Buy Dabur India, target of Rs 111: IIFL
IIFL has maintained its buy rating on Dabur India with target price of Rs 111 in its March 23, 2009 research report. “Dabur has put its beauty and wellness retail venture ‘new-u’ on the block. The company has mandated Grant Thornton to find a buyer for the retail chain.
We had anticipated this move by the management, given the poor response to the chain, weak positioning and the overall operating environment, which has turned extremely tough for retailers. This is a move in the right direction, though finding a buyer may not be easy in the current environment. Retail losses will no longer be a drag on overall profitability. Accumulated losses on the venture add up to Rs 220 million over an investment of Rs 416 million over the past two years. We reiterate ‘BUY’ with target price of Rs 111,” says IIFL’s research report.
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