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Tune in on 17th July for the Small Business Virtual Summit with Cisco. Register now!
Last Updated : Apr 29, 2013 12:12 PM IST | Source: Moneycontrol.com

Buy Gillette India; target of Rs 2271: Firstcall Research

Firstcall Research is bullish on Gillette India and has recommended a buy rating on the stock with a target price of Rs 2271, in its April 26, 2013 research report.

 
 
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Firstcall Research is bullish on Gillette India and has recommended a buy rating on the stock with a target price of Rs 2271, in its April 26, 2013 research report.


"Gillette India offers personal grooming, oral care, and portable power products in India and internationally. The company's net sales registered a 7.36 percent increase and stood at a record Rs. 3569.20 million from Rs. 3324.60 million over the corresponding quarter last year. The company's net profit registered a 14.99 percent increase and stood at a record Rs. 271.60 million from Rs. 236.20 million over the corresponding quarter last year. The growth in the Company's Blades & Razors, Oral Care and Batteries businesses was driven by investment behind marketing programs and distribution expansion. Net Sales and PAT of the company are expected to grow at a CAGR of 13 percent & 6 percent over 2011 to 2014E respectively. GIL's brands take pride in being socially conscious via their participation in project SHIKSHA to support education of underprivileged children in India.


The company's net profit falls to Rs.271.60 million against Rs.236.20 million in the corresponding quarter ending of previous year, an increase of 14.99 percent. Revenue for the quarter rose 7.36 percent to Rs.3569.20 million from Rs.3324.60 million, when compared with the prior year period. Reported earnings per share of the company stood at Rs.8.33 a share during the quarter, registering 14.99 percent decrease over previous year period. Profit before interest, depreciation and tax is Rs.499.40 millions as against Rs.419.20 millions in the corresponding period of the previous year.


Outlook and Conclusion: At the current market price of Rs.2084.30, the stock P/E ratio is at 76.01 x FY13E and 66.61 x FY14E respectively. Earning per share (EPS) of the company for the earnings for FY13E and FY14E is seen at Rs.27.42 and Rs.31.29 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 13 percent and 6 percent over 2011 to 2014E respectively. On the basis of EV/EBITDA, the stock trades at 40.13 x for FY13E and 35.01 x for FY14E. Price to Book Value of the stock is expected to be at 9.59 x and 8.38 x respectively for FY13E and FY14E. We recommend 'BUY' in this particular scrip with a target price of Rs 2271 for Medium to Long term investment," says Firstcall Research report.


Institutional holding more than 40% 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.

First Published on Apr 29, 2013 12:12 pm
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