ITC Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for ITC, BSE:500875 ITC Ltd.

ITC Ltd.

03 Feb 2020

406.30

-1.25%

Result Review - ITC ltd.

Buy: ITC Ltd.

Hem Securities

Established in 1910, as the 'Imperial Tobacco Company of India Limited', the company completed 100 years in 2010 and as of 2012-13, had an annual turnover of US$8.31 billion and a market capitalization of US$50 billion. It employs over 30,000 people at more than 60 locations across India and is part of Forbes 2000 list. Its five diversified businesses are Fast-Moving Consumer Goods (comprising Foods, Personal Care, Cigarettes and Cigars, Apparel, Education and Stationery Products, Incense Sticks and Safety Matches), Hotels,...

ITC Ltd. is trading below all available SMAs

ITC Ltd.

03 Feb 2020

406.30

-1.25%

Result Review - ITC ltd.

Buy: ITC Ltd.

Hem Securities

ITC Ltd. is trading at high day volume of 31.0M.

ITC Ltd.

01 Feb 2020

406.30

-1.25%

ITC (3QFY20): Holding steady Maintain BUY

Buy: ITC Ltd.

Target

HDFC Securities

Stable taxes in FY19 accelerated cigarette volume growth to 5.5% vs. -5% CAGR during FY15-18. EBIT growth also accelerated to 9% as compared to 7% CAGR during FY15-18. Yet company could not enjoy re-rating as investors have flocked towards ITC's peers (HUL, Dabur and Britannia etc.). Rather cigarette business saw de-rating (>20% fall, based on assigning fair valuation to other segments) over the last 12-months. We expect cig valuation will recover owing (1) Continuation of stable taxes, (2) EBIT margin expansion and (3) Pickup in rural market. We believe cigarette valuation will recover to its average of 18x EV/EBITDA (still lower than 25x for Colgate which is similar wrt market leadership, vol growth trajectory and pricing power). Other catalyst in the business is FMCG, better margin traction will also offer better value for ITC. We continue to believe that valuation discount will narrow down. ITC clocked in-line performance despite continued macro challenges. ITCs performance was in sync with other FMCG companies. ITC-Cig/ITC-FMCG growth was at 5/6% vs. HUL/Dabur/Colgate/Marico posted domestic growth of 4/6/4/-1% in 3QFY20. ITCs cig/FMCG performance was very much comparable to other FMCG cos for the past many quarters. Despite that, stock has de-rated over the last 12 months. We believe de-rating is unwarranted when the co is consistently showing quality earnings. We value ITC on SoTP basis (link to table) and arrive at a TP of Rs 360 (implied P/E of 25x). Maintain BUY.

ITC Ltd. is trading at high day volume of 31.0M.

ITC Ltd.

01 Feb 2020

406.30

-1.25%

ITC Limited

Buy: ITC Ltd.

Target

ICICI Securities Limited

Cigarette volumes continued to see muted volume growth of 2-3% growth vs. ~10% volume growth of VST Industries. ITC is losing market share as contribution of smaller size cigarettes is increasing and VST Industries & Godfrey are gaining volumes at expense of ITC. FMCG revenues have grown at a slower pace at 6.1% (excluding lifestyle retailing business), largely impacted by rural growth, which was impacted by trade channel liquidity crunch. The company has expanded its operating margins by 230 bps to 7.7% in FMCG business. With ITCs strong and wide distribution network at...

ITC Ltd. is trading at high day volume of 31.0M.

ITC Ltd.

31 Jan 2020

406.30

-1.25%

Q3FY20 Result Update

Buy: ITC Ltd.

Target

Prabhudas Lilladhar

beneficiary of an uptick in FMCG demand (increasing depth and width of portfolio) and is inching towards double digit EBIDTA margins over next 2-3 years, in our view. Paperboard business is in fine fettle given gains from steady prices and benign input costs. Hotels ARR and occupancy indicates steady improvement in industry dynamics, however recent outbreak of Corona Virus might impact tourist flow in the peak season. ITC trades at 15.7xFY22 EPS, ~50% discount to our coverage universe with 3% dividend yield and 12% PBT CAGR over FY20-22. Risk reward remains favorable,...

Axis Direct decreased Buy price target of ITC Ltd. to 490.0 on 04 Aug, 2025.

ITC Ltd.

07 Nov 2019

406.30

-1.25%

ITC LIMITED

Buy: ITC Ltd.

Recommendation Target

Geojit BNP Paribas

The company reported revenue growth of 5.9% YoY to Rs. 11,750 cr in Q2FY20. Across segments, the growth was led by Agri business (+19.3% YoY to Rs. 2,648cr). Revenue from FMCG business increased 5.2% YoY to Rs. 8,615cr. Growth in FMCG revenue has tapered down due to the weakness in overall demand environment especially in rural markets and wholesale channel, tight liquidity conditions coupled with disruptions and floods in several parts of the country. Despite slowdown in consumption, revenue from Paper boards, paper and packaging grew at 9.9% YoY to Rs. 1,565 cr. Hotel business revenue also rose 17.7% to Rs. 427cr....

ITC Ltd. is trading below all available SMAs

ITC Ltd.

29 Oct 2019

406.30

-1.25%

Result Update:ITC - Q2FY20

Buy: ITC Ltd.

Axis Direct

ITC reported in-line growth for Q2 with 6%/7% revenue/EBIT growth in its corecigarette segment led by 3% cigarette volume growth (3% vs 3-4% estimates). It reported ~15% growth in Non-Cigarette EBIT led by better sustained improvement in FMCG profitability

Number of FII/FPI investors decreased from 974 to 950 in Jun 2025 qtr

ITC Ltd.

25 Oct 2019

406.30

-1.25%

ITC (2QFY20): Re-rating on the cards. Maintain BUY

Buy: ITC Ltd.

Target

HDFC Securities

Stable taxes in FY19 accelerated cig volume growth to 5.5% vs. -5% CAGR during FY15-18. EBIT growth also accelerated to 9% vs. 7% CAGR during FY15-18. Still ITC did not enjoy a re-rating as investors flocked towards ITC's peers (HUL, Dabur and Britannia etc.). Rather cig business saw a de-rating (>20% fall, based on assigning fair valuation to other segments) over the last 12-months. We expect cig valuation will recover owing to (1) Continuation of stable taxes, (2) EBIT margin expansion and (3) Pickup in rural market. We believe cig valuation will recover to its avg. of 18x EV/EBITDA (still lower than 25x for Colgate which is similar wrt market leadership, vol growth trajectory and pricing power). Other catalyst in the business is FMCG, with scope for margin expansion. We continue to believe that valuation discount will narrow. ITC clocked in-line performance, with no deceleration vs. 1Q (most consumer cos were impacted by slowdown and floods). Cig rev/vol/EBIT growth of 6/3/7.4% was steady. FMCG and Hotels outperformed with rev/EBITDA growth of 6.5/39% and 18/37%. ITCs earnings growth (ex-corp tax benefits) of 10% has been steady over the last 8 quarters, still stock has been de-rated. We believe de-rating is unwarranted when the co is consistently showing quality earnings. We value ITC on SoTP basis and arrive at a TP of Rs 368 (implied P/E of 25x). Maintain BUY.

Number of FII/FPI investors decreased from 974 to 950 in Jun 2025 qtr

ITC Ltd.

25 Oct 2019

406.30

-1.25%

ITC Limited

Buy: ITC Ltd.

Target

ICICI Securities Limited

Cigarette, FMCG growth weakens; margins continue to impress Cigarette sales grew 6% YoY with an estimated 3% YoY increase in volumes and 3% increase in realisations led by select price hike and mix improvement. We believe cigarette volume growth was a tad slower due to slower growth in ITC's sub 64 mm portfolio. Weak rural demand and floods in certain geographies have also impacted demand in this segment. Cigarette EBIT increased 7.4% YoY with 96 bps expansion in margins on account of relatively lower growth in sub 64mm portfolio and salience of...

Number of MF schemes decreased from 51 to 45 in Jun 2025 qtr

ITC Ltd.

24 Oct 2019

406.30

-1.25%

ITC

Hold: ITC Ltd.

Recommendation Target

Sharekhan

ITC posted steady numbers in Q2FY2020 with revenue growing by 5.3% and operating profit growing by 8.5% (OPM increased 112 bps to 38.4%). Higher other income led to a 10% y-o-y growth in profit before tax. A lower tax incidence drove up profit after tax (PAT) by 36%. Core cigarette business volumes grew by 3% largely driven by higher growth in premium cigarettes while regular and small-size cigarettes registered muted performance due to higher salience of sales in rural markets. The non-cigarette FMCG business continues...