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• One of India’s fastest-growing FMCG player (22.1% EPS CAGR
through FY11-13E)
• Niche ayurvedic/herbal product portfolio – health focus ensure
high brand loyalty; market leader in key brands (60% of sales)
• Presence in under-penetrated categories with limited MNC
competition supports higher gross margins (59-65%) than
peers
• Focused advertising, star power and brand development
supported by highest advertising spend (c18% of sales)
• Success in developing new categories and product variants – 2-
3 products/year
• Scale up of Zandu acquisition and over-the-counter (OTC)
products, international sales and new products to support
earnings growth
• Shareholding - Promoter 73%
• Valuation: DCF using UBS’s VCAM tool (assume WACC of
11.3% and terminal sales growth rate of 5%). Implied FY13PE
of 23.8x
CLICK HERE TO RETURN TO LIST OF UBS TOP PICK
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
• One of India’s fastest-growing FMCG player (22.1% EPS CAGR
through FY11-13E)
• Niche ayurvedic/herbal product portfolio – health focus ensure
high brand loyalty; market leader in key brands (60% of sales)
• Presence in under-penetrated categories with limited MNC
competition supports higher gross margins (59-65%) than
peers
• Focused advertising, star power and brand development
supported by highest advertising spend (c18% of sales)
• Success in developing new categories and product variants – 2-
3 products/year
• Scale up of Zandu acquisition and over-the-counter (OTC)
products, international sales and new products to support
earnings growth
• Shareholding - Promoter 73%
• Valuation: DCF using UBS’s VCAM tool (assume WACC of
11.3% and terminal sales growth rate of 5%). Implied FY13PE
of 23.8x
CLICK HERE TO RETURN TO LIST OF UBS TOP PICK
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