External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22 (vs 24/22% in Q4FY21 and 16/12% in Q3FY22)</li><li>Inflationary pressure continued to disrupt demand in both urban and rural India; however, rural volume growth was weaker than urban</li><li>Volume growth has been decelerating even on 2/3 year CAGR (demand pressure, grammage reduction); however, downtrading was not witnessed</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22 (vs 24/22% in Q4FY21 and 16/12% in Q3FY22)Inflationary pressure continued to disrupt demand in both urban and rural India; however, rural volume growth was weaker than urbanVolume growth has been decelerating even on 2/3 year CAGR (demand pressure, grammage reduction); however, downtrading was not witnessedContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FMCG & Alco Bev: Rural Demand Struggles; Margin Pressures Continue

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Potential for sustained double-digit topline growth; attractive at current levels We reiterate our BUY rating on DABUR with a TP of INR705, implying 29% potential upside.</li><li>Our investment thesis on DABUR is premised on the following key attributes: highest topline growth visibility among peers, consistent market share gains across categories, and potential to record even faster earnings growth post-completion of its ongoing investment phase.</li><li>The key catalysts that underpin a sustained double-digit topline growth for DABUR include: a) an impressive performance in the Ayurvedic healthcare space,.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Potential for sustained double-digit topline growth; attractive at current levels We reiterate our BUY rating on DABUR with a TP of INR705, implying 29% potential upside.Our investment thesis on DABUR is premised on the following key attributes: highest topline growth visibility among peers, consistent market share gains across categories, and potential to record even faster earnings growth post-completion of its ongoing investment phase.The key catalysts that underpin a sustained double-digit topline growth for DABUR include: a) an impressive performance in the Ayurvedic healthcare space,.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

POWERing ahead by leveraging its core strengths

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>DABUR’s topline performance in Q3FY22 was in line with our and street estimates</li><li>Consolidated Revenue at Rs. 2,942 Cr grew 7.8% yoy (Rs. 2,947cr our est) driven by a strong 7.4% growth in India FMCG growth led by a 2% volume growth (implies 2yr CAGR of 9.5%).</li><li>Maintain BUY with revised TP of Rs. 680 as we continue to value it at 49x FY24E.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

DABUR’s topline performance in Q3FY22 was in line with our and street estimatesConsolidated Revenue at Rs. 2,942 Cr grew 7.8% yoy (Rs. 2,947cr our est) driven by a strong 7.4% growth in India FMCG growth led by a 2% volume growth (implies 2yr CAGR of 9.5%).Maintain BUY with revised TP of Rs. 680 as we continue to value it at 49x FY24E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dabur India: Broad Based Growth Led By Impressive Execution

<p>DABUR reported a stellar performance in Q2FY22 beating our and street estimates on all fronts. Consolidated Revenue at Rs. 2,818 Cr grew 12% yoy (Rs. 2,642cr our est) driven by a strong 12% growth in India FMCG growth owing to a 10% volume growth (implies 15%/13% value/volume growth on 2yr CAGR basis).</p><p>Maintain BUY with revised TP of Rs. 680 (Rs. 590 earlier) and roll forward our PE multiple of 49x to Sep23 earnings.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

DABUR reported a stellar performance in Q2FY22 beating our and street estimates on all fronts. Consolidated Revenue at Rs. 2,818 Cr grew 12% yoy (Rs. 2,642cr our est) driven by a strong 12% growth in India FMCG growth owing to a 10% volume growth (implies 15%/13% value/volume growth on 2yr CAGR basis).Maintain BUY with revised TP of Rs. 680 (Rs. 590 earlier) and roll forward our PE multiple of 49x to Sep23 earnings.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>About the stock: Dabur is one of the bigger FMCG companies with a presence in Ayurveda based products across categories. The company has a dominant market share in health supplement, OTC &amp; ethical products, hair oils &amp; juices. Moreover, it is continuously gaining market share in the oral care category.</p><ul><li>The company has a total distribution reach of 6.9 million retail outlets with direct reach of 1.3 million outlets. It is expected to increase direct distribution to 1.5 million outlets in the next two years</li><li>Dabur also derives ~50% of its sales through rural regions with a presence in 60,000 villages, which would increase to 80,000 villages in next two years</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

About the stock: Dabur is one of the bigger FMCG companies with a presence in Ayurveda based products across categories. The company has a dominant market share in health supplement, OTC &amp; ethical products, hair oils &amp; juices. Moreover, it is continuously gaining market share in the oral care category.The company has a total distribution reach of 6.9 million retail outlets with direct reach of 1.3 million outlets. It is expected to increase direct distribution to 1.5 million outlets in the next two yearsDabur also derives ~50% of its sales through rural regions with a presence in 60,000 villages, which would increase to 80,000 villages in next two yearsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dabur India: Robust Volume Growth Across Categories

India

Dabur India Ltd. manufactures soaps, detergents, hair oils, tooth powders, antacids and processed foods. The Company sells its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Dabur India Ltd (DABUR IN)

FMCG & Alco Bev: Rural Demand Struggles; Margin Pressures Continue

Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22...

HDFC Securities

POWERing ahead by leveraging its core strengths

Potential for sustained double-digit topline growth; attractive at current levels We reiterate our BUY rating on DABUR with a TP of INR705,...

Motilal Oswal

Dabur India: Broad Based Growth Led By Impressive Execution

DABUR’s topline performance in Q3FY22 was in line with our and street estimates. Consolidated Revenue at Rs. 2,942 Cr grew 7.8% yoy (Rs. 2,947cr...

Axis Direct

Dabur India: Broad Based Growth Led By Impressive Execution

DABUR reported a stellar performance in Q2FY22 beating our and street estimates on all fronts. Consolidated Revenue at Rs. 2,818 Cr grew 12% yoy...

Axis Direct

Dabur India: Robust Volume Growth Across Categories

Dabur is one of the bigger FMCG companies with a presence in Ayurveda based products across categories. The company has a dominant market share in...

ICICI Securities Limited

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)