Neutral Nestlé India; target of Rs 19,100: Motilal Oswal

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Motilal Oswal’s research report on Nestlé India

Nestlé India (NEST) reported sales in line with our estimates. Growth of 9.6% in 3QCY21 on a base of 10.1% in 3QCY20 indicates a healthy demand trend. In a welcome new disclosure, the quarterly press release now has commentary on segmental growth, and growth for the quarter seems to be broad based across the four key segments. On a high EBITDA margin base, operating profit and PAT growth came in tepid at 5.9% and 3.2%, respectively, especially as material cost inflation led to the lowest gross margin in 17 quarters in 3QCY21. The press release indicated commodity costs pressures are likely to persist. Valuations at 60.8x CY23E EPS do not leave any room for any upside from a one-year perspective. We maintain our Neutral stance.

Outlook

Valuations at 60.8x CY23E EPS are, however, expensive and do not offer any upside from a one-year perspective. We value the company at 60x CY23E EPS to arrive at our TP of INR19,100. We maintain our Neutral stance.

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