Buy Nestle India, target of Rs 1,626: Angel Broking
Angel Broking has recommended a buy rating on Nestle India with a target price of Rs 1,626 in its March 6, 2009 research report. “For 4QCY2008, Nestle reported yet another quarter of strong Topline growth of 21.7% yoy to Rs 1,090 crore (Rs 895.7 crore) slightly ahead of our estimates of a 20% yoy growth to Rs 1,065 crore. Revenue growth was aided by steady growth in the company’s Net Domestic Sales (up 25.4% yoy to Rs 1,006.6 crore supported by growth across product groups) as Export Sales declined during the quarter (down 10.2% yoy to Rs 83.5 crore) mainly due to drop in Exports to Russia.”
“We have marginally tweaked our estimates to account for robust Topline growth and factored in 80bp Margin expansion in CY2009E. We recommend a Buy on the stock, with a target price of Rs 1,626,” says Angel Broking’s research report.
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