Buy United Breweries; target of Rs 1800: ICICI Direct

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ICICI Direct's research report on United Breweries

United Breweries (UBL) is the biggest beer player in the domestic market (~54% market share), a sector largely dominated by MNCs (~85% of market). • On-trade sales comprise ~25% of revenues (rest 75% off-trade) • Heineken, one of the world’s largest beer companies, holds 72.7% stake in United Breweries.

Outlook

Due to long term growth story in the industry and a well-managed company with MNC parentage, we maintain our BUY rating on the stock. We value the stock at Rs 1800 i.e. 62x P/E on FY24E EPS.

For all recommendations report, click here

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