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India Equity Research Reports, IPO and Stock News
India Equity Research Reports, IPO and Stock News
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TP : Rs205
Investment Rationale
§ Well enriched business model - with multiple drivers
§ Cosmetics and Perfumery (C&P) division continues to surge, share to total revenues rises to 56% - Expect
segment revenues to grow at 23.8% CAGR over FY11-FY13E
§ Specialty F&B business has regained growth momentum with robust growth in Sri Lankan operations and revival
in US subsidiary - Expect 15.5% revenue CAGR during FY11-13E
§ Capacity expansion of Rs 2.6bn through Greenfield and realignments is on track and full benefit would realize in
FY13E – To aid revenue CAGR of 15% in FY11-FY13E period
§ Rising share of C&P division to enhance EBIDTA margins – Expect EBIDTA margins to rise from 22.8% in FY11
to 25.2% in FY13E
Valuations
§ At CMP, the stock is trading at a P/e of 8X FY12E and 5.8X FY13E consolidated earnings of Rs16.9 and Rs23.3
per share respectively
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