Buy Britannia; target of Rs 4575: Motilal Oswal
Motilal Oswal is bullish on Britannia recommended buy rating on the stock with a target price of Rs 4575 in its research report dated April 06, 2021.
April 07, 2021 / 04:31 PM IST
Motilal Oswal's research report on Britannia
BRIT's opportunity for growth is significant, with the overall Biscuits category estimated to grow in the mid-single digits. Furthermore, the opportunity in terms of market share gains is even greater - BRIT's market share is only in the mid-30s despite the company being the largest player in the Biscuits space. The broad Packaged Foods market (estimated at USD40-50b) presents the strongest structural opportunity in India's consumption space. BRIT's FY21E revenue of ~USD1.8b is a fraction of this addressable market.
Maintain BUY, with revised TP of INR 4,575 (INR4120 earlier), targeting 50x FY23 EPS.
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