Brokerage house Prabhudas Lilladher is bullish on Hindustan Unilever (HUL) and has recommended 'Accumulate' rating on the stock with a target price of Rs 748, in its research report dated December 15, 2014.
"HUL is witnessing early signs of uptick in consumer demand across rural and urban India in the past 2/3 months, however poor offset of winter is a near term drag. HUVR is one of the key beneficiaries of decline in input costs led by crude price crash, however selective price corrections in S&D and increased adpro across categories will limit the gains in our view. We expect significant step up in media spends and promotions in Toilet soaps, detergents, Tea, coffee, and skin creams. We are retaining our FY16 and FY17 EPS estimates as of now, given high volatility in crude prices and impending correction in S&D prices. However we believe our estimates could see mid single digit upgrade in FY16 and FY17. Our current estimates factor in 160bps margin expansion and 20% PAT CAGR over FY15-17. We value the stock at Rs 748 based on 30xDec16 EPS. We retain "Accumulate" rating on the stock", says Prabhudas Lilladher research report.
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