Buy Britannia Industries Ltd For Taeget Rs.3,796.00 - Reliance Sec

* Britannia Industries closed 1% up in trade today at Rs3,220.

 

* Market leadership in biscuits, increased premiumization, strong pricing power, improving direct distribution network, and management bandwidth would drive growth for Britannia Industries (BIL), going forward.

 

* Britannia is expected to report 13% revenue and 16.2% earnings CAGR through FY16-19E

 

* We expect consolidated EPS to be Rs88.1 in FY18E & Rs105.4 in FY19E.

 

* Based on current price, the stock currently trades at 36.5x FY18E and 30.5x FY19E earnings.

 

* We maintain BUY rating on the stock with a Target Price of Rs3,796, which implies an upside of 18% from the current levels.

 

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