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

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

<ul><li>Eureka Forbes’ FY24 AR primarily highlights its transformational journey during phase-1.</li><li>We note: (1) Strong investments in distribution expansion (at 36% CAGR over FY22-24) have started yielding positive results (volume growth and market share gains in FY24) and may continue to drive growth in FY24-26E.</li><li>(2) The company is focusing on category creation to increase penetration via (i) launch of affordable products to attract new customers, and (ii) higher media campaigns.</li></ul>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.

Eureka Forbes’ FY24 AR primarily highlights its transformational journey during phase-1.We note: (1) Strong investments in distribution expansion (at 36% CAGR over FY22-24) have started yielding positive results (volume growth and market share gains in FY24) and may continue to drive growth in FY24-26E.(2) The company is focusing on category creation to increase penetration via (i) launch of affordable products to attract new customers, and (ii) higher media campaigns.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.

<ul><li>ICICI Securities research report onEureka Forbes Smaller players in the water purification market have introduced a differentiated offering – free servicing for initial 24 to 30 months.</li><li>For Eureka Forbes, this may increase the cost of acquisition of new consumers, but we believe the concern is overdone as: 1) most of the variants introduced by smaller players are at a premium price point of INR10,000-plus, whereas Eureka is trying to drive growth at the bottom of pyramid with the launch of variant at INR6,499; 2) The pan-India industry penetration level is still ~5% (urban: 12%), which indicates healthy long-term growth potential for most incumbents; 3) Eureka continues to benefit from strong brand equity and established distribution.</li><li>Outlook We also note players such as Havells, Tata Swacch and V Guard have failed to gain more than 5% market share in water purifiers, indicating Aquaguard’s strong brand equity.</li></ul>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.

ICICI Securities research report onEureka Forbes Smaller players in the water purification market have introduced a differentiated offering – free servicing for initial 24 to 30 months.For Eureka Forbes, this may increase the cost of acquisition of new consumers, but we believe the concern is overdone as: 1) most of the variants introduced by smaller players are at a premium price point of INR10,000-plus, whereas Eureka is trying to drive growth at the bottom of pyramid with the launch of variant at INR6,499; 2) The pan-India industry penetration level is still ~5% (urban: 12%), which indicates healthy long-term growth potential for most incumbents; 3) Eureka continues to benefit from strong brand equity and established distribution.Outlook We also note players such as Havells, Tata Swacch and V Guard have failed to gain more than 5% market share in water purifiers, indicating Aquaguard’s strong brand equity.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.

India

Eureka Forbes Limited provides pollution control equipment. The Company offers water purification devices, vacuum cleaners, air purification systems, and home security products. Eureka Forbes serves customers worldwide.

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Eureka Forbes (EUREKAFO IN)

Eureka Forbes - White Goods

Eureka Forbes’ FY24 AR primarily highlights its transformational journey during phase-1. We note: (1) Strong investments in distribution expansion...

ICICI Securities Limited

Buy Eureka Forbes; Target of Rs 650

ICICI Securities research report onEureka Forbes Smaller players in the water purification market have introduced a differentiated offering – free...

ICICI Securities Limited

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