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Buy Varun Beverages; target of Rs 1300: ICICI Direct

ICICI Direct is bullish on Varun Beverages has recommended buy rating on the stock with a target price of Rs 1300 in its research report dated April 29, 2022.

April 30, 2022 / 12:24 PM IST

"India’s specialty chemicals industry is a decadal growth opportunity and it is still not too late to participate in the value creation process. We prefer CRAMS/CSM players Navin Fluorine (Navin) and PI Industries (PI) as they provide long-term earnings visibility. We also like UPL due to robust growth outlook and reducing debt concerns and SRF due to rising contribution from the chemicals business," JM Financial research report.

 
 
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ICICI Direct's research report on Varun Beverages

Varun Beverages is one of the largest franchisees of PepsiCo in the world. The company produces & distributes carbonated drinks, juices & packaged drinking water in six countries including India. Some of the PepsiCo brands produced by VBL includes Pepsi, Diet Pepsi, Seven-Up, Mirinda, Mountain Dew, Nimbooz, String, Slice, Tropicana, Aquafina among others. The company has operations in India (except Andhra Pradesh, J&K & Ladakh), Sri-Lanka, Nepal, Morocco, Zambia & Zimbabwe.


Outlook

We upgrade the stock from HOLD to BUY rating. We value the stock at Rs 1300, valuing the business 24x CY23 EV / EBITDA.