Emami Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for EMAMILTD, BSE:531162 Emami Ltd.

Emami Ltd.

09 Aug 2019

576.55

-1.01%

Emami (1QFY20): Struggle continues Maintain BUY

Buy: Emami Ltd.

Target

HDFC Securities

Emami's underperformance over the last 3 years has not been caused by competitive intensity rather its own challenges like (1) High wholesale dependence, (2) Core brands' dependence on seasonality, (3) Limited portfolio for premiumisation and (4) Pledge related disturbance. The company has made some progress in the last 2 years in diversifying its distribution from wholesale (~35% mix now vs. 52% earlier) to modern trade (9% mix now vs. 4% earlier) and direct reach (0.95mn stores vs. 0.63mn earlier). Benefits are coming at a gradual pace. Recovery in macros (rural) coupled with a favorable season can lead to a rebound in Emami's performance. We remain believers, given favorable risk-reward and high probability for a consumer business to rebound. Emamis 1Q performance was mixed with in-line revenues but beat on EBITDA margins. Co is yet to find a way to revive its domestic business. Core categories are struggling for growth and market share gains are becoming meaningless to track. Growth is coming in bits & pieces and has failed to revive overall domestic performance. Cost control (10% cut in A&P;) expanded the EBITDA margin in 1Q. We are hopeful for acceleration in domestic revenues in 2HFY20 (driven by improving macros and favorable base) but cut EPS by ~4% for FY19-21E. We also cut our target P/E to 30x (32x earlier) on Jun-21 EPS to factor weak management execution. Our TP is Rs 464 (Rs 500 earlier). Maintain faith, reiterate BUY.

Emami Ltd. is trading below all available SMAs

Emami Ltd.

08 Aug 2019

576.55

-1.01%

Emami

Hold: Emami Ltd.

Sharekhan

Emami's consolidated revenue grew by ~6% in Q1FY2020, as international business grew by a strong ~34% (organic growth was 10%), while the domestic business grew by just 2%. Healthcare and male grooming categories continued to underperform and Boroplus saw a non-seasonal dip in revenue. Kesh King and 7-in-one oils saw strong double-digit growth in revenue led by company initiatives undertaken in the past 3-4 quarters. Recovery in monsoon might help Emami recover its performance in H2FY2020. Promoter pledged shares amounting to...

Promoters unpledged 2.89% of shares in last quarter. Total pledge stands at 10.50% of promoter holdings

Emami Ltd.

08 Aug 2019

576.55

-1.01%

Q1FY20 Result Update

Accumulate: Emami Ltd.

Prabhudas Lilladhar

3) improved performance in 7 oils in one hair oil. Growth in International business was mainly led by acquisition of Crme 21. We believe margins to expand from the current level as Mentha prices have corrected by 22.3% since...

Promoters unpledged 2.89% of shares in last quarter. Total pledge stands at 10.50% of promoter holdings

Emami Ltd.

12 Jul 2019

576.55

-1.01%

Company Update

Accumulate: Emami Ltd.

Prabhudas Lilladhar

We cut Emami's EPS estimate by 8.8% and 11% for FY20 and FY21 due to 1) Change in Estimates | Target | Reco muted demand environment in rural India (~50% of sales) 2) adverse impact of seasonality 3) structural growth issues in F&H; and Boroplus and 4) margin...

Emami Ltd. is trading below all available SMAs

Emami Ltd.

21 Jun 2019

576.55

-1.01%

EARNINGS UPDATE- EMAMI 4QFY19

Buy: Emami Ltd.

Target

Chola Wealth Direct

Sector: FMCG /Mid-Cap | Earnings Update 4QFY19 Background: Emami is a FMCG company with niche focus on relatively under penetrated segments such as antiseptic cream, fairness cream, talcum powder, cooling oil, pain balm and pain reliever. Emami's power brands such as Navratna Oil, Boroplus Cream, Zandu & MenthoPlus Balm, Fair & Handsome, Boroplus Powder, Navratna Cool Talc, Fast Relief, SonaChandi & Zandu accounts for 75% of company's sales. Emami sales and cash PAT have grown at a CAGR of 11.4% and 11.3% respectively (FY1217). Geographical breakup of sales: North (29%), West (27%), South (23%) and East (21%). Export contributes ~10.4% of total revenue. Company has 3,000+ distributors,...

Promoters unpledged 2.89% of shares in last quarter. Total pledge stands at 10.50% of promoter holdings

Emami Ltd.

28 May 2019

576.55

-1.01%

Emami (4QFY19): Maintain faith. Maintain BUY

Buy: Emami Ltd.

Target

HDFC Securities

Emami's underperformance has not been caused by competitive intensity rather its own challenges like high dependence on wholesale distribution and volatility in seasons (summer and winter). The company has made healthy progress in the last 2 years in diversifying its distribution from wholesale (38% mix now vs. 52% earlier) to modern trade (8% mix now vs. 4% earlier) and direct reach (0.94mn stores vs. 0.63mn earlier). Recovery in macros (rural) coupled with a favorable season can lead to a rebound in Emami's performance. We remain believers, given favorable risk-reward and high probability for a consumer business to rebound. Emamis 4Q performance was weaker than expected. FY19 is the second consecutive year of muted EBITDA growth led by erratic seasons, disruption in trade and weak demand for its niche categories. Most negatives are priced-in and we expect performance to improve in FY20 led by (a) Healthy growth for summer portfolio, (b) Softening of RM costs and (c) Benefits from distribution expansion. We value the co. at 32x on Mar-21 EPS, arriving at a TP of Rs 506. Maintain BUY

Emami Ltd. has an average target of 763.29 from 7 brokers.

Emami Ltd.

19 Feb 2019

576.55

-1.01%

Emami (Update): Back to business. Maintain BUY

Buy: Emami Ltd.

Target

HDFC Securities

We maintain our BUY rating and expect a re-rating in the stock. Emamis stock was under pressure due to consistent weak operating performance and rising promoter share pledge. Although recovery in operating performance is delayed, the pressure on the stock w.r.t. share pledging is now behind after promoter divested 10% stake for Rs 16bn @Rs 355/share. With this, the promoter share pledge will decline from 48% as of now.

Emami Ltd. has an average target of 763.29 from 7 brokers.

Emami Ltd.

04 Feb 2019

576.55

-1.01%

EARNINGS UPDATE-EMAMI 3QFY19

Buy: Emami Ltd.

Target

Chola Wealth Direct

Emami Ltd. has an average target of 763.29 from 7 brokers.

Emami Ltd.

01 Feb 2019

576.55

-1.01%

Emami (3QFY19): Testing our patience. Maintain BUY

Buy: Emami Ltd.

Target

HDFC Securities

We value Emami at 32x on Dec-20 EPS, with TP of Rs 543 (earlier Rs 561). Maintain BUY. Emamis 3Q performance was weaker than expected owing to underperformance in winter portfolio (45% revenue mix) and gross margin pressure. Net revenues grew by 7% (exp. 11%) with 3.5% volume growth (exp. 8%). EBITDA/APAT grew by 1/-2% (exp 8/8%).

Promoters unpledged 2.89% of shares in last quarter. Total pledge stands at 10.50% of promoter holdings

Emami Ltd.

31 Jan 2019

576.55

-1.01%

Q3FY19 Result Update - Got a cold attack in winter!

Accumulate: Emami Ltd.

Prabhudas Lilladhar

We cut our EPS estimate of FY19-21 by 4.7-5.7% on the back of only 3.5% volume growth in the biggest quarter due to delayed winters (45% of sales from winter portfolio). Emami has witnessed some uptick in January sales, however, we believe that any extension of winter is likely to hamper the summer portfolio sales which usually goes in trade from mid-Feb. Emami has given cautiously optimistic outlook for coming quarters led by 1) uptick in rural economy in the run up to elections 2) recovery in wholesale channel 3) good traction in Kesh King post its re-launch in 2Q 4) Strong market share...

Number of FII/FPI investors increased from 337 to 349 in Jun 2025 qtr.

Is Emami Ltd. worth buying?

225 Votes:

Buy 74.67%

Sell 17.33%

Hold 8.0%

RESEARCH REPORTS

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