Motilal Oswal has given Buy recommendation for Britannia recommended buy rating on the stock with a target price of Rs 4575 in its research with a target price of Rs. 4575 in its research report issued on Apr 06, 2021

Motilal Oswal’s research report on Britannia

BRIT’s opportunity for growth is significant, with the overall Biscuits category estimated to grow in the mid-single digits. Furthermore, the opportunity in terms of market share gains is even greater – BRIT’s market share is only in the mid-30s despite the company being the largest player in the Biscuits space. The broad Packaged Foods market (estimated at USD40-50b) presents the strongest structural opportunity in India’s consumption space. BRIT’s FY21E revenue of ~USD1.8b is a fraction of this addressable market.

Outlook

Maintain BUY, with revised TP of INR 4,575 (INR4120 earlier), targeting 50x FY23 EPS.

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