9837.95 -108.75 (-1.09%)
NSEOct 01, 2020 12:54 PM
The 4 reports from 1 analysts offering long term price targets for Procter & Gamble Hygiene & Healthcare Ltd. have an average target of 10450.00. The consensus estimate represents an upside of 6.22% from the last price of 9837.95.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-08-25||Procter & Gamble Hyg..||Motilal Oswal||10242.15||10450.00||10242.15 (-3.95%)||Target met||Neutral|
(%) Margins (%) P&G; Hygiene and Healthcare (PGHH) reported flat sales in 4QFY20 (June year-end), which came as a pleasant surprise given the lockdown-related disruptions seen during the quarter. Operating margins also bucked the trend of very steep decline in margins in 4Q v/s the preceding three quarters, something that was witnessed in FY18 and FY19. Accordingly, significant EBITDA and PAT beat was reported v/s expectations. While the structural opportunity remains attractive in both the Feminine Hygiene and Healthcare segments, valuations are fair at 51.8x June FY22 EPS. Ad spends declined 41.5% YoY to INR411m, employee expenses grew 43.6% YoY to INR381m, whereas other expenses were flat YoY at INR2.1b. As a percentage of sales, ad spends declined by 450bp YoY to 6.5%, employee costs rose by 180bp YoY to 6%, and other expenses were down by 30bp YoY to 33.4%. This led to a FY20 sales/EBITDA/PAT grew by +1.
|2020-05-08||Procter & Gamble Hyg..||Motilal Oswal||10027.95||9995.00||10027.95 (-1.89%)||Target met||Neutral|
23 October 2019 While P&G; Hygiene and Healthcare (P&GHH;)s operations in 3QFY20 were affected by the COVID-19-led lockdown, its ability to arrest decline in profitability is encouraging. We believe the companys portfolio is highly resilient and would bounce back once normalcy returns. Long-term prospects remain attractive on account of strong moats. INR7.1b), with EBITDA decreasing 3.6% YoY to INR1.4b (est. INR1.4b) and PBT coming in flat YoY at INR1.4b (est.
|2019-11-20||Procter & Gamble Hyg..||Motilal Oswal||11016.65||11441.00||11016.65 (-10.70%)||Target met||Neutral|
20 November 2019 PGHH has maintained its focus on strengthening the brand fundamentals through strategic moves such as innovation, product launches, distribution expansion, and superior communication/execution. Sales increased 20% YoY in FY19, primarily led by the feminine hygiene segment (+24.4% YoY; 70% of sales). Healthcare segment too exhibited a healthy performance (+11.2% YoY), driven by 14% YoY growth in Vicks VapoRub. Under the Whisper brand, PGHH launched Whisper Choice Aloe Vera to tap into the rising fervor for naturals among the Indian consumers. Whisper school program created awareness among five million girls across 40,000 schools about the importance of menstrual hygiene in FY19. Notably, this program has reached 25 million girls since 1995. In Healthcare, the higher penetration for Rubs, new launches (premium lozenge Vicks 3-in-1), distribution expansion and strong advertising helped the segment to grow in double digits in FY19. Interestingly, ad spends were even higher at 12.3% (+180bp YoY) in 1QFY20.
|2019-11-05||Procter & Gamble Hyg..||Motilal Oswal||11881.40||11441.00||11881.40 (-17.20%)||Target met||Neutral|
1QFY20 (ending Jun'19) net sales grew 7.6% YoY to INR8.5b (v/s est. 9.2b). However, EBITDA declined 13.1% YoY to INR1.8b (v/s est. INR2.1b). PBT declined 12.2% YoY to INR1.8b (v/s est. INR2.1b). Adj. PAT was flat YoY at INR1.4b (v/s est. INR1.4b) due to lower corporate taxes. Feminine care business registered strong double-digit growth, while the healthcare business (likely to have been a laggard in 1QFY20) still reportedly grew faster than the market. Gross margins expanded 20bp YoY to 60.4% (v/s est. 59.0%). EBITDA...
|2019-08-22||Procter & Gamble Hyg..||Motilal Oswal||10279.55||9880.00||10279.55 (-4.30%)||Target met||Neutral|
22 August 2019 the fourth straight quarter of extremely healthy sales growth. Even adjusted for the GST effect on sanitary napkins (which optically inflates sales but has an adverse effect on operating costs), comparable growth stands healthy at 12% YoY for 4QFY19 and 14% YoY for FY19. EBITDA, however, was down 210bp YoY (off an extremely high base of 4QFY18), but other expenses were up by 330bp YoY. The sharp increase in other expenses (for which no explanations were provided) is surprising, given that it too has come off a very high base (+630bp YoY in 4QFY18). Net sales were up by 20% to INR29.5b. EBITDA declined 3% to INR6.1b, while adj. Margins have remained volatile over the past few years, but sales growth has revived significantly due to distribution expansion and sharp ad spends in the preceding quarters. While the structural growth opportunity in the feminine hygiene segment (~70% of sales) remains very promising, valuations of 52.
|2019-05-08||Procter & Gamble Hyg..||Motilal Oswal||10388.00||9860.00||10388.00 (-5.30%)||Target met||Neutral|
3QFY19 (June-ending) net sales witnessed third consecutive quarter of strong sales revival at 22.9% YoY to INR7b (v/s est. of INR6.5b). EBITDA was in line at INR1.44b (down 1.9% YoY) and PAT was slightly below expectations at INR903m (v/s est. of INR928m), up 8.3% YoY. Management mentioned that adjusted for GST impact in the base quarter, sales growth was ~15%. Gross margins contracted 630bp YoY to 57.7%, likely due to (a) impact of 10% price cuts taken in Whisper Choice Ultra, and (b) absence of input tax credit under GST for sanitary napkins. Adspend declined off a high base by 270bp YoY...
|2019-02-07||Procter & Gamble Hyg..||Motilal Oswal||10043.00||10043.00 (-2.04%)||Economy Update|
7 February 2019 which can be attributed to a combination of factors, such as (a) high commodity inflation levels, as also witnessed by peers so far in the Dec18 results, (b) 10% price cuts in and (c) absence of input tax credit under GST for sanitary napkins. EBITDA margin shrank 650bp YoY to 23.4%, led by higher ad spends (+140bp YoY fourth straight quarter of sharp increase YoY), employee cost (+40bp YoY) and other expenses (+10bp YoY). Net sales were up by 18.2% YoY to INR16.1b, EBITDA rose 0.8% YoY to INR4b and PAT grew 5.0% YoY to INR2.6b. Absence of input tax credit and price reduction will have an impact on margins in the subsequent quarters as category growth potential in the feminine hygiene segment (~70% of sales) and potential for market share growth because of its considerable moats and (2) potentially huge margin gains from premiumization over the longer term in feminine hygiene.
|2019-01-08||Procter & Gamble Hyg..||Motilal Oswal||10000.00||10520.00||10000.00 (-1.62%)||Target met||Neutral|
8 January 2019 The aggression demonstrated by the PGHH management in recent quarters on increase in ad spends, new launches and price cuts, wherever required. Continued market share gain in Vicks. New product - Vicks Baby Rub, launched in FY18 is reportedly doing very well. While valuations of 51.7x FY20 EPS implies that near-term upside is limited, category growth potential in the Feminine Hygiene segment (~67% of sales) and potential for market share growth because of its considerable moats, and (2) Potentially huge margin gains from premiumization in Feminine Hygiene over the longer term. Increasing pace of distribution expansion, continuing strong pace of category development efforts in schools to boost awareness and growth, rising ad spends after a lull in preceding years, healthy pipeline of new products and willingness to take price cuts whenever required to boost growth are all encouraging developments that should aid rapid growth for the company over the long term.
|2018-11-03||Procter & Gamble Hyg..||HDFC Securities||9730.00||9730.00 (1.11%)||Results Update|
Procter & Gamble Hygiene and Health Care Ltd Q2FY19 results Comment Revenue rose by 50.92% to Rs. 791.8 Cr in Q1JY19 when compared to the previous quarter. Also, it rose by 20.41% when compared with Q1JY18.
|2018-06-30||Procter & Gamble Hyg..||Ashika Research||9902.05||11100.00||9902.05 (-0.65%)||Target met||Buy|
|2018-05-14||Procter & Gamble Hyg..||HDFC Securities||8900.00||8900.00 (10.54%)||Results Update|
|2018-02-05||Procter & Gamble Hyg..||Motilal Oswal||9200.00||9303.00||9200.00 (6.93%)||Target met||Neutral|
2QFY18 net sales grew 9.5% YoY (against our estimate of 19% YoY) to INR7.0b. EBITDA declined 8% YoY (against our estimate of 6% YoY growth) to INR2.1b. Adjusted PAT declined 12.9% YoY (against our estimate of flat PAT) to INR1.3b. Management called out strong performance in both Feminine Hygiene and Healthcare, but sales were expected to be higher on weak base. Since gross and EBITDA margins for base quarter 2QFY17 were unusually high; we were expecting 380bp EBITDA margin decline. Operating margin decline was steeper than expected at 570bp YoY to 29.9%. Gross margin declined 350bp YoY to 60.1%. Encouragingly, ad spend to sales grew by 110bp YoY and by 24% YoY in absolute terms. This expense has been lower than expected in recent quarters. Other expenses increased 120bp YoY to 16.6%. Other income declined sharply due to massive dividend payout in May 2017
|2016-08-29||Procter & Gamble Hyg..||Nirmal Bang Institutional||6730.00||7187.00||6730.00 (46.18%)||Target met||Accumulate|
P&G Hygiene and Healthcare- ACCUMULATE- 4QFY16 Result Update- Gross Margin Improvement Leads To Strong Margins
Nirmal Bang Institutional
Gross Margin Improvement Leads To Strong Margins Net sales of P&G; Hygiene and Healthcare or P&GHH; were flat YoY but down 9% sequentially to Rs5.6bn in 4QFY16, 8.0% below expectations, following a marginal decline in volume growth in healthcare due to category slowdown and flat growth in feminine hygiene segment for the quarter. Net sales in FY16 grew 6.5% to Rs24.8bn, below our estimate. Feminine care business delivered double digit sales growth whereas due to category slowdown, sales in healthcare business remained flat for FY16. Strong gross margin improvement of 210bps YoY to 66.6% in 4QFY16 (witnessed highest gross margin in 4Q in five years) from 64.5% in 4QFY15 and decline in advertising and promotion or A&P; spending along with the rise in other expenses and staff...
|2016-05-06||Procter & Gamble Hyg..||Motilal Oswal||6243.60||7690.00||6243.60 (57.57%)||Target met||Buy|
Sales were up 10.5% YoY to INR 6.14b (est. 6.23b). While gross margins grew 280bp YoY, these gains were offset by higher advertising and promotion spend (up 320bp YoY) and other expenses (up 210bp YoY) leading to 40bp decline in...
|2016-05-06||Procter & Gamble Hyg..||Nirmal Bang Institutional||6199.25||6571.00||6199.25 (58.70%)||Target met||Accumulate|
P&G Hygiene and Healthcare- ACCUMULATE - 3QFY16 Result Update- Operating Margin Declines, A&P Expenditure Rises
Nirmal Bang Institutional
improvement of 276bps YoY was witnessed in 3QFY16 at 63.5% mainly due to lower raw material costs. Improvement in gross margin and decline in employee costs was offset by Target Price: Rs6,571 higher advertisement and promotion or A&P; spending and other expenditure for the quarter, resulting in a decrease in EBITDA margin by 41bps YoY and 857bps QoQ to 21.7%. Operating Upside: 3% margin was 230bps below our estimate of 24%. Absolute EBITDA witnessed an increase of 8.5% YoY and a decline of 38.3% QoQ to Rs1.3bn. Taking into account the gross margin improvement and lower depreciation along with higher A&P; spending and other expenses, changes to our Aditya Joshi model resulted in a decrease in our FY16 EPS/FY17EPS estimate by 1.9%/3.7 respectively. After email@example.com...
|2016-05-06||Procter & Gamble Hyg..||Angel Broking||6243.60||7369.00||6243.60 (57.57%)||Target met||Buy|
Procter & Gamble Hygiene and Health Care (P&G;)'s 3QFY2016 results are broadly in-line with our estimates. For the quarter, the company's top-line grew by ~11% yoy to Rs614cr while the reported PAT grew ~12% yoy to Rs97cr. Key highlights: For 3QFY2016, the company's top-line grew by ~11% yoy to ~Rs614cr (against our estimate of ~Rs..
|2016-02-08||Procter & Gamble Hyg..||Nirmal Bang Institutional||5856.00||6503.00||5856.00 (68.00%)||Target met||Accumulate|
Nirmal Bang Institutional
Net sales of P&G; Hygiene and Healthcare or P&GHH; grew 10.7% YoY to Rs7.1bn in 2QFY16, 2.5% above expectations, led by double-digit growth in feminine hygiene and healthcare segments. Strong gross margin improvement of 250bps YoY (2QFY16 witnessed highest gross margin in 2Q in five years), and decline in A&P; spending and other expenses (at least part of the reason is likely to be one-offs, but not disclosed) along with better-than-expected sales led to a 24-quarter high EBITDA margin of 30.3%, resulting in 68.4% YoY growth in EBITDA to Rs2.2bn and PAT growth of 61.8% YoY to Rs1.5bn. Negative net working capital increased 34% YoY and other assets declined 33% YoY mainly led by a steep fall in inter-group lending. Following likely oneoffs, which aided margins during the quarter, we have assumed a slight dip in operating margin...
|2015-11-05||Procter & Gamble Hyg..||Nirmal Bang Institutional||6159.95||6284.00||6159.95 (59.71%)||Accumulate|
Nirmal Bang Institutional
Feminine Hygiene Segment Does Very Well, Healthcare Disappoints P&G; Hygiene and Healthcare or P&GHH;'s sales growth at 4% YoY in 1QFY16 was well below expectations. Despite the feminine hygiene segment growing in double-digits, a decline in the healthcare segment's sales because of a weak monsoon led to disappointment. Gross margin was up 343bps YoY, well above our estimate of a 10bps improvement. Advertisement and promotion or A&P; spending had declined by an unusually high level in base quarter 1QFY15. EBITDA was 4.2% above expectations and PAT 0.8% above expectations as gross margin improvement and lower A&P; led to a 247bps YoY EBITDA margin improvement. Changes to...
|2015-09-02||Procter & Gamble Hyg..||Nirmal Bang Institutional||6042.05||6432.00||6042.05 (62.82%)||Accumulate|
Nirmal Bang Institutional
Surprises On Sales And Margin Fronts; Retain Accumulate Net sales of P&G; Hygiene and Healthcare (P&GHH;) rose 14.7% YoY to Rs5.58bn in 4QFY15, 2.4% above expectations. Operating margin was unusually high, just like a year ago. In the absence of clarifications from the management, we prefer to be cautious on FY16 margins. Negative net working capital increased sharply because of a significant rise in trade payables and flat inventory YoY at the end of FY15. Changes to our model resulted in a 1% increase in FY16 EPS estimate and a 2% decrease in FY17 EPS estimate. We remain a strong believer in the structural revenue growth story of P&GHH; led by low penetration in the feminine hygiene...
|2015-05-11||Procter & Gamble Hyg..||Nirmal Bang Institutional||6811.00||6566.00||6811.00 (44.44%)||Accumulate|
Nirmal Bang Institutional
Revenue growth for P&G; Hygiene and Healthcare (P&GHH;) in 3QFY15 disappointed, up 10.9% YoY, 2.7% below expectations. EBITDA and PAT were 34% and 30% above our estimates which had factored in a YoY decline because of expected higher A&P; spend in the current year and an extremely low base of other expenses in 3QFY14. Nevertheless, we are disappointed with the results as a part of the reason for betterthan-expected EBITDA margin in 3QFY15 was lower absolute A&P; spending, which is not sustainable. Overall slowdown in the FMCG sector has affected P&GHH; as well, with its 9MFY15 revenue growing 13.5%. Changes to our model led to a minor increase in our FY15 EPS estimate, but we have reduced FY16 and FY17 EPS...