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Tune in on 17th July for the Small Business Virtual Summit with Cisco. Register now!
Last Updated : Jun 30, 2020 01:52 PM IST | Source: Moneycontrol.com

Buy ITC; target of Rs 240: Sharekhan

Sharekhan is bullish on ITC has recommended buy rating on the stock with a target price of Rs 240 in its research report dated June 26, 2020.

Broker Research @moneycontrolcom
 
 
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Sharekhan's research report on ITC


ITC’s cigarette sales volumes declined by 10-11% in Q4FY2020 affected by lockdown (cigarette business revenues slumped 6.5%); sales volumes stood almost flat in January-February. Non-cigarette FMCG business revenue declined marginally by ~3%; business growth in January-February stood at 5-6%. Business revenue grew by ~5% on a comparable basis (excluding hived-off retail business) and EBIDTA margin improved by 160 bps. Cigarette business is operating at a 100% capacity utilisation; non-cigarette FMCG categories such as biscuits, Atta, Noodles, hygiene products and frozen snacks are gaining good traction and growing in strong double digits. Hotels business will underperform in FY2021. Under the new dividend policy, the company declared dividend of Rs10.15 per share for FY2020.



Outlook


Discounted valuations of 15.1x and dividend yield of 5.2% makes it a good bet in FMCG space; we maintain our Buy recommendation on the stock with a revised price target of Rs. 240.





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.

First Published on Jun 30, 2020 01:52 pm
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