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Hold Berger Paints India; target of Rs 600: ICICI Direct

ICICI Direct recommended hold rating on Berger Paints India with a target price of Rs 600 in its research report dated February 04, 2023.

February 07, 2023 / 05:51 PM IST
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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).


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.

For all recommendations report, click here

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Berger Paints India - 06 -02 - 2023 - ic

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first published: Feb 7, 2023 05:51 pm