We expect DABUR to show 17% EPS CAGR over FY17-20E. DABUR commands a high operating margin of >19%, along with RoCE of >45%. We have a BUY rating, with a TP of Rs 352, based on 33x Sep-19EPS. We interacted with the management of DABUR, and discussed points like (1) GST implementation update, (2) Progress in channel restocking, (3) Consumer off-takes and (4) International business.