DABUR INDIA LTD. Stock Coverage BUY CMP TARGET 515 LONG TERM INVESTMENT. Date 02 nd Aug BSE Code
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1 Stock Coverage DABUR INDIA LTD BUY CMP TARGET 515 LONG TERM INVESTMENT Date 02 nd Aug 2018 BSE Code NSE Code DABUR Market Cap (Rs Cr) week High/Low /297 Industry Face Value Shares O/S (In No) Household & Personal Products EPS * 8.04 Rs 1/Share Cr Book Value* P/E P/B *Note: On Consolidated TTM basis Shareholding Pattern as on June 2018 Dabur India Ltd is a leading packaged consumer products manufacturer, offering a wide range of products based on traditional Ayurveda and Nature. With a legacy of over 134 years, Dabur is today the oldest and the most trusted name in the field of Ayurveda and Health Care. Some of co s most iconic brands, which are popular across the globe, are Dabur Chyawanprash, Dabur Amla, Vatika, Real, Hajmola, Fem and DermoViva. Robust Distribution Network: During fiscal co s direct reach crossed 1 million retail outlets, making it one of the largest direct distribution networks in the FMCG space in India. Co have also significantly strengthened its rural footprint with now reaching close to 42,000 villages across the country with 370 super-stockists and over sub stockist. The company covers over 200,000 chemists and over 10,000 Ayurvedic pharmacies to promote and sell its healthcare products. At the end of FY18, NewU s (co s chain of beauty retail stores )retail footprint stood at 83 stores across 31 cities. Healthy double digit growth across segments in Q1FY19 : During Q1FY19, Shampoo business posted a growth of over 30%. Dabur s Honey sales continued to report strong gains, growing by around 42%, driving the Health supplements category growth to 27.5% during the same quarter. Skin Care category grew by 27.1%, while the foods business, led by strong demand for co s packaged juices, posted over 26% growth during Q1 19. Digestives business also grew by nearly 22% during the quarter, while Dabur s Home Care and Oral Care businesses reported an over 17% growth. The domestic FMCG business reported a highest-ever volume growth of 21% during the quarter. Strong growth strategy: The company s strategy is to pursue a strong growth path with increasing focus on Ayurveda and nature-based products in Healthcare, Personal Care and Foods segments. Company considers its healthcare portfolio as unique and a strong generator of profitable growth for a long time to come. The penetration of OTC products is very low in India. This provides enormous opportunities for growth in the future. In addition, the increasing consumer preference for Ayurvedic products provides Dabur a unique platform for offering products which are in sync with consumer preferences. Valuation Research Analyst : Astha Jain For Private Circulation Only The company is currently trading at of TTM eps of Rs 8.04 while it is trading at 47x of FY19E eps & 41x of FY20E eps. During Q1 FY19, co has shown strong financial performance with approx. 7 % increase in margin & healthy double digit growth in volumes across all segments which is significantly ahead of market.with co s continuous focus on brand building & margin expansion along with innovation, we believe that Dabur will sustain strong growth going forward. Hence we are recommending Buy on the stock with price target of Rs 515 for long term horizon.
2 Company Overview Dabur India Limited is one of India s leading FMCG Companies. The company s business model is based upon its three verticals: Healthcare (HC), Home and Personal Care (HPC) and Foods.The healthcare vertical is based on Ayurveda and the company has the entire range of Ayurvedic classical medicines in its portfolio. In addition, the company offers a wide range of proprietary products called Branded Ethicals, which are based on the principles and knowledge of Ayurveda. The company s HPC vertical also has strong linkages with Ayurveda as most of the products incorporate herbal and natural ingredients, which provide additional health benefits as compared to other products. Co s Hair Care and Oral Care portfolios are strongly positioned as Herbal and have been gaining market share based on this proposition. The company s Foods portfolio is strongly positioned on the Health & Wellness platform. The brands Réal, Activ and Hommade are centered on the theme of Health and Nutrition and provide a host of products based on the goodness of fruits and vegetables in a convenient format. Dabur India's FMCG portfolio today includes five flagship brands with distinct brand identities Dabur as the master brand for natural healthcare products, Vatika for premium personal care, Hajmola for digestives, Réal for fruit-based beverages, and Fem for fairness bleaches & skin care. Co s brand portfolio includes 16 brands in the billion rupee turnover basket with Dabur Anmol Coconut Oil joining this coveted list this year. The year also saw co s flagship toothpaste brand Dabur Red Paste cross Rs 500 crore turnover mark, making it the fourth Dabur brand to reach this mark after Dabur Amla, Vatika and Réal. Brands such as Hajmola, Dabur Red, Real and Dabur Amla featured in the Most Trusted Brands survey reflecting the trust of millions of consumers. In India, Dabur s manufacturing units are spread across 12 locations: Baddi (Himachal Pradesh), Pantnagar (Uttarakhand), Sahibabad (Uttar Pradesh), Tezpur (Assam), Jammu, Silvassa, Katni, Narendrapur, Pithampur, Nashik, Alwar and Newai (both in Rajasthan). Co s key overseas markets are Gulf Cooperation Council, Iran, North Africa, Egypt, South Africa, Nigeria, Kenya, Turkey, UK, US,Canada,Nepal, Bangladesh, Sri Lanka, Myanmar. Pakistan, Afghanistan. In the financial year, the R&D team developed 16 new products for India and International markets. In the domestic market, these new launches have helped further establish Dabur as the Science-based Ayurveda expert. In addition to the products launched in Indian market, the company is also introducing a range of healthcare products in its overseas markets. Moving forward in this direction, Dabur introduced the world s first pure vegetarian single-herb capsule that does not have any chemicals and preservatives. The capsule with a revolutionary vegetable origin capsule cover has been introduced under the Nature4U brand, which sells in a few of co s international markets such as UK. The first new product in this range was Dabur Nature4U Boswellia, for promoting bone and joint health. For Private Circulation Only \
3 Strong growth across segments in Q1FY9 In Q1FY19 Oral care recorded a growth of 17.3% Hair oil category grew by 18.8% on the back of strong growth in Anmol Coconut Oil, Amla Hair Oil, Brahmi Amla Hair Oil and Dabur Almond Hair Oil Homecare category posted double digit growth of 17.4% mainly on account of strong growth in Odonil and Sanifresh Skin care recorded growth of 27.1% driven by double digit growth in Gulabari, Fem bleaches, HRC and facial kits Health Supplements grew by 27.5% led by strong double digit growth in Chyawanprash & Honey Higher media spends, focus on impactful media and more weeks on air driving growth
4 In Q1FY19, Ethicals grew by 23.4% led by medico marketing initiatives and on the ground activations Shampoos category grew by 30.3% driven by focused marketing initiatives and improving bottle saliency Digestives posted growth of 21.6% on the back of strong performance of Hajmola tablets & launched a new variant Hajmola Chat Cola New Product Launches In line with its focus on Ayurvedic medicinal products Dabur launched 3 new products in FY18 in its branded ethical portfolio: Agnisandeepam Churna, an Ayurvedic medicine for improving digestion. Introduced in a powder format, this product is enriched with anardana, amaltas, elaichi and kutki among other ingredients. Dadimavaleha, a digestive tonic with Anar juice as the main ingredient. It helps cure acidity besides improving digestion. Vasant Meha Ras, an Ayurvedic medicine for managing diabetes and its complications. It comes in a tablet format and is packed with Shilajit, Swarna Bhasma and Moti Bhasma, among other ingredients Dabur Honitus Hot Sip, a readyto- use Ayurvedic kadha for relief from cough and cold was also made available nationally and the product received a good response. In the Home and Personal Care vertical, Dabur Red Gel, India s first Ayurvedic Gel toothpaste was rolled out nationally Strengthening its presence in the Shampoo market, Dabur relaunched the Vatika Shampoo range with Satt Poshan (power of Seven Natural ingredients). Packed with seven natural ingredients, this range of Shampoos is a unique blend of nature and science,offering gentle cleansing and conditioning. Dabur also unveiled a new and improved Vatika Enriched Coconut Hair Oil packed with the power of seven Ayurvedic herbs that help rejuvenate scalp and reduce hair fall With the flavoured variants of Hajmola gaining momentum, Dabur added a new variant Amrud (Guava) to its kitty. The new variant has received a good response from the market. Going forward, the company will continue to expand this range with addition of new variants and formats. Dabur has entered the fruit drinks market with the launch of a lower priced mango drink Réal Koolerz. The brand has been launched in 4 flavours orange, apple, mixed fruit, mango and will be targeting the fruit drinks category which is estimated at more than Rs 6,000 crore. Beverages grew by 26.8% on the back of strong double digit growth in Real and Activ International Business posted 10.5% growth in constant currency terms during Q1 FY19
5 Consolidated P&L A/c Rs Cr Particulars FY16 FY17 FY18 FY19E FY20E Net Sales Growth ( %) (2.13) Expenditure EBIDTA Growth (%) -- (0.74) EBIDTA Margin (%) Other Income Depreciation EBIT EBIT Margin (%) Interest Exceptional Item (14.54) PBT Tax PAT Min Int & Ass Sh (2.75) (3.12) (3.11) (3.11) (3.11) Consolidated PAT Growth (%) NPM (%) Ratios Particulars FY16 FY17 FY18 FY19E FY20E EPS ROCE(%) ROE(%) Book Value Debt/Equity
6 Consolidated Balance Sheet Rs Cr Particulars FY16 FY17 FY18 FY19E FY20E Sh Capital Res & Surplus Sh App/Warrants Minority Interest Total Debt(Long Term+Short Term Borrowings) Other Long Term Liab & Provison Net Deferred Tax Liability Sources Of Fund Net Fixed Assets Non Current Investments Intangible Assets Other Non Current Assets Total Current Assets Current Liabilities & Provisions Net Current Assets Uses Of Funds
7 Consolidated Quarterly Financial Highlights Rs Cr Particulars Q1FY19 Q1FY18 Q4FY18 YoY% QoQ% Total Income Total Expenses Operating Profit (20.42) Net Profit (16.91) PBIDTM % (22.25) NPM % (18.93) EPS (17.33) Past Price Movement
8 HEM SECURITIES LIMITED MEMBER-BSE,CDSL,SEBI REGISTERED CATEGORY I MERCHANT BANKER Sebi Registration No For Research Analyst: INH MUMBAI OFFICE: 904, A WING. 9 TH FLOOR, NAMAN MIDTOWN, SENAPATI BAPAT MARG, ELPHINSTONE ROAD, LOWER PAREL,MUMBAI PHONE FAX JAIPUR OFFICE: , JAIPUR TOWERS, M I ROAD, JAIPUR PHONE FAX GROUP COMPANIES HEM FINLEASE PRIVATE LIMITED MEMBER-NSE HEM MULTI COMMODITIES PRIVATE LIMITED MEMBER-NCDEX, MCX HEM FINANCIAL SERVICES LIMITED NBFC REGISTERED WITH RBI Disclaimer & Disclosure: This document is prepared for our clients only, on the basis of publicly available information and other sources believed to be reliable. Whilst we are not soliciting any action based on this information, all care has been taken to ensure that the facts are accurate, fair and reasonable. This information is not intended as an offer or solicitation for the purchase or sell of any financial instrument and at any point should not be considered as an investment advice. Reader is requested to rely on his own decision and may take independent professional advice before investing. Hem Securities Limited, Hem Finlease Private Limited, Hem Multi Commodities Pvt. Limited, Directors and any of its employees shall not be responsible for the content. The person accessing this information specifically agrees to exempt Hem Securities Limited, Hem Finlease Private Limited, Hem Multi Commodities Pvt. Limited or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and further agrees to hold Hem Securities Limited, Hem Finlease Private Limited, Hem Multi Commodities Pvt. Limited or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays. The companies and its affiliates, officers, directors, and employees, including persons involved in the preparation or issuance of this material may from time to time, have long or short positions in, and buy or sell the securities there of, company (ies) mentioned herein and the same have acted upon or used the information prior to, or immediately following the publication. Analyst Certification The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
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