Sharekhan has given Buy on the stock with a revised price target (PT) of Rs. 645 recommendation for Marico with a target price of Rs. ekhan is bullish on Marico has recommended buy on the stock with a revised price target (PT) of Rs. 645 in its research report issued on Oct 28, 2021
Gaining market share in the core domestic portfolio through new launches, scaling up the food business, and improving growth prospects in countries such as Bangladesh and Vietnam are some of the key growth levers for Marico in the near to medium term. Inflationary trends are receding and OPM is expected to see improvement from Q4FY2022. We have introduced FY2024 estimates in this note. The stock is currently trading at 45.3x/40.5x its FY2023E/FY2024E earnings. We like the company’s focus on de-risking its business model by premiumisation of the core, expansion of foods portfolio, scaling up digital brands, and cost management. We maintain our Buy recommendation on the stock with a revised price target (PT) of Rs. 645.