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Procter & Gamble Hygiene and Health Care Ltd Research Report - 06th May 2016

FMCG | Published on May 06th 2016

IT

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 ~Rs624cr), mainly due to growth in both female hygiene and health care segment. On the operating front, the company reported margin contraction by 41bp yoy to 21.7%, primarily on account of higher other expenses. The reported net profit grew by ~12% yoy to ~Rs97cr (our estimate was of ~Rs98cr) on account of healthy sales growth. Outlook and valuation: On the top-line front, we expect the company to report ~13% CAGR and on the bottom-line front, we expect ~15% CAGR over FY2015- 18E on the back of strong brands and distribution network. Further, P&G is a market leader in both of its product, ie Whisper (female hygiene segment) and Vicks (healthcare segment- ointment, creams, cough drops etc). We are positive on the stock and recommend a Buy rating with a target price of Rs7,369.

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CMP 6,404
Target Price 7,369
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)22,212.39
MCAP NSE (Rs in Cr)22,283.81
P/E (x)48.54
EPS (Rs.)140.98
BV (Rs.)465.55
Div Yield (%)0.53
FV (Rs.)10.00
P/BV (x)14.70
EV/Sales (x)8.54
EV/EBITDA (x)35.72

Shareholding Pattern (%)

Promoter71.0
Public & Others13.0
Institution9.0
Foreign4.0
Corporate3.0
Grand Total100.0

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