Buy Tata Global Beverages; target of Rs 195: ICICI Direct
ICICI Direct has recommended buy rating on Tata Global Beverages with a target price of Rs 195 in its research report dated July 12, 2017.
ICICI Direct’s research report on Tata Global Beverages
As per media reports, Tata Global Beverages (TGBL) may sell its stake in various Tata group’s listed companies to its parent, Tata Sons, in the coming months. TGBL currently owns ~| 725 crore worth of stake in other Tata group firms, viz.Tata Chemical and Tata Investment Corporation. TGBL has a 4.39% stake in Tata Chemicals and 0.29% stake in Tata Investment Corporation. With new Chairman, N Chandrasekaran, coming in, the company seems to be taking steps towards improving the return on investments which may restore investors’ confidence.
We are upgrading our recommendation to Buy with arevised target price of | 195 per share based on a 24 x multiple (against 18x earlier) of FY19E EPS of | 8.2.
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