DABUR: In line, margin to improve with a lag (DABUR IN, Mkt Cap USD12.8b, CMP INR574, TP INR660, 15% Upside, Buy) DABUR reported an in line 1QFY23 earnings. Despite indicating continued margin pressures in 2Q, the management aims to maintain FY23 margin at FY22 levels. Despite rural contributing half of its domestic sales, DABUR reported near identical growth in both rural and urban as a result of its efforts to boost rural distribution. This is unlike the broader Consumer category, where r...
The general evaluation of DABUR INDIA (IN), a company active in the Personal Products & Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 1 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date February 4, 2022, the closing price ...
DABUR: Result better than expected; margin headwinds lesser than peers (DABUR IN, Mkt Cap USD14.2b, CMP INR598, TP INR705, 18% Upside, Buy) Driven by very strong growth in HPC and more so in F&B, DABUR’s 2QFY22 result comfortably beat our sales growth forecasts, even as Healthcare sales, as expected, slowed down on the back of a high base. Healthcare sales posted a 19% CAGR over a two-year period, and its medium-term prospects are attractive. Consolidated sales/volume growth of 12%/10% ...
Two Directors at Dabur India Limited sold 4,950 shares at between 627.154INR and 641.120INR. The significance rating of the trade was 58/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
DABUR: Beat on all fronts; future outlook ‘healthy’ (DABUR IN, Mkt Cap USD14.6b, CMP INR614, TP INR715, 16% Upside, Buy) DABUR’s 1QFY22 result came in above our expectations on all fronts. The management’s confidence on: a) double-digit sales growth prospects for FY22, despite a challenging base for the Healthcare business in the remaining quarters, and b) target of maintaining or growing FY22 EBITDA margin YoY, despite the ongoing rise in material costs, is encouraging. The management’s...
Global Equities Dive, Testing Major Support Global equities have gone from extreme bullish sentiment and an extended market to panic and fear over coronavirus concerns. It is virtually impossible to predict what will happen regarding the virus or how much further markets could sell off as a result. Below we explain our outlook based on what we do know, which has been dampened but is not yet dire. • Indexes Testing Major Support. Major indexes are testing long-term base support and/or support...
Q3FY20 result highlights Consolidated revenues were up 7% yoy to Rs23.5bn (est: Rs23bn), EBITDA was up 10.7% yoy to Rs4.93bn (est: Rs4.92bn) and reported PAT was up 8.6% to Rs4bn but adj. for Rs200m exceptional loss (impairment of investments gone bad) PAT was up 14% yoy at Rs4.2bn (est: Rs4bn). Cons. gross margins were up 80bp yoy led by benign raw materials. Staff cost was up by 3% yoy while A&P increased sharply by 14.3% yoy (disproportionate investment behind power brands). Resultant EBI...
Dabur: Good all-round results; management red flags weak demand (DABUR IN, Mkt Cap USD11.8b, CMP INR478, TP INR480, Neutral) Dabur’s 3QFY20 results were met with muted management commentary on the near-term sectoral outlook. None of Dabur’s categories are witnessing green-shoots, indicating lack of substantial revival. Valuations are fair at 46.3x FY21 and 40.1x FY22 EPS and prevent us from turning more constructive on the stock. Results above est.; 5.6% volume growth in domestic FMC...
Q2FY20 result highlights Consolidated revenues were up 4.1% yoy to Rs22.1bn (est: Rs22.7bn), EBITDA was up 8.6% yoy to Rs4.9bn (est: Rs4.9bn) and PAT was up 6.9% yoy at Rs4.03bn (est: Rs4bn) but adj. for Rs400m exceptional loss, adj. PAT stood at Rs4.4bn on lower than exp tax rate of 11.3%. Consolidated gross margins were up 140bp yoy led by benign raw materials and good show in international. Staff cost was up by 3% yoy while A&P increased by 8% yoy. Resultant EBITDA margin improved by 90bp...
DABUR: Earnings in line; Growth prospects muted(DABUR IN, Mkt Cap USD12.0b, CMP INR482, TP INR455, 6% Downside, Neutral) ** 2QFY20 consolidated sales grew 4.1% YoY to INR22.1b (v/s est. INR22.4b). EBITDA grew 8.6% YoY to INR4.9b (v/s est. INR4.8b). PBT grew 6% YoY to INR5b (v/s est. INR5b). Adj. PAT increased 15.5% YoY to INR4.4b (v/s est. INR3.9b). Domestic FMCG business grew 4.9% with underlying volume growth of 4.8% (v/s est. +4%). ** Gross margin expanded 140bp YoY to 50.8%. Along with low...
We interacted with the management of Dabur India in their annual investor meet and were happy to see it getting more aggressive in the market place to defend market-shares and also build growth engines of the future. Dabur is uniquely positioned given its ‘Ayurveda’ lineage and is benefitting from the ‘Naturals’ wave but the key task at hand is to contemporize the brand through renovations and innovations in its existing diversified repertoire of offerings. Near-term strategy is to have a greate...
Dabur: A route back to the roots! (DABUR IN, Mkt Cap USD10.9b, CMP INR441, TP INR425, 4% Downside, Neutral) We attended Dabur’s (DABUR) analyst meet, where the company threw light on various key topics. Key highlights: The new CEO has intuited the need to get back to the core – Ayurveda – after a spin of wheel toward non-core over the last 15 years. India’s Ministry of Ayush too is drawing a parallel between traditional remedies and wellness, reinforcing the idea of Ayurveda. The recent ...
Q1FY20 result highlights Cons. Rev. was up 9.3% yoy at Rs 22.7bn (est: Rs21.8bn), EBITDA was up 18.5% yoy at Rs4.57bn (est: Rs4.1bn) and reported PAT was up 10.2% yoy at Rs3.6bn (est Rs3.4bn), adjusting for exceptional loss on impairment in value of treasury investment, PAT grew by 14.2% yoy. Domestic FMCG grew by 11% yoy with a strong volume growth of 9.6% yoy (est: 5% yoy) on a base of 21% yoy. Consolidated gross margins was largely flat (fell 10bp yoy) even as standalone (India) gross ma...
DABUR: Beat on estimates; Cautious commentary going ahead (DABUR IN, Mkt Cap USD10.8b, CMP INR421, TP INR425, 1% Upside, Neutral) Consolidated sales grew 9.3% YoY to INR22.7b (v/s est. of INR22.2b). EBITDA grew 18.5% YoY to INR4.6b (v/s est. of INR4b). Adj. PAT increased 14.2% YoY to INR3.8b (v/s est. of INR3.4b). The domestic FMCG business grew 10.5% with underlying volume growth of 9.6% (v/s est. of +2%). Gross margin contracted 10bp YoY to 49.5%; this along with lower staff cost as %...
Dabur: Another year of muted earnings/sales growth; Fair valuations cap upside (DABUR IN, Mkt Cap USD9.7b, CMP INR382, TP INR415, 9% Upside, Neutral) sales grew 4.7% YoY to INR21.3b (our estimate: INR22.2b) in 4QFY19. EBITDA was down 5.8% YoY to INR4.6b (our estimate: INR5b), while adj. PAT increased 8.7% YoY to INR4.3b (our estimate: INR4b). Domestic FMCG business grew 6%, with underlying volume growth of ~4.3% (our estimate: +6%). FY19 performance: Sales, EBITDA and adj. PAT grew 10....
Q3FY19 result highlights Consolidated revenues were up 11.8% yoy at Rs 22bn (est: Rs21.7bn), EBITDA was up 10.4% yoy at Rs4.45bn(est: Rs4.45bn) and PAT was up 10.3% yoy at Rs 3.7bn (est Rs3.6bn). Domestic FMCG grew by 15.2% yoy with a volume growth of 12.4% yoy Consolidated gross margins decreased 230bp impacted by higher input costs and higher trade promotions & adverse currency in international business. Staff cost was up by 16% yoy. Other expenses grew by 1.1% yoy. Advertising spends dec...
dABUR iNDIA: Strong overall performance leads to earnings surprise; Fair valuations cap upside (DABUR IN, Mkt Cap USD11.2b, CMP INR452, TP INR455, 1% Upside, Neutral) Dabur’s 3QFY19 consolidated sales grew 11.8% YoY to INR22b (our est. INR21.2b). EBITDA grew 10.4% YoY to INR4.5b (our est. INR4b). Adj. PAT increased 10.2% YoY to INR3.7b (our est. INR3.2b). Domestic FMCG (72% of revenues) sales grew 15.2% YoY, led by underlying volume growth of 12.4% YoY (our est. 7%). 9MFY19 performance:...
Q2FY19 result highlights Consolidated revenues were up 8.5% yoy at Rs 21bn (est: Rs22bn), EBITDA was up 7% yoy at Rs4.5bn(est: Rs4.76bn) and PAT was up 4% yoy at Rs 3.8bn (est Rs3.8bn). Domestic FMCG grew by 8.6% yoy with a volume growth of 8.1% yoy. Consolidated gross margins decreased 70bp impacted by higher input costs & adverse currency. Staff cost was up by 15% yoy. Other expenses grew by 8.5% yoy and A&P spends decreased by 8.4% yoy. Resultant EBITDA margin declined of 20bps yoy. HPC...
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