Management is focusing on (1) Driving innovation and renovation for market leadership, (2) Regionalisation to be moreconsumer centric, (3) Channel focus strategy, (4) Cost optimization with improving service levels and (5) Capability improvement. Dabur's large share of product portfolio caters to this consumer shift (fruit juices included in naturals wave). We increase our EPS by ~4% for FY19-21E. We expect Dabur to deliver revenue/EBITDA/APAT of 15/21/24% CAGR over FY18-FY21E. We value Dabur at 38x P/E to 2-year forward EPS to derive TP of Rs 498 (earlier Rs 461). Maintain BUY. We recently interacted with the management of Dabur and got an opportunity to meet the new India CEO (Mohit Malhotra). Dabur is being opportunistic of taking advantage of consumer preference shifting towards naturals/Ayurvedic space.