ICICI Direct has given Buy recommendation for Varun Beverages with a target price of Rs. 950 in its research report issued on Aug 03, 2021

ICICI Direct’s research report on Varun Beverages

Varun Beverages (VBL) 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. Some of the PepsiCo brands produced by VBL include 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 maintain our BUY rating on the stock We value the stock at Rs 950, valuing the business 22x CY23 EV / EBITDA


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