ICICI Direct's research report on Berger Paints India
Berger Paints is the second largest paint player in India. • Berger derives ~80-85% of its topline from decorative paints while the rest comes from the industrial segment. It has ~13 manufacturing units in India with ~50,000 dealer network (FY22) across India • Strong b/s with RoCE, RoE of 26%, 22%, respectively, (five-year average).
Outlook
We maintain our HOLD rating on the stock. We introduce FY25E estimates. We roll over our valuation on FY25E, value Berger at 48x P/E FY25E EPS and revise our target price to Rs 600.
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