Motilal Oswal's research report on Manpasand Beverages
Post QIP of INR5b, Manpasand Beverages’ (MANB) plan to double capacity from 177,500cpd to 377,500cpd is largely on track. The company has already finalized land for three work-in-progress plants at Vadodara, Varanasi and Sri City (South). Each of these plants is expected to contribute capacity of 50,000 cases per day (cpd).
Outlook
Thus, we expect a robust revenue and PAT CAGR of 45% and 52%, respectively, over FY16-19E. We value the stock at a P/E of 27x FY19E EPS, with a target price of INR 841 (20% upside). Reiterate Buy.
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