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ITC: Inexpensive valuation and higher dividend yield should trigger re-rating

We expect ITC to continue to remain aggressive in the FMCG space and the market share and the volumes are likely to remain higher

November 09, 2020 / 04:50 PM IST
ITC: Inexpensive valuation and higher dividend yield should trigger re-rating

ITC products (Image: Moneycontrol)

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

ITC’s (CMP: Rs 174; Market capitalization: Rs 2,14,046 crore) quarterly results were in line with expectations. Cigarette volumes declined by around 12 per cent as against an anticipated 9 per cent. Hotel and paper & packaging continued to face headwinds on the back of lower business travel and leisure trips, curtailed operations at offices and closure of schools. September quarter results analysis ITC’s revenue declined 3 per cent year on year (YoY) on the back of a decline in cigarette revenue...

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