Exclusive Special Report: IPO Analysis of AllHome Corp. (HOME)

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SUMMARY OF ANALYSIS AND RECOMMENDATION

Based on our estimates, HOME’s fair value Target Price is …

 

COMPANY BACKGROUND

AllHome Corp. (HOME) is a home store incorporated in 2013 offering products such as furniture, hardware, appliances, and other home needs from over 800 local and international brands (including 18 in-house brands), carrying over 250,000 SKUs.

HOME has a total of 27 stores with an aggregate net selling space of around 216,000 sq. m. across 22 cities and municipalities as of July 2019. HOME’s largest retail market is Mega Manila, accounting for approximately 70% of total revenues as of 2018.

HOME sources its products from over 500 suppliers in the PH, China, Japan, US, and other countries in SE Asia and Europe. HOME’s customers include homeowners, renters, architects and interior designers belonging to the upper middle income to upper income market. The company is part of the Villar Goup under AllValue Holdings Corp., and is led by Manuel Villar (Chairman) and Benjamarie Serrano (President and CEO).

 

COMPANY ANALYSIS

Profitability

HOME increased its revenues by 47% and 67% during 2018 and the 1st Half of 2019, respectively (Table 1). These increases were attributed to the opening of new stores, and an increase in revenue of HOME’s existing stores.

Bulk of HOME’s revenues is derived from large mall-based stores (86%) and large free standing stores (12%). We think growth momentum would …

 

Expansion Plans

 

Debt and Dividends

 

Industry Opportunities and Risks

 

Conclusion

 

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