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Accumulate Dabur India; target of Rs 470: Dolat Capital

Dolat Capital recommended accumulate rating on Dabur India with a target price of Rs 470 in its research report dated May 27, 2020.

May 28, 2020 / 03:05 PM IST
 
 
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Dolat Capital's research report on Dabur India


Dabur’s Q4FY20 results came significantly below our estimate as Covid-19 impact was higher than our anticipation. Domestic volume declined by 14.6% YoY during the quarter. Pre lockdown the company posted 4.6% volume growth.  Considering lockdown and production disruption in April and May’20, the company expects impact of Rs 4.0-4.5bn on revenues and Rs 600-800mn on APAT in FY21E. We have reduced our FY21E and FY22E EPS estimates to Rs 8.4 (-16.4%) and Rs 9.8 (-12.2%), to factor in extended lock down and sluggish economic growth.


Outlook


We value the stock at 48x FY22E EPS to arrive at a TP of Rs 470. Downgrade to Accumulate; buy on dips.





For all recommendations report, click here


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.

Broker Research
first published: May 28, 2020 02:59 pm

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