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Subscribe to Mrs. Bectors Food Specialities: KR Choksey

KR Choksey has come out with its report on Mrs. Bectors Food Specialities. The research firm has recommended to ''Subscribe'' the ipo in its research report as on December 14, 2020

December 14, 2020 / 07:32 PM IST
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KR Choksey IPO report on Mrs. Bectors Food Specialities

Mrs. Bectors Food Specialities Limited (Mrs. Bectors Food) was incorporated on September 15, 1995. The company is one of the leading companies in the premium and mid-premium biscuits segment and the premium bakery segment in North India. The company manufactures and market a range of its biscuits such as cookies, creams, crackers, digestives and glucose under its flagship brand ‘Mrs. Bector’s Cremica’. They also manufacture and market bakery products in savoury and sweet categories which include breads, buns, pizza bases and cakes under its brand ‘English Oven’. It is one of the leading biscuit brands in the premium and mid-premium segment in Punjab, Himachal Pradesh, Jammu and Kashmir and Ladakh and ‘English Oven’ is the one of the largest selling brand in the premium bakery segment in Delhi NCR, Mumbai and Bengaluru. They are the largest supplier of buns in India to reputed QSR chains such as Burger King India Ltd., Connaught Plaza Restaurants Pvt. Ltd., Hardcastle Restaurants Pvt. Ltd. and Yum! Restaurants (India) Pvt. Ltd.

Valuation and Outlook

At the upper band of issue price, Mrs. Bector will trade at a Price/EPS multiple of 28x of its annualized H1FY21 revenue, which is at a discount to its listed peer like Britannia Industries Ltd (50.5 x), and at a premium to ITC (18.9 x) and Anmol (7.7 x). We believe that current price band is undervalued, looking at the growth potential in the company. We anticipate listing gains and give a ‘SUBSCRIBE’ rating to Mrs. Bectors IPO.

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