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Hold HUL - Karvy
Posted On : 2012-10-20 22:36:33( TIMEZONE : IST )
HUL: (CMP: Rs. 573; Target Price: Rs. 576) - HOLD
The higher involvement of top management at the field level, setting up of aggressive sales targets, improvement in product portfolio and expansion in distribution network have improved the visibility in the business. We expect it would help in delivering better revenue going forward which HUL was missing in previous several years. We expect sales and net earnings to show 15.7% and 17.5% CAGR during FY12-15E vs. 14% and 13.5% growth in FY10-12 respectively.
Outlook & Valuation: Valuing HUL at P/E of 30x (1.8x PEG) on 24-month forward earnings - which is ~10% premium to FMCG sector's valuations and ~20% higher than its past three years median P/E - we initiate coverage on HUL with "HOLD" recommendation with target price of Rs. 576 apiece, having 1% upside potential from the CMP.
