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Buy Britannia Industries target of Rs 3625: Sharekhan

Sharekhan is bullish on Britannia Industries has recommended buy rating on the stock with a target price of Rs 3625 in its research report dated November 15, 2019.

November 19, 2019 / 11:35 AM IST
 
 
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Sharekhan's research report on Britannia Industries


Britannia Industries (Britannia) clocked steady numbers in a tough environment with revenue growing by just 6% (driven by 3% volume growth) and OPM improving by 31 BPS to 16.1%. New products continue to perform well and contributed close to ~3% to revenue. Management believes it will take another two quarters for revival in the demand environment; we have reduced our earnings estimates by 2-3% for FY2020 and FY2021 to factor in little lower than earlier expected revenue growth (introduced FY2022 estimates in this note).


Outlook


The stock is currently trading at 45.4x and 39.7x its FY2021E and FY2022E earnings; we maintain Buy with a revised price target of Rs. 3,625.


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: Nov 19, 2019 11:35 am

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