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Marico share price touches 52-week high as Credit Suisse raises target price

The broking firm lowered its FY22 EPS estimate by 2% due to near-term margin pressures.

June 29, 2021 / 11:29 AM IST
 
 
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Marico share price touched a 52-week high of Rs 532.60, adding nearly 5 percent intraday on June 29 after foreign broking house Credit Suisse raised the target price on the stock to Rs 600 from Rs 490 per share earlier.

According to Credit Suisse, the company is amongst the most successful TAM expansions if the FY24 revenue target for Saffola is achieved.

In our base case, we see Saffola Foods reaching Rs 740 crore of revenue in FY24 and Rs 850 crore target in foods will be achieved via one more category entry, it added.

The company needs a faster ramp-up in honey & soya chunks to achieve the revenue target.

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The broking firm lowered its FY22 EPS estimate by 2% due to near-term margin pressures, while Saffola Foods expansion can drive a re-rating in company.

At 11:15 hrs, Marico was quoting at Rs 531.70, up Rs 23.15, or 4.55 percent on the BSE.

marico

The company's trailing 12-month (TTM) EPS was Rs 8.56 per share. The stock's price-to-earnings (P/E) ratio was 62.11. The latest book value of the company is Rs 35.51 per share.

At current value, the price-to-book value of the company was 14.97. The dividend yield of the company was 1.41 percent.
Moneycontrol News
first published: Jun 29, 2021 11:25 am
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