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Subscribe to Mrs. Bectors Food Specialities: Mehta Equities

Mehta Equities 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 / 07:56 PM IST
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Mehta Equities IPO report on Mrs. Bectors Food Specialities

North Indian based Mrs. Bectors Food Specialities Ltd (Bectors Food) is a three decade old leading company in the premium and mid-premium biscuits segment and the premium bakery segment in India. It manufactures and markets biscuit products under its flagship brand ‘Mrs. Bector’s Cremica’ and bakery products under its brand ‘English Oven’. It supplies its products to retail consumers in 26 states within India, as well as to reputed institutional customers with pan-India presence and to 64 countries across 6 continents. Also they are the largest supplier of buns and frozen products in India to reputed QSR chains such as Burger King, Connaught Plaza, Hardcastle. and Yum! Restaurants. Bectors Food owns 6 manufacturing facilities located in Phillaur, Rajpura, Tahliwal, Greater Noida, Khopoli and Bengaluru.

Valuation and Outlook

On valuations parse at upper price band (Rs 288/-), the issue is asking for market cap Rs 1692 Cr and seeking PE 22x times on annualized H1FY21 EPS, which seems the issue is priced well below the average industry of 60-70x price earnings and favourable dividend policy (paid 7.5% per year for the last three fiscals) gives investors a additional comforts to go long. Hence, based on all the above rationale we advise investors to “SUBSCRIBE” Bectors Food IPO with medium to long term perspective as market always rewards a player who has the high visibility and growth potential.

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