The 29 reports from 10 analysts offering long term price targets for Dabur India Ltd. have an average target of 496.70. The consensus estimate represents a downside of -1.26% from the last price of 503.05.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-07-31||Dabur India Ltd.||ICICI Securities Limited||513.55||565.00||513.55 (-2.04%)||12.31||Buy|
ICICI Securities Limited
The sanitisers & disinfectants space generated | 90 crore of sales in Q1 with several new products being launched. We believe the opportunity in immunity boosting products is more structural & leadership position in Chyawanprash & Honey is advantage for DIL. It gained market share in both segments by 600 bps & 300 bps, respectively, in Q1. Though growth rates in hygiene category may taper down in few quarters, the category is here to...
|2020-07-31||Dabur India Ltd.||Arihant Capital||510.45||515.00||510.45 (-1.45%)||2.38||Hold|
Dabur India earnings were below our estimates on all fronts as Covid-19 pandemic disrupted the business performance of the company. Profit for the quarter de-grew by 6.1%YoY/+21.0% QoQ to Rs 341 Cr during Q1FY21. Consolidated revenue stood at Rs 1,980 cr ,below our estimates Rs 2,209 registering a degrowth 12.9%YoY/+6.1%QoQ. Reported EBITDA de-grew by 9.0%YoY/+18.2%QoQ to Rs 416 Cr, below our estimate of Rs...
|2020-07-31||Dabur India Ltd.||Nirmal Bang Institutional||513.55||515.00||513.55 (-2.04%)||Target met||Accumulate|
Nirmal Bang Institutional
Robust performance; poised to deliver growth for rest of FY21 Downgrade to ACCUMULATE Daburs 1QFY21 consolidated revenue declined by 12.9% YoY to Rs19.8bn (vs our est. 13.7% decline to Rs19.6bn). Domestic FMCG business declined by 6.9% YoY, with volume declining by 9.7% YoY. International Business declined by 21.6% YoY, contributing 26.2% to overall sales during the quarter versus 29.3% in the base quarter. In the domestic FMCG business, Healthcare business grew by 29.2% YoY, Home & Personal care declined by 14.9% YoY and Foods declined by 34.4% YoY. Dabur continued to gain market share across all key categories like Chyawanprash (+600bps), Honey (+300bps), Toothpaste (+60bps) and Packaged Juices &...
|2020-06-29||Dabur India Ltd.||Motilal Oswal||465.95||535.00||465.95 (7.96%)||6.35||Neutral|
Sales from new launches are targeted to reach ~5% of total sales in 2 years (from Mr. Malhotra believes that currently Dabur is less efficient than peers on several operating costs. is likely to see growth compared to the weak outlook 2-3 quarters ago due to the companys focus on Naturals and Ayurveda in current Dabur has introduced Sanitize brand. In a highly encouraging move, Mr. Malhotra stated that they aim to match or surpass the best domestic peers on the technology and analytics front in the next April and first half of May was a setback due to supply chain issues given the lack of clarity on classification of essential/non-essential items, particularly in the case of Ayurvedic products.
|2020-06-09||Dabur India Ltd.||Axis Direct||466.55||504.00||466.55 (7.82%)||Target met||Buy|
|2020-05-29||Dabur India Ltd.||Arihant Capital||466.45||492.00||466.45 (7.85%)||Target met||Hold|
Dabur India Q4FY20 earnings were below our projections with a miss in Revenue, EBITDA and PAT front. The company has reported a lower net profit at Rs 281 crore for the quarter under review as compared to Rs 370 crore for the same quarter in the previous year, impacted on account of lockdown during the second half of March 2020. Net sales dropped by 12.3% at Rs 1,865 crore for Q4 FY20 as compared to Rs 2,128 cr for the Q4FY19, EBITDA declined 23% YoY to Rs 352 crore for the Q4FY20 from Rs 457 crore for the Q3FY19 and EBITDA margin...
|2020-05-28||Dabur India Ltd.||HDFC Securities||448.40||404.00||448.40 (12.19%)||19.69||Sell|
Dabur can capitalise on the rising consumer trend towards naturals/ayurvedic, health supplement and hygiene products in the medium term. However, aggregate demand will be weaker for discretionary business in India and international business will also be volatile with several macro headwinds in FY21. We cut EPS estimate by ~10% for FY21/FY22 (7/9% cut in our FMCG thematic in April). We value DABUR at 40x on Mar-22E EPS, deriving a TP of Rs 404. Maintain REDUCE. Dabur India reported 12% yoy decline in net revenues with a contraction of 15% yoy in India volume. Domestic volumes were up by 4.6% yoy in Jan/Feb (largely inline) but high dependence on the last 10 days of March (~20% of the qtr, more than expected) impacted overall performance. Channel filling for seasonal products like Juices, Glucose, Pudin Hara etc was impacted most due to lockdown. International business clocked healthy 8% yoy growth in Jan/Feb, and -0.6% yoy in 4QFY20. Negative oplev and limited time for cost control resulted in 23% yoy decline in EBITDA.
|2020-05-28||Dabur India Ltd.||ICICI Securities Limited||448.40||520.00||448.40 (12.19%)||3.37||Buy|
ICICI Securities Limited
With increasing health consciousness, some products with immunity booster proposition like Chyawanprash, Honey & OTC products are gaining traction. Further, the company also launched five new products in the healthcare space along with immunity booster kit. DIL posted 400% surge in Chyawanprash demand & 80% growth in honey in the last few months inducing it to expand capacity of these products to meet the current demand. We believe health supplement would be driving the growth and could see structural demand improvement given increasing consumer...
|2020-05-28||Dabur India Ltd.||Nirmal Bang Institutional||466.45||500.00||466.45 (7.85%)||Target met||Buy|
Nirmal Bang Institutional
Dabur's 4QFY20 consolidated revenue declined by 12.3% YoY to Rs18.7bn (vs our est. of 6.5% growth to Rs22.7bn), with domestic FMCG volume declining by 14.6% YoY (vs our est. of 5% growth). The performance during the quarter was severely impacted by Covid related lockdown at the end of March, which coincided with the pre-season sales of summer skewed products. Dabur was on track to deliver 4.5% revenue growth in 4QFY20 if Covid-19 had not happened. Dabur continued to gain market share in core categories Chyawanprash saw 400bps improvement, Dabur Glucose share increased by 100bps, toothpaste market share rose by 30bps, market share in hair oils increased by 60bps and Real fruit juices saw a 150bps...
|2020-05-27||Dabur India Ltd.||Motilal Oswal||448.40||429.00||448.40 (12.19%)||Target met||Neutral|
We also expect an impact on FY21 earnings owing to its high dependence on wholesales and on the profitable MENA business getting affected by the sharp crude price decline. sales/ EBITDA/ Adj. PAT grew 2%/ 3%/ margin contracted 260bp YoY to 18.9% (v/s est. The goal is to appeal to the millennial, increase accessibility and drive penetration through sampling and Management has identified power brands (1) together contribute ~65% of sales, but would contribute large part of Ad-spend focus on power brands would mean that even if overall ad spend rises by only ~6-7%, the increase in ad spends on power brands is likely to be in In its home and personal care portfolio where penetration is very high, the aim is to take market share from peers and plug gaps in terms of portfolio and Weak results and muted near-term outlook has led to 7.4%/9.0% decline in EPS forecasts for FY21/FY22E.
|2020-05-27||Dabur India Ltd.||Prabhudas Lilladhar||466.45||422.00||466.45 (7.85%)||Target met||Hold|
with launch of a slew of immunity boosters, Juices and Milkshake and a new shampoo and Covid care products (Hand, Surface sanitizer, COVID kit and Veggies wash etc.), which will help neutralize the COVID impact to some extent. Dabur is positive on rural demand revival given large scale migration, however we believe that overall impact on demand would be negative given large scale erosion in pricing power. We estimate just 1.5% EPS growth in Fy21 and 10.7% CAGR over FY20-22. While the endeavor to drive growth and invest gains in business is positive, sustained momentum in new launches...
|2020-02-04||Dabur India Ltd.||Geojit BNP Paribas||513.65||527.00||513.65 (-2.06%)||4.76||Hold|
Geojit BNP Paribas
Dabur India Ltd (Dabur), a leading Indian FMCG company, is a world leader in Ayurveda with a portfolio of over 250 Herbal/Ayurvedic products. The company operates through Health Supplements, Digestives, Shampoos, Hair...
|2020-01-31||Dabur India Ltd.||HDFC Securities||495.75||510.00||495.75 (1.47%)||Target met||Buy|
Dabur has outperformed in a tough environment as its brand building initiatives are beginning to pay dividends. Mohit Malhotra is focusing on (a) Scaling power brands (8 brands with 65% revenue mix) which have a large addressable opportunity, (b) Deeper rural penetration led by higher direct reach (targeting 55k/60k villages in FY20/21) and (c) Innovation of new products. We remain optimistic for Dabur and expect co will be opportunistic in the rural recovery. Dabur posted healthy 5.6% domestic volume growth (est 5%) despite weak consumer sentiments in rural India. Focused strategy on power brands, innovative launches and increase in rural reach is driving share gains. Rural growth outpaced urban by 400bps for Dabur (in contrast to industry). Oral care growth at 8.5% was much better than category growth and market leader (Colgate posted 4%). Health Supplements and Digestive also posted healthy 12% and 16% growth. Food remained muted due to category issue, will be keen to watch performance in upcoming season. Despite near term headwinds, we believe Dabur will outperform peers owing to (1) Focus on power brands, (2) Expanding addressable market, (3) Healthy growth in natural category, (4) Rising distribution reach and (5) Innovative launches. We value Dabur at 40x on Dec-21E EPS, arriving at a TP of Rs 510. Maintain BUY.
|2020-01-31||Dabur India Ltd.||ICICI Securities Limited||497.00||550.00||497.00 (1.22%)||9.33||Buy|
ICICI Securities Limited
Healthcare shines, HPC muted, foods segment disappoints The healthcare segment witnessed robust growth of 10.7% during the quarter. Most of the power brands that the management has laid focus on for the medium term are from the healthcare segment, among which Chyawanprash, Hajmola, Pudin Hara and Honitus registered strong growth during the quarter. Growth in home & personal care was subdued at 3.5%, impacted by a severe slowdown in hair oils, which remained flat (up 0.4% YoY). On the positive side, oral care grew 8.5% YoY on the back of a strong...
|2020-01-31||Dabur India Ltd.||Nirmal Bang Institutional||495.75||490.00||495.75 (1.47%)||Target met||Accumulate|
Nirmal Bang Institutional
Dabur's 3QFY20 consolidated revenue grew by 7% YoY to Rs. 23.5bn (vs our est. 4.9% growth to Rs. 23.1bn), led by domestic FMCG volume growth of 5.6% YoY (vs our est. 4%). Rural growth at 5.3% YoY was ahead of urban by 400bps in 3QFY20. Hair care, Health Supplements, Oral Care, Digestives, Home Care and OTC & Ethicals grew by 1%, 12.2%, 8.5%, 15.9%, 2.5% and 3.9%, respectively. The Foods business declined by 1.7% during the quarter. Dabur continued to gain market share in core categories Chyawanprash saw 314bps improvement, toothpaste market share rose by 30bps, market share in hair oils increased by 50bps and Real fruit juices saw a sharp 530bps improvement YoY. International business grew by 12% YoY in constant currency...
|2020-01-30||Dabur India Ltd.||Motilal Oswal||495.75||480.00||495.75 (1.47%)||Target met||Neutral|
Rural sales for Dabur grew 400bp, ahead of urban in 3QFY20, and aided by Results for the quarter were better than estimates led by domestic volume growth, international business and higher gross margins. Valuations are fair at 46.3x FY21 EPS, particularly for a business with moderate earnings growth prospects (~14% CAGR over FY20-22 despite base of 6.4% CAGR in the past 4 years) and RoCEs in mid-20s, also at with TP of INR480 (targeting 40x Further deceleration was witnessed in the FMCG sector in 3QFY20. Demand 6.6% FMCG category value growth itself a multi-year low on Nielsen data, which was 5.3% in Dec19 therefore, slowdown was witnessed toward the quarter-end. Overall domestic sales growth was 5% YoY with 5.6% volume Gross Margins should expand, led by low RM costs in 4QFY20, but company will invest in ad-spends; therefore EBITDA margins are unlikely to expand in the domestic business.
|2019-12-06||Dabur India Ltd.||Edelweiss||457.70||510.00||457.70 (9.91%)|
|2019-11-19||Dabur India Ltd.||Geojit BNP Paribas||453.70||499.00||453.70 (10.88%)||Target met||Hold|
Geojit BNP Paribas
Margins expand in Q2 but valuation expensive Dabur India Ltd (Dabur), a leading Indian FMCG company, is a world leader in Ayurveda with a portfolio of over 250 Herbal/Ayurvedic products. The company operates through Health Supplements, Digestives, Shampoos, Hair...
|2019-11-06||Dabur India Ltd.||Nirmal Bang||476.55||470.00||476.55 (5.56%)||Target met||Accumulate|
what we have envisaged. Dabur's 2QFY20 consolidated revenues grew by 4.1% YoY to Rs. 22.1bn (vs our est. 6.3% growth to Rs. 22.6bn) as domestic FMCG sales grew 4.9% led by volume growth of 4.8% CMP: Rs481 YoY (vs est. 4%). Overall EBITDA grew YoY by 8.6% to Rs. 4.9bn (vs our est. 3.7% growth to Rs. 4.7bn). Adj. PAT grew by 15.1% to Rs. 4.3bn (vs our est. 4% to Rs. 3.9bn). The exceptional item (of Target Price: Rs470 around Rs. 400mn) for the current quarter represents provision for impairment in the value of treasury investment due to rating downgrade leading to default in repayment. Gross margin expanded 140bps Downside: 2% YoY to 50.8% which drove EBITDA margin expansion of 90bps YoY to 22.1% (vs est. 20.7%). The domestic business in 2QFY20 continued to face headwinds in the form of a sustained slowdown in Vishal Punmiya...
|2019-11-06||Dabur India Ltd.||ICICI Securities Limited||476.55||550.00||476.55 (5.56%)||9.33||Buy|
ICICI Securities Limited
Healthcare segment witnessed robust growth of 11.1% growth on account of increased focus of the management in health supplements and digestives verticals (double digit growth in Chyawanprash, Glucose and Digestives). Growth in home & personal care was subdued at 4% impacted by a severe slowdown in hair oils, which grew a mere 2.6% YoY. Oral care growth was also muted at 4.4% though Dabur Red sustained healthy growth of 9.5%. Foods segment declined 5% due to category slowdown and downtrading to lower priced alternatives. Dabur's rural sales grew ahead of urban sales (6%...