ICICI Direct has given Hold recommendation for United Breweries with a target price of Rs. 1580 in its research report issued on Aug 03, 2021

ICICI Direct’s research report on United Breweries

United Breweries (UBL) is the biggest beer player in the domestic market (~52% market share), a sector largely dominated by MNCs (~85% of market). On-trade sales comprise ~25% of revenues (rest 75% off-trade) Heineken, one of the world’s largest beer companies, holds 72.7% stake in United Breweries


With the recent sharp run-up in the stock (mainly due to acquisition of shares by the promoter), we change our recommendation to Hold We value the stock at Rs 1580 i.e. 57x P/E on FY23E EPS


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