Accumulate Hindustan Unilever; target of Rs 2930: Prabhudas Lilladher

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Prabhudas Lilladher’s research report on Hindustan Unilever

We are cutting FY22/23 EPS by 1.9%/0.2% on the back of 1) Inflationary environment impacting GRMs and 2) Slowdown witnessed in rural demand neutralized partly by uptick in Discretionary segments. Despite the near term inflation challenges, we remain positive on the structural story given that 1) More than 75% of business is gaining share 2) HFD segment is likely to emerge as a key driver of growth with synergies ahead of guidance 3) Rebound in discretionary and OOH expected with improving mobility 4) Launch of D2C platforms for Lakme, Simple, Dermalogica and Love Beauty & Planet 5) distribution gains from strategies like WIMI and SHIKHAR.

Outlook

We expect 10.9% Sales and 15% PAT CAGR over FY22-23 and assign a DCF based target price of Rs 2930 (Rs 2915 earlier). Maintain Accumulate.

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