ICICI Direct has given Buy recommendation for Varun Beverages with a target price of Rs. 1300 in its research report issued on Apr 29, 2022

ICICI Direct’s research report on Varun Beverages

Varun Beverages is one of the largest franchisees 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.


We upgrade the stock from HOLD to BUY rating. We value the stock at Rs 1300, valuing the business 24x CY23 EV / EBITDA.

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