We are changing FY21/22/23 EPS estimates by 9.3%, 1.1% and -3.6% and increase target price to Rs450 @26xSept21 EPS (Rs419 earlier, valuing at 25xJune22EPS). We believe Emami is in a sweet spot given 1) highest rural salience at 55% of sales 2) early onset of winter and low base for winter...