Dabur India reported consolidated net sales of Rs20.9bn in 2QFY16, translating into a growth of 8.7% yoy, which came 1% below our estimate. While EBITDA grew by 15.9% to Rs4bn, consolidated net profit increased 18.7% yoy to Rs3.4bn, 3% below our estimate. Domestic volume growth at 5% was a disappointment. We expect Dabur to post revenue and earnings CAGR of 12.6% and 18.2%, respectively through FY15-17E. At the current market price, the stock is trading at price earnings multiple...