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Anand Rathi Report
We remain upbeat after our interaction with United Breweries Ltd.'s management. We continue to see steady demand growth for United Breweries as it recoups margins partially to low teens over the next two-three years.
We believe the new management’s consumer-centricity, growth and capacity focus would yield steady revenue growth and margin gains. We believe major concerns regarding volume decline, market-share loss and weaker margins are largely behind and, ahead, the company should see steady volumes/earnings.
We maintain our Buy on the stock, with a higher 12-month Rs 2,350 target price, 75 times FY26e. The stock quotes at 87 times/67 times FY25e/26e earnings per share.
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