ICICI Direct has given Hold recommendation for Hindustan Unilever with a target price of Rs. 2800 in its research report issued on Oct 22, 2022

ICICI Direct’s research report on Hindustan Unilever

Hindustan Unilever (HUL) is the biggest FMCG company in India with more than 40 brands across categories. It is the market leader in fabric wash, personal wash, cosmetics, shampoos and many other categories. The company has a distribution reach of ~8.5 million (mn) outlets with a direct network of more than 3.5 mn • HUL acquired GSK Consumer Healthcare’s business in 2019 and integrated Horlicks and Boost brands with the foods & refreshment segment.


We maintain our HOLD rating on the stock. We value HUL at Rs 2800 i.e. 60x P/E on FY24E EPS.

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