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Buy Colgate; target of Rs 740: Hem Securities

Posted on: June 8th, 2009 and is filed under Brokerage Recommendations.

Hem Securities has maintained its buy rating on Colgate Palmolive with a price target of Rs 740 in its report dated June 6, 2009.

“Colgate Palmolive has performed well in Q4FY09 with its topline and bottomline surging at a whopping rate of 21% and 39% respectively. The operating profit witnessed a sharp rise of 84% in Q4FY09 as against Q4FY08. The company is a market leader in oral care segment which comprises of toothbrush, toothpaste and toothpowder. With market growing at 5.9% in toothbrush category, Colgate has registered a tremendous growth of 15.2% in 3 years. Presently, the stock is trading at Rs 529 which is at 24.96 times to its earnings of FY09 of Rs 21.19 and 28.99 times to its book value of Rs 18.27. Since the stock offers good investment opportunity, we up-grade out target price at Rs 740 in medium to long term investment horizon expecting an appreciation of about 40 % from the current level of Rs 529. Buy,” says Hem Securities’ report.

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