Financials Ethos Limited

Equities

ETHOSLTD

INE04TZ01018

Apparel & Accessories Retailers

Market Closed - NSE India S.E. Other stock markets 07:43:52 2024-05-17 EDT			5-day change	1st Jan Change
2,404 ^INR	+0.42%		+5.89%	+15.08%

05-13	Transcript : Ethos Limited, Q4 2024 Earnings Call, May 13, 2024
05-13	Ethos Limited Reports Earnings Results for the Full Year Ended March 31, 2024	CI

Valuation

Fiscal Period: March	2023	2024	2025	2026
Capitalization ¹	22,413	58,596	-	-
Enterprise Value (EV) ¹	22,413	63,342	55,222	55,548
P/E ratio	36.1 x	74 x	53.3 x	39.6 x
Yield	-	0.33%	0.5%	-
Capitalization / Revenue	2.84 x	6.34 x	4.7 x	3.65 x
EV / Revenue	2.84 x	6.34 x	4.43 x	3.46 x
EV / EBITDA	19.6 x	41.8 x	28.5 x	21.8 x
EV / FCF	-38.1 x	-181 x	163 x	288 x
FCF Yield	-2.62%	-0.55%	0.61%	0.35%
Price to Book	3.55 x	7.38 x	5.89 x	5.13 x
Nbr of stocks (in thousands)	23,349	24,480	-	-
Reference price ²	959.9	2,394	2,394	2,394
Announcement Date	23-05-12	24-05-13	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2022	2023	2024	2025	2026
Net sales ¹	-	7,885	9,990	12,470	16,053
EBITDA ¹	-	1,144	1,517	1,936	2,546
EBIT ¹	-	797.8	1,030	1,528	2,089
Operating Margin	-	10.12%	10.31%	12.25%	13.01%
Earnings before Tax (EBT) ¹	-	801.8	1,113	1,472	1,986
Net income ¹	233.9	603	832.9	1,100	1,483
Net margin	-	7.65%	8.34%	8.82%	9.24%
EPS ²	12.69	26.56	34.98	44.95	60.50
Free Cash Flow ¹	-	-587.8	-306	338	193
FCF margin	-	-7.45%	-3.05%	2.71%	1.2%
FCF Conversion (EBITDA)	-	-	-	17.46%	7.58%
FCF Conversion (Net income)	-	-	-	30.73%	13.01%
Dividend per Share ²	-	-	8.000	12.00	-
Announcement Date	22-05-31	23-05-12	24-05-13	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	1,777	2,297	2,076	2,300	2,352	2,946	2,556
EBITDA ¹	260.5	358.5	254.9	339.2	372.7	497	399
EBIT	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	181.2	276.2	175.5	242.9	249.2	380	292
Net income ¹	135.6	206.6	132.8	181.6	185.9	284	218
Net margin	7.63%	8.99%	6.4%	7.89%	7.9%	9.64%	8.53%
EPS ²	-	-	5.850	7.780	7.960	12.20	9.300
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	22-11-03	23-02-03	23-05-12	23-08-05	23-11-14	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-
Net Cash position ¹	-	-	3,199	3,374	3,048
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow ¹	-	-588	-306	338	193
ROE (net income / shareholders' equity)	-	14%	11.5%	11.4%	13.4%
ROA (Net income/ Total Assets)	-	-	-	-	-
Assets ¹	-	-	-	-	-
Book Value Per Share ²	-	270.0	324.0	406.0	467.0
Cash Flow per Share	-	-	-	-	-
Capex ¹	-	566	454	469	545
Capex / Sales	-	7.18%	4.53%	3.76%	3.4%
Announcement Date	22-05-31	23-05-12	24-05-13	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Ethos Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,394 INR

Average target price

2,950 INR

Spread / Average Target

+23.25%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Jewelry & Watch Retailers

	1st Jan change	Capi.
ETHOS LIMITED	+15.08%	702M
KALYAN JEWELLERS INDIA LIMITED	+17.17%	5.07B
SIGNET JEWELERS LIMITED	-5.65%	4.51B
SHANGHAI YUYUAN TOURIST MART (GROUP) CO., LTD.	-3.38%	3.24B
LOVISA HOLDINGS LIMITED	+30.20%	2.4B
LUK FOOK HOLDINGS (INTERNATIONAL) LIMITED	-8.16%	1.44B
THE HOUR GLASS LIMITED	-3.61%	768M
AURORA DESIGN	-13.64%	490M
THANGAMAYIL JEWELLERY LIMITED	-16.44%	408M
MCLON JEWELLERY CO.,LTD.	-21.30%	403M

Jewelry & Watch Retailers