Buy Britannia Industries; target of Rs 564: Angel Broking

Angel Broking is bullish on Britannia Industries and has recommended buy rating on the stock with a target of Rs 564 in its February 15, 2013 research report.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead Masteryourmoney Earnings
moneycontrol.com

Home » News » Recommendations

Feb 19, 2013, 11.29 AM | Source: Moneycontrol.com

Buy Britannia Industries; target of Rs 564: Angel Broking

Angel Broking is bullish on Britannia Industries and has recommended buy rating on the stock with a target of Rs 564 in its February 15, 2013 research report.

Like this story, share it with millions of investors on M3

Buy Britannia Industries; target of Rs 564: Angel Broking

Angel Broking is bullish on Britannia Industries and has recommended buy rating on the stock with a target of Rs 564 in its February 15, 2013 research report.

Post Your Comments

Share Cancel

(more)

, Angel Broking |

Angel Broking is bullish on Britannia Industries and has recommended buy rating on the stock with a target of Rs 564 in its February 15, 2013 research report.
 
“For 3QFY2013 Britannia Industries (Britannia) posted a 5.3 percent yoy growth in bottom-line to Rs57cr, which is in-line with our estimate. The modest performance on the bottom-line front was on account of a steep increase in prices of raw materials, hike in freight charges and higher advertisement and promotion (A&P) expenses.”
 
“Britannia posted a 16.5 percent yoy growth in the standalone top-line to Rs1,453cr, which is in-line with our estimate. The top-line growth was due to a combination of higher volumes (up 5-5.5 percent yoy), higher pricing (5 percent yoy) and superior product-mix (5 percent yoy). The company’s strategy of extending its brands in premium categories and continuous focus on increasing value-added products in its overall sales mix resulted in better product mix and realization. OPM fell by 116bp yoy to 5.4 percent due to a steep increase in the prices of raw materials (such as wheat and sugar), higher freight charges (due to increase in diesel costs) and also increase in A&P/ sales ratio (up by 143bp yoy).”
 
“We expect Britannia to post a revenue and bottom-line CAGR of ~13.9 percent and 17.8 percent respectively over FY2012-14. At the current market price, the stock is trading at 22.6x FY2014 EPS; we recommend Buy on the stock with a target price of Rs564,” says Angel Broking research report.

Public holding more than 90% in Indian cos

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
Buy Britannia Industries; target of Rs 564: Angel Broking

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login