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?
But differences have begun to emerge between the two countries. Canada was first to legalize same-sex marriage, five years before the United States. The country has a lower drinking age than the U.S. and an open and welcomingimmigration policy. The Canadian single-payer national health insurance plan, established in 1984 and available free and universally, reflects a stark difference from the U.S. approach to health insurance. … [Read more...] about Shuttered Canada-US border highlights different approaches to the pandemic – and differences between the 2 countries
"The impact of Covid-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company's revenue and future bookings," the company said in a statement, noting that "uncertainty remains as to when revenue will return and when the used-car market will fully re-open for sales, which necessitated today's action." … [Read more...] about 6 companies that filed for bankruptcy in May
“All businesses were afforded warnings before formal enforcement,” he added, including an initial warning letter from Mayor Eric Garcetti. “Officers allowed the business to close if there was a misunderstanding or if the business was unaware of the Safer at Home policy.” … [Read more...] about Will small-business owners go to jail for breaking coronavirus rules? We’ll find out