ICICI Securities research report on Varun Beverages
VBL has a diversified growth strategy, with multiple levers in place to drive its long-term growth. We expect volume growth momentum to continue, with: a) a gradual gain in market share on increasing penetration in underpenetrated markets, b) higher acceptance of recently launched products, and c) ramp-up of operations in new regions (South and West India). Key insights are highlighted below.
Outlook
We expect a revenue/EBITDA/PAT CAGR of 15%/20%/35% over CY21-23. We value the stock at 40x CY23E EPS. Our TP of INR1,175 implies an upside of 24%. We maintain our Buy rating.
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At 15:06 hrs Varun Beverages was quoting at Rs 907.15, down Rs 24.70, or 2.65 percent.
It has touched an intraday high of Rs 916.00 and an intraday low of Rs 876.30.
It was trading with volumes of 32,088 shares, compared to its thirty day average of 19,942 shares, an increase of 60.91 percent.
In the previous trading session, the share closed down 5.37 percent or Rs 52.85 at Rs 931.85.
The share touched its 52-week high Rs 1,020.00 and 52-week low Rs 582.67 on 09 November, 2021 and 23 April, 2021, respectively.
Currently, it is trading 11.06 percent below its 52-week high and 55.69 percent above its 52-week low.
Market capitalisation stands at Rs 39,282.60 crore.
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