ICICI Direct is bullish on Dabur India has recommended buy rating on the stock with a target price of Rs 450 in its research report dated May 03, 2019.
ICICI Direct's research report on Dabur India
Domestic business grew slower by 5.9% with volume growth of 4.3% during the quarter. The international business reported growth of 1% in constant currency terms impacted by underperformance of MENA region and adverse currency movement. EBITDA margins declined 238 bps YoY to 21.5% as material costs to sales, employee expenses to sales and overhead cost to sales increased 94 bps, 247 bps and 56 bps, respectively, partly offset by 159 bps saving in marketing spend to sales.
We expect Dabur to generate revenue, PAT growth at 11.2%, 11.4% CAGR, respectively, on the back of strong volume growth of 7% in FY19-21E. Hence, we maintain our BUY recommendation on Dabur with a revised target price of Rs 450.
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