Sharekhan's research report on Dabur India
Dabur is aiming to accelerate its growth to double-digit in the medium term versus ~9% CAGR over FY2019-23 on account of its six-pillar strategy. The Healthcare and Food & Beverages (F&B) businesses are likely to be categories of growth in the coming years, with both businesses likely to double over the next four to five years. Dabur’s OPM is expected to improve to 19.5% in FY2024, driven by deflation in key input prices. However, the same is expected to be over 20% in FY2025, led by operating efficiencies, premiumisation, and efficient buying.
Outlook
We retain our Buy rating on Dabur India Limited with a revised PT of Rs. 660. The stock is currently trading at 46.3x and 38.6x its FY2024E and FY2025E earnings.
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