ICICI Direct has given Hold recommendation for Varun Beverages with a target price of Rs. 1050 in its research report issued on Feb 05, 2022

ICICI Direct’s research report on Varun Beverages

Varun Beverages is one of the largest franchisee of PepsiCo in the world. The company produces & distributes carbonated drinks, juices & packaged drinking water in six countries including India. Some of the PepsiCo brands produced by VBL includes Pepsi, Diet Pepsi, Seven-Up, Mirinda, Mountain Dew, Nimbooz, String, Slice, Tropicana, Aquafina among others. The company has operations in India (except Andhra Pradesh, J&K & Ladakh), Sri-Lanka, Nepal, Morocco, Zambia & Zimbabwe

Outlook

We change our rating on the stock from BUY to HOLD We value the stock at Rs 1050, valuing the business 23x CY23 EV / EBITDA

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