Buy Hindustan Unilever; target of Rs 2550: Motilal Oswal

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Motilal Oswal 's research report on Hindustan Unilever

Hindustan Unilever (HUVR) reported 5% beat on sales and ~10% beat on EBITDA and PAT v/s our estimates. The outlook is gradually improving, with the discretionary part of the portfolio (15% of sales) gradually seeing recovery. In a period of relative normalcy, HUVR (as has been the case in recent years) is likely to report superior earnings growth, which has led us to maintain a BUY rating.

Outlook

These factors suggest premium multiples are likely to sustain. Valuing the company at 55x Jun’22 merged EPS, we arrive at TP of INR2,550, implying a 10% upside.

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