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Tata Global Beverages Research Report - 16th Dec 2015

FMCG | Published on Dec 19th 2011

IT

Tata Global Beverages Limited (TGBL) is an emerging player in the global beverage market. The company has made a strategic shift from being a local tea company to a global beverage company through various acquisitions and strategic partnerships with global beverage giants like PepsiCo and Starbucks. As a result, the company has made an entry into the top 10 global companies list in the hot drinks category, posing a challenge to global players like Nestlé, Unilever and Kraft Foods. The companys product portfolio comprises leading global brands like Tetley, Eight O Clock and local brands like Tata Tea. Despite its leadership position in the Indian packaged tea market, No. 2 position in the global tea market and generating ~90% of its total revenue from branded products, TGBL is trading at 12.2x FY2013E EPS (which is at a discount to its FMCG peers, trading at 20x–35x FY2013E EPS). Also, on EV/Sales basis, the stock is trading at 0.6x FY2013E EV/Sales (historical average of 1x EV/ Sales). Hence, we initiate coverage on the stock with a Buy recommendation and a target price of Rs97, based on 14x FY2013E EPS of Rs6.9(0.8x FY2013 EV/Sales).

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Sell

CMP 84
Target Price 97
Investment Period12 Months

Stock Info

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Shareholding Pattern (%)

Promoter34.0
Foreign24.0
Public & Others22.0
Institution19.0
Corporate1.0
Grand Total100.0

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