumer spending makes up roughly two-thirds of their respective GDPs. As such, the immense market size and

steady recovery of the United States and the United Kingdom on the back of a robust 2017, augurs well for its continued

growth in the years to come.

PricewaterhouseCoopers’ Total Retail 2017 report highlights the growing influence of digital commerce on the overall

retail landscape, with digital presence and association becoming critical in every industry. Over 80% of UK respondents

said they shop online at least once a month, including over 38% shopping on tablets and mobile phones. In the US, nearly

30% of consumers used tablets and mobile phones for online shopping. VGL has benefited from this dramatic shift in the

retail landscape, having executed all major infrastructural enhancements in the past few years, with the result that digital

sales grew rapidly in both the markets.


The company is in the process of further streamlining its marketing efforts and developing a better understanding of the

various customer touch-points that have been central to digital retailing, such as mobile and social. The company is

confident that these initiatives will bolster customer acquisition in the years to come.

Concurring with McKinsey’s Future of Jewellery: 2020 report, another trend identified in PWC’s Total Retail 2017

report is the large presence of loyal shoppers, despite changing consumption patterns, with 65% of UK respondents

knowing the brands and products they like and buy the most, compared to 61% loyal consumers globally. Branding has

been identified as a major driver of future growth in jewellery retail and there are many like Pandora that are already

benefiting from this trend. The company’s retail brands, including Shop LC, USA, and TJC, UK, have also made great

strides towards building an appealing brand identity and recall based on a unique value proposition of affordable, high-

quality jewellery and lifestyle products.

Company’s stable of brands comprise both internationally-acclaimed and locally renowned jewellery designers, design

collections inspired by exotic locations from around the world, in-house brands like Iliana, Strada, etc., local boutique

beauty brands from the US and UK and an ever-growing list of branded lifestyle product offerings.

Overall, the retail industry is largely dependent on macro-economic factors such as GDP, disposable incomes and

consumer spending behavior, but with levers in affordable branding, sales channel experience and digital engagement.

Firmly lodged on the affordability and value retail platform, VGL will continue ‘delivering joy’ to all its stakeholders,

irrespective of the economic cycle.

Opportunities:

Large potential of increasing revenue per household

Deeper penetration into adjacent product categories

Enhance digital marketing efforts to add a new dimension to digital customer engagement initiatives

Faster electronic retail segment growth vis-à-vis the overall retail segment growth (in target markets)

Strengthening asset base with the latest manufacturing and product development technologies

Reinforcing the low price point ‘discount’ model in both the US and the UK markets, which should receive stronger

traction as ‘value’ retailers have always done well in any market cycle

Potential to replicate the end-to-end discount electronic retail business model in other developed and developing

countries

Outlook:

The upheaval in the world of retailing seemed even more turbulent in 2017 with almost 7,000 store closures and more

than 15 major retail bankruptcies in the US alone, leading to calls for retail space rightsizing. Added to this was the flurry

of M&A activity with big names like Amazon and Walmart snapping up companies to drive growth through innovative

solutions and business synergies. All this makes 2018 a seminal year to watch out for the rise of omni-channel retail,


explosive growth of e-commerce and further consolidation of the retail landscape. Going forward, endeavour will be to

develop a loyal consumer base through company’s deep value proposition and unique video selling model, utilizing both

entertainment and education.

The Company will continue to focus on its chosen markets to improve market penetration through deeper digital customer

engagement and more compelling lifestyle offerings. The retail units have been able to carve out a niche brand following

for themselves and will continue to evolve them as the company did with the Shop LC (formerly Liquidation Channel)

branding campaign in the US. As any growing business should, the company will continue to invest selectively in the

business. However, it is safe to say that most major investments have already been completed over the last few years and

this has been evident with the emergence of free cash flows.

Today, company believes that VGL is one of the very few Indian companies to successfully create a strong, respected and

sizeable B2C franchisee in developed markets globally. This also makes us unique from the consumer’s perspective as its

extreme cost consciousness translates into deep value products and continues to streamline operations through process

optimization. Given that most of the initiatives have been completed successfully, company see strong reason to grow

reasonably over a period of time and deliver strong returns to shareholders.


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The information and opinions in Firstcall Research was prepared by our analysts and it does not constitute an offer orsolicitation for the purchase or sale of any financial instrument including any companies scrips or this is not an officialconfirmation of any transaction. The information contained herein is from publicly available secondary sources and dataor other secondary sources believed to be reliable but we do not represent that it is accurate or complete and it should notbe relied on as such. Firstcall Research or any of its affiliates shall not be in any way responsible for any loss or damagethat may arise to any person from any inadvertent error in the information contained in this report. Firstcall Research and/or its affiliates and/or employees will not be liable for the recipients’ investment decision based on this document.

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The following analysts hereby state that their views about the companies and sectors are on best effort basis to the best oftheir knowledge. Unless otherwise stated, the individuals listed on the cover page of this report are research analysts. Theanalyst qualifications, sectors covered and their exposure if any are tabulated hereunder:

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Exposure/Interest tocompany/sector UnderCoverage in the CurrentReport

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Pharma &Diversified

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VAIBHAV GLOBAL LTD… · VAIBHAV GLOBAL LTD Result Update (CONSOLIDATED BASIS): Q3 FY19 CMP: 653.05...

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