BRITANNIA
09.11.2022 - BOFA on Britannia Maintain Buy CMP 4125 Target 475207.11.2022 - MS on Britannia Maintain Overweight CMP 4125 Target 3892
07.11.2022 - CLSA on Britannia Maintain Underperform CMP 4125 Target 3890
07.11.2022 - GS on Britannia Maintain Neutral CMP 4125 Target 4000
07.11.2022 - Macquarie on Britannia Maintain Neutral CMP 4125 Target 3750
07.11.2022 - Nomura on Britannia Maintain Buy CMP 4125 Target 4600
28.09.2022 - CITI on Britannia Maintain Buy CMP 3854.45 Target 4350
26.09.2022 - Investec on Britannia Maintain Hold CMP 3791.6 Target 3843
19.08.2022 - JpMorgan on Britannia Maintain Neutral CMP 3652 Target 3939
05.08.2022 - MS on Britannia Maintain Overweight CMP 3689 Target 3892
05.08.2022 - Jefferies on Britannia Maintain Hold CMP 3689 Target 4380
20.06.2022 - CLSA on Britannia Maintain Outperform CMP 3332 Target 3850
31.01.2022 - Macquarie on Britannia Maintain Neutral CMP 3509 Target 4000
CLSA ON BRITANNIA (CMP: 3,681) MAINTAIN OUTPERFORM TARGET: 3,850 - 18.08.2021
* Growth Levers Falling In Place
* Market Share Focus To Pay Off For Co
* Annual Rpt Highlights Focus On Cost Efficiency, Pdct Innovation, Distribution Footprint
• In Biscuits, Co Focussing On Localised Strategies For Large Brands
• FCF Generation For FY21 Was Robust At *1,600 Cr Despite Capex
• Overall ICDs Reduced YoY To 1,000 Cr,
But Group Co ICDs Expanded To *790 Cr
CLSA ON BRITANNIA : 03.08.2021
• Strategy of volume over margin aided top line and drove beat
• Price hikes on the rise; focus to grow margin higher than in FY20
• Normalcy, focus on scaling adjacent operations; PLI boosts prospects
• Better pricing should help margin; normalcy expected to aid diversification
CITI ON BRITANNIA : 03.08.2021
• Maintain BUY, Target at Rs 3,975/share
• Good operational beat on very low expectations
• Britannia has been one of the worst performing consumer names YTD
• See room for relative valuation gap to bridged
JEFFERIES ON BRITANNIA : 03.08.2021
* Jefferies upgrades Britannia to BUY, target raised to Rs 4,150/sh
* While Mărgin Has Started Normalising, Revenue Trend Better In Q1
• Focus Remains On Growth And Gross Margin Is Close To Bottoming Out
* May See Product Price Hikes In Coming Quarters
* Stock Appears Attractive At Current Levels
* UPGRADE BUY TARGET: 4,150 (PREV TGT: 3,800)
MACQUARIE ON BRITANNIA : 03.08.2021
* Macquarie has a neutral call on Britannia
* MAINTAIN NEUTRAL TARGET: 3,600
* Co Intends To Take Price Hikes To Offset Cost Pressures
* Await Details On Its Strategy To Offset The Input Cost Pressures
* Look To Gain Clarity On Competitive Situation On Ground
CITI ON BRITANNIA : 03.08.2021
* Citi has a Buy call as it believes co reported operational beat in Q1
• Good Operational Beat On Very Low Expectations
* EBITDA Is Ahead Of Our/Consensus Forecasts
* Room For Relative Valuation Gap To Be Bridged
* MAINTAIN BUY TARGET: 3,975
CLSA ON BRITANNIA : 03.08.2021
* CLSA maintains Underperform call on Britannia, sees limited pricing to help co gain share
* MAINTAIN UNDERPERFORM TARGET: 3,625
* Margin Pressure On Expected Lines; Better Topline Aided Overall Delivery
* Estimate Co To Have Registered Low Single digit Volume Growth For Quarter
• See Limited Pricing To Help Co Gain Share