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16 February 2011

Buy Marico: Goldman Sachs Top picks

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Consumer Staples: Marico (MRCO.BO, Buy)
• We expect Marico to exhibit sustained growth on the back of a strong franchise brands and domestic business led by - (Parachute
Saffola) and the high growth international business
• In our view, current valuations do not capture the high growth and return potential and we see a potential upside of 17%


Marico
> 12-month TP of Rs151 based on 26X FY12E EPS
> Marico valuations do not capture coverage leading earnings growth



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