Mirae Asset Sharekhan's research report on Zydus Wellness
Zydus Wellness Limited (ZWL) has acquired 100% stake in Comfort Click Ltd (CCL), which operates in UK and major European markets. This marks ZWL’s first overseas acquisition and its entry into the Vitamins, Minerals and Supplements (VMS) segment. Deal worth ~Rs. 2,800 crore is valued at ~2x EV/sales. Management expects acquisition to be cash EPS accretive from the first year of acquisition. Diversified portfolio in VMS segment, digital-first approach and opportunity to expand in international markets makes CCL a strategic fit.
Outlook
ZWL trades at 36x/30x its FY26E/FY27E EPS, respectively. We maintain a Buy with a revised PT of Rs. 2,688.
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