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Britannia Industries Research Report - 16th Dec 2015

FMCG | Published on Apr 18th 2011

IT

Britannia Industries (Britannia) is a dominant player in the Indian biscuits market with ~35% market share. The company has a balanced portfolio with seven super brands namely Tiger, Milk Bikis, Good Day, Treat, Marie Gold, 50-50 and NutriChoice. The stock currently trades at 0.8x its FY2013 EV/sales, which is at ~27% discount to its five-year average EV/Sales of ~1.1x and hence, is attractive. We Initiate Coverage on the stock with a Buy recommendation.

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CMP 377
Target Price 458
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)36,451.45
MCAP NSE (Rs in Cr)36,395.05
P/E (x)42.07
EPS (Rs.)72.21
BV (Rs.)181.35
Div Yield (%)0.66
FV (Rs.)2.00
P/BV (x)16.09
EV/Sales (x)4.20
EV/EBITDA (x)30.09

Shareholding Pattern (%)

Promoter51.0
Foreign19.0
Public & Others17.0
Institution10.0
Corporate3.0
Grand Total100.0

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