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Colgate
Colgate reported a weak set of numbers for the quarter. Top-line growth stood at 15.6%
yoy, 1.4% above our estimates, driven by volumes. Earnings declined by 17.7% yoy, owing
to a sharp contraction in OPM and higher tax from the manufacturing plant in Baddi.
Operating margin contracted by 709bp yoy on account of spike in ad spends and other
expenses. At the CMP, the stock is trading at 26.3x FY2013E EPS. Hence, we retain our
Reduce rating on the stock with a revised target price of `869 (`874), based on 23x
FY2013E EPS, in-line with its historical valuation.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Colgate
Colgate reported a weak set of numbers for the quarter. Top-line growth stood at 15.6%
yoy, 1.4% above our estimates, driven by volumes. Earnings declined by 17.7% yoy, owing
to a sharp contraction in OPM and higher tax from the manufacturing plant in Baddi.
Operating margin contracted by 709bp yoy on account of spike in ad spends and other
expenses. At the CMP, the stock is trading at 26.3x FY2013E EPS. Hence, we retain our
Reduce rating on the stock with a revised target price of `869 (`874), based on 23x
FY2013E EPS, in-line with its historical valuation.
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