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Hold Hindustan Unilever; target of Rs 1120: ICICI Direct

ICICI Direct recommended hold rating on Hindustan Unilever with a target price of Rs 1120 in its research report dated June 05, 2017.

June 06, 2017 / 03:19 PM IST
 
 
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ICICI Direct's research report on Hindustan Unilever


It continued to stress upon the Winning in Many Indias (WiMI) through focusing on a) cluster specific content, communication & schemes and b) effective coverage and assortment of products in stores. Additionally, it is investing in building channels of future, i.e. modern trade and e-commerce, where it enjoys higher share than general trade.


Outlook


We are keeping our estimates intact with revenue and PAT CAGR of 9.2%, 13.4%, respectively, in FY17-19E with 210 bps margin expansion in the same period to 19.6% in FY19E. We maintain our target price for HUL at Rs 1120/share, valuing it at 42x FY19E EPS of Rs 26.7. However, with the run up in the stock price after our last result update, we revise our recommendation to HOLD.


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first published: Jun 6, 2017 02:43 pm

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