Dabur India Ltd. share price target

Maintain BUY with revised TPD of Rs 620 (vs earlier TP of Rs 680) as we continue to value it at 49x FY24E, implying an upside of 17% from the CMP.

Potential for sustained double-digit topline growth; attractive at current levels We reiterate our BUY rating on DABUR with a TP of INR705, implying 29% potential upside. Our investment thesis on DABUR is premised on the following key attributes: a) highest topline growth visibility among peers, b) consistent market share gains across categories, and c) potential to record even faster earnings growth post-completion of its ongoing investment phase. The key catalysts that underpin a sustained double-digit topline growth for DABUR include: a) an impressive performance in the Ayurvedic healthcare space,...

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...

Maintain BUY with unchanged TP of Rs. 680 owing to 1) recent correction in stock price making risk-reward favourable, 2) healthy Q3 performance and 3) stability on margins despite RM pressures.

recall and lineage over the years. Dabur has cut adspends to sustain margins (like other FMCG players) but that does not seem to be a sustainable trend given the pipeline of new launches in large categories. We expect near term volatility in margins although market share gains in core categories and new lunches around core infuse confidence. Dabur trades at 38.1xFY24 EPS after factoring in 18% EPS CAGR over FY22-24 with 24% ROE and 50% dividend payout. Retain accumulate with 12 month DCF based target price of Rs647 (unchanged). However, expect back ended returns given sectoral rotations,...

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...

Maintain BUY with revised TP of Rs. 680 (Rs. 590 earlier) and roll forward our PE multiple of 49x to Sep23 earnings.