For 3QFY2017, ITC has reported below estimates numbers, both on the top-line
and bottom-line fronts, on the back of lower Cigarettes volume growth due to
demonetization of Indian currency. However, healthy growth was witnessed in
other businesses like Hotels, Agri Business, etc. We expect ITC to report top-line and bottom-line CAGR
of 9% and 12% respectively over FY2016-18E. At the current market price, the
stock is trading at 26.9x its FY2018E EPS. We recommend an Accumulate rating
on the stock with a Target Price of Rs284.
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