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- Tenders and procurement by UNFPA and therefore the order flow tends to be lumpy.
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- Its the lack of conviction and clarity in institutions that the company will compound revenue and cash flows for very long periods of time.
Investing.com – U.S. equities were mixed at the close on Thursday, as gains in the Oil & Gas, Technology and Consumer Services sectors propelled shares higher while losses in the Telecoms,… Investing.com – U.S. equities were mixed at the close on Monday, as gains in the Consumer Goods, Technology and Consumer Services sectors propelled shares higher while losses in the Oil &… Investing.com – U.S. equities were lower at the close on Monday, as losses in the Oil & Gas, Technology and Healthcare sectors propelled shares lower.
Healthy Balance Sheet – Cupid is a debt free company with cash and equivalents of Rs 65 crore + at the end of Mar’21. It is important to mention here that the product by Church and Dwight is not specifically a FC and for all practical purposes the FC market is dominated by only 3 players. Buy Kapebonavista Khus Khus Vatti Veru Vetiver Grass Chrysopogon zizanioides online at a discounted price from ShopClues.com. EMI options available with Easy Return/Replacement Polices.
The bottomline for all this is not quarterly earnings…but a sentiment of long term compounding. There is no doubt in my mind that Cupid is going to take a lion’s share of the US market once they set up shop there . Cupid definitely has lower costs and as good a product as them. Now you know the benefits of these two superfoods, don’t shy away from chomping on this amazing combination whenever you feel like! Order online from Sitara Foods and enjoy them without remorse making noises while you eat.
Investing.com – U.S. equities were higher at the close on Wednesday, as gains in the Consumer Services, Basic Materials and Technology sectors propelled shares higher. Investing.com – U.S. equities were higher at the close on Friday, as gains in the Technology, Oil & Gas and Consumer Services sectors propelled shares higher. Agriculture subsidies mean the financial assistance provided by government to farmers through government sponsored support programs.Supporting arguments1. Subsidies encourage farmers to buy and test new technology.
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Since the announcement in 2020, the pricing for the rapid anti-gen kits has dipped significantly and a lot of competition has mushroomed as well. The very nature of the business is tender based and order driven. Unlike a consumer business, the orders and sales tend to be lumpy and therefore the year-on-year profits and sales can fluctuate a lot. Overall, FY 21, with sales of Rs 144 crore, operating margins of 25% and net margins of 20% is likely to provide a strong base for ~15% CAGR in sales and profits in the years ahead. Way forward – The management is guiding for Rs 170 crore sales in FY 22 with net margins of around 20% and a year on year 10-15% increase in sales and profits thereafter.
Coming back to valuations, against an enterprise value of Rs 260 crore, the average operating PBT for the last 6 years is Rs 30 crore and the TTM operating PBT is Rs 33 crore. The company has been performing well since FY 15 and has recorded ~22% CAGR in sales, 19% CAGR in operating profits and 22% CAGR in PAT since then. So, earlier the domestic sales used to be 80-90% of the overall sales of the company and FY 15 onwards the tables turned with exports consistently accounting for 73% + of the sales of the company. Mr. Garg is 75 years + and his children, if any, are not involved in the operations of the company. Thus, the company has been actively looking for a CEO since more than 3 years now and has not been able to zero in on a suitable candidate. However, it still accounts for more than 50% of the sales of the company and has been growing more or less consistently.
The company largely deals in government orders and orders by institutions like WHO/UNFPA. Despite the same, the company has done well to keep the working capital days below 100 for most of the years and the bad debts have been very few and small. Healthy balance sheet – Another important facet of Cupid’s performance is that it has done well on the important metrics like cash flows, working capital management, leverage, etc. Scope for improvement in margins – Despite the lowest contribution of FCs to the sales in FY 21 in the last 6 years, the company could still record EBITDA margins of 25% and net margins of 20%.
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Majority of the sales come from fulfilling WHO/UNFPA orders and Govt. With UNFPA, the company has a long-term supply agreement under which it receives orders from different smaller African countries. The company has a modern facility at Nashik with a capacity of over 50 crore pieces for MCs, 5.2 crore pieces of the FCs & 21 crore sachets of Lubricant Jelly per annum.
Ekansh Mittal/Mittal Consulting and/or its affiliates and/or employees may have interests/ positions, financial or otherwise in the securities mentioned in this report. Mittal Consulting has incorporated adequate disclosures in this document. This should, however, not be treated as endorsement of the views expressed in the report.
About the company
This means analysts expect the stock to climb 141.76% over the next 12 months. On Tuesday, Oppenheimer examiner Leland Gershell likewise emphasized his best rating on Veru and helped his stock cost gauge from $25 to $36. Thus, the figures Veru could create a sizable measure of income from sabizabulin, would it be advisable for it gets approval from the FDA. The recipients of this report should rely on their own investigations.
FY 21 was the first year of sales of IVD for Cupid and was based on outsourcing. In Nov’20, the management announced about its decision to foray into the business of manufacturing diagnostic kits for the detection of infectious diseases like COVID-19, HIV, Malaria, Dengue, TB and others. Further, in US the average revenue from the sale of a single Female Condom is about USD 1 per piece which is significantly higher than what the company is realizing at the moment. In 2007, the company decided to launch an R&D program to start the manufacturing of Female Condoms. After meeting all the regulatory requirements, WHO/UNFPA Pre-Qualified its Female Condoms for worldwide public distribution in July 2012.
As mentioned above, currently, there are only 3 WHO/UNFPA approved players. Earlier there were 4, but in 2019 China based PATH lost its approval. Veru Inc, Cupid and HLL are the 3 approved players but HLL has only a minuscule share of the B2G segment.
U.S. shares mixed at close of trade; Dow Jones Industrial Average up 0.33%
Also, the capacities for condoms are fungible and therefore the peak capacity for FCs can be ~ 20 crore pieces per annum. As per one of the reports, 85-95% of the FC market is dominated by Church & Dwight, The Female Health Company , Cupid Ltd, and PATH and expected to witness a significantly high CAGR of 16% over the next 5-6 years. Banks’ credit deposit ratio is expected to remain flat for FY24 as deposits are expected to pick up traction in near time. Experts believe that as the Indian economy recovers, there will be strong demand for loans, but banks may face challenges in balancing deposit flows. LKP Securities predicts that banks’ credit growth will be around 15% in FY24, while deposits are expected to grow by 11%. World-class wealth management using science, data and technology, leveraged by our experience, and human touch.
By the time the film ends one is on the verge of losing one’s patience with the rather ludicrously written plot. There’s nothing much to write about the technical aspects too. Since she is the only daughter of the rich man, the family members are plotting to kill her off. She is kidnapped and from the hideout she somehow manages to make a call.
If the company is able to secure large portions of upcoming orders for FCs from South Africa and Brazil, the margins could improve from the current levels of 25%. Currently, he is the Chairman and Managing Director of the company, a position he has been holding since 1998. Before joining the condom business, Mr Garg worked for an International Mining company between 1970 and 1987. Cupid is an owner operated business with Mr. Om Prakash Garg at the helm of the affairs of the company. The company has also entered into service provider and license agreement with Invex Health Pvt Ltd. Invex will assist in manufacturing, marketing, licensing, etc. of medical devices including various testing kits/diagnostic kits.
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UShttps://1investing.in/ approval will also qualify Cupid for bidding for the USAID tender businesses for distribution of condoms across the world. In US, the government has covered the cost of Female Condoms under the Medical insurance plan for the users. So, women can go directly to the pharmacy with a prescription from their doctor and get the Female Condoms.
Rarely does a company’s market cap get that spike purely backed by individual investors. Does this make the company an unattractive investment to some? But does the company have to “attract” more institutional investors or try their best to showcase themselves as a consistent Revenue producer? Its the lack of conviction and clarity in institutions that the company will compound revenue and cash flows for very long periods of time.
The recent concall of ebitda multiple has the current scenario of opportunities in FC segment. The link shows that the FC market is growing by 20% but Mr Garg opined about 9.5%. Order online for this most loved delightful snack of India from Sitara Foods devised by our best chefs and culinary masters to make it so for your children. Our products are a result of extensive research and development, ensuring that our customers get only the best. We look forward to hearing your experience of these amazing Chikki Vundalu. Jaggery is made by boiling sugar cane juice to a certain temperature.
Enterprise value includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company’s balance sheet. Cupid on the other hand is sitting with 5-6 million usd cash and set to generate more along this year. They have also highlighted that they face serious competition in foreign markets from cupid. We believe, if the company is able to secure the US FDA approval and capture a decent market share of the FC prescription market, the stock might get re-rated to higher valuations. It remains to be seen as to how the IVD business pans out. In the past the management has exuded confidence and predicted sales of 50 crore with net margins of 15% for FY 22 and with further potential of strong growth in the years ahead.