While the company did not give out market share for 1QFY21, we believe the flattish volumes indicate good performance under in 1QFY21 to INR10.4b (v/s est. We arrive at a TP of INR1,660/share (target multiple of 43x Jun22E EPS, based A combination of the sharp market share decline in recent years and increased penetration of the category itself has meant single-digit top line growth over the last 10 years. Due to the market share decline in recent years, sales/EBITDA/PAT was even lower over the past 5 years at ~3%/~8%/~8% CAGR. Importantly, the company does not need any material on CLGT from a one-year perspective given that (a) the nature of the category (98% of sales from oral care) offers less uncertainty currently, (b) it has amongst the best-of-breed balance sheets, (c) valuations are moderate at 39.5x FY22E EPS, close to its 10-year average, and (d) there is a spark of an incipient market share recovery under the new Managing Director.