GlaxoSmithKline Consumer Healthcare Ltd. share price target

GSK Consumer is the largest player in the Rs18bn Indian health drink market, with a 70% market share. The category has entered a new orbit, with growth rates sustaining above 10%. Value-added variants of Horlicks account for ~18% of brand sales. With super premium HFDs priced at INR 1000 / Kg accounting for 10% of value and growing at 35%, GSK Consumer intends to enter the segment. Also, management aims to increase non-HFD segment's share from the current 5% to 15% over the next 3 years by focusing on Sensodyne toothpaste, noodles, oats, biscuits and nutri-bars. Reaches 800,000 outlets. GSK Consumer has a strong brand...

GSK Consumer reported numbers much below our estimates. While revenues remained flat at Rs10.7bn vs. our expectations of Rs11.7bn, normalised net profit grew by just 2%, which was 15% below our estimate. EBITDA margins improved by 19.1% to Rs1.9bn in line with our estimates, which was on the back of lower milk and SMP prices. On account of poor volume growth performance in past five quarters coupled with fair valuations, we...

GSK Consumer is the largest player in the Rs18bn Indian health drink market, with a 70% market share. The category has entered a new orbit, with growth rates sustaining above 10%. Value-added variants of Horlicks account for ~18% of brand sales. With super premium HFDs priced at INR 1000 / Kg accounting for 10% of value and growing at 35%, GSK Consumer intends to enter the segment. Also, management aims to increase non-HFD segment's share from the current 5% to 15% over the next 3 years by focusing on Sensodyne toothpaste, noodles, oats, biscuits and nutri-bars. Reaches 800,000 outlets. GSK Consumer has a strong brand...

Strong Brand Value: GlaxoSmithKline Consumer Healthcare Ltd. (GSKCH) manufactures and markets Horlicks, Boost, Viva, Maltova, Horlicks Biscuits, Foodles etc. In addition, it also earns business auxiliary service commission on products in diverse categories, which include prominent household names such as Eno, Crocin and Iodex.

GSK Consumer is the largest player in the Rs18bn Indian health drink market, with a 70% market share. The category has entered a new orbit, with growth rates sustaining above 10%. Value-added variants of Horlicks account for ~18% of brand sales. With super premium HFDs priced at INR 1000 / Kg accounting for 10% of value and growing at 35%, GSK Consumer intends to enter the segment. Also, management aims to increase non-HFD segment's share from the current 5% to 15% over the next 3 years by focusing on Sensodyne toothpaste, noodles, oats, biscuits and nutri-bars. Reaches 800,000 outlets. GSK Consumer has a strong brand...

GSK Consumer is the largest player in the Rs18bn Indian health drink market, with a 70% market share. The category has entered a new orbit, with growth rates sustaining above 10%. Value-added variants of Horlicks account for ~18% of brand sales. With super premium HFDs priced at INR 1000 / Kg accounting for 10% of value and growing at 35%, GSK Consumer intends to enter the segment. Also, management aims to increase non-HFD segment's share from the current 5% to 15% over the next 3 years by focusing on Sensodyne toothpaste, noodles, oats, biscuits and nutri-bars. Reaches 800,000 outlets. GSK Consumer has a strong brand...

GSK Consumer is the largest player in the Rs18bn Indian health drink market, with a 70% market share. The category has entered a new orbit, with growth rates sustaining above 10%. Value-added variants of Horlicks account for ~18% of brand sales. With super premium HFDs priced at INR 1000 / Kg accounting for 10% of value and growing at 35%, GSK Consumer intends to enter the segment. Also, management aims to increase non-HFD segment's share from the current 5% to 15% over the next 3 years by focusing on Sensodyne toothpaste, noodles, oats, biscuits and nutri-bars. Reaches 800,000 outlets. GSK Consumer has a strong brand...

GSK Consumer is the largest player in the Rs18bn Indian health drink market, w ith a 70% market share. The category has entered a new orbit, with growth rates sustaining above 10%. Value-added variants of Horlicks account for ~18% of brand sales. With super premium MFDs priced at INR 1000 / Kg accounting for 10% of value and grow ing at 35%, GSK Consumer intends to enter the segment. Also, management aims to increase non-MFD segment's share from the current 5% to 15% over the next 3 years by focusing on Sensodyne toothpaste, noodles, oats, bis cuits and nutri-bars. Reaches 800,000 outlets. GSK Consumer has a strong brand...

Background: GSK Consumer is the largest player in the Rs18bn Indian health drink market, w ith a 70% market share. The category has entered a new orbit, with growth rates sustaining above 10%. Value-added variants of Horlicks account for ~18% of brand sales. With super premium MFDs priced at INR 1000 / Kg accounting for 10% of value and growing at 35%, GSK Consumer intends to enter the segment. Also, management aims to increase non-MFD segment's share from the current 5% to 15% over the next 3 years by focusing on Sensodyne toothpaste, noodles, oats, biscuits and nutri-bars. Reaches 800,000 outlets. GSK Consumer has a strong brand equity even in...