ICICI Direct has given Buy recommendation for Dabur India with a target price of Rs. 680 in its research report issued on May 06, 2022

ICICI Direct’s research report on Dabur India

Dabur India (DIL) is one of the biggest FMCG companies with a presence in Ayurveda based products across categories. The company has a dominant market share in health supplement, OTC & Ethical products, hair oils & Juices. Moreover, it is continuously gaining market share in Oral care category. • The company has a total distribution reach of 6.9 million retail out with direct reach of 1.3 million outlets. It would increase direct distribution to 1.5 million outlets in the next two years. Dabur also derives ~50% of its sales through rural regions with presence in 90,000 villages.

Outlook

We maintain our BUY rating on the stock. We value the stock at Rs 680 on ascribing 52x FY24 earnings multiple.

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