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Yes Securities Report
We initiate coverage on United Spirits Ltd./Diageo India with Rs 1,320 target price and an Add rating. Our view is underpinned by the following argument:
AlcoBev consumption opportunity is healthy despite the stringent regulations that govern the sector,
Premiumization and category additions to aid double digit growth,
Profitability per case improvement shows an upward trend,
Ebitda/earnings to grow at ~15%/13% compound annual growth rate over FY24-26E on improved ratios.
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Also Read: Ceat - Strengthening Position In Domestic Replacement; Expanding Into Export Markets: Motilal Oswal
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