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
Target store closures
12:55 p.m. CVS to add coronavirus test sites in California: CVS drive-through pharmacies on Friday will begin conducting coronavirus diagnostic tests in dozens of additional California cities, including several in the Bay Area, the pharmacy chain announced Thursday. Bay Area locations will be in Antioch, Fremont, Hayward, Napa, Oakland, Pinole, San Francisco, San Leandro and Vallejo. Patients must schedule an appointment online; results are expected in two to three days. California previously did not permit pharmacies to do coronavirus tests, but the state issued a waiver to allow it in May. Here’s the full list of locations. … [Read more...] about Coronavirus live updates: Apple’s Genius help, store pickups return in Bay Area
"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
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?
The store’s owner, Mahmod Abumayaleh, told WCCO one of his employees called 911 on Floyd because he bought a pack of cigarettes with a counterfeit $20 bill. The owner says he confronted Floyd, who was sitting in his car outside. He says Floyd apologized and gave back the cigarettes. Abumayaleh said Floyd appeared to be intoxicated and seemed somewhat out of control. He says he wants justice for Floyd, and has offered to pay his funeral expenses. … [Read more...] about Unrest After George Floyd’s Death: Violence Spans Twin Cities, 3rd Precinct Overtaken & Burned, CNN Reporter Arrested