Buy Hindustan Unilever; target of Rs 3200: Motilal Oswal

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Motilal Oswal’s research report on Hindustan Unilever

Hindustan Unilever (HUVR)’s 2QFY22 results were in line with our estimates. While domestic volume growth was weaker than expected at 4% for the quarter, strong realization growth actually led to a small beat on sales. While commodity costs remain elevated, we believe mix improvement would lead to continued sequential margin improvement. HUVR’s share of the Discretionary and Out-of-Home (OOH) portfolios (~15% of sales) is higher v/s peers. Moreover, these businesses have much higher margins than the rest of the portfolio. As a result, the earnings growth outlook from 2HFY22 is incrementally better v/s peers.

Outlook

We maintain a Buy rating, with TP of INR3,200 (60x Dec’23E EPS).

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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