External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

Colgate Palmolive (India) / Equity Bottom-Up

<div><div><div><div><ul><li>4QFY22 headline performance: CLGT’s 4QFY22 revenue (including other operating income) grew by 1.4% YoY to Rs13bn (vs est. Rs13.6bn).</li></ul><div><div><div><div><ul><li>FY22 performance: Sales, EBITDA and APAT grew by 5.3%, 3.7% and 4.1% YoY, respectively.</li></ul><div><div><div><div><ul><li>Other highlights: (1) India is identified as the key emerging market to contribute to the overall growth of the parent, so the focus on growth will remain.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

4QFY22 headline performance: CLGT’s 4QFY22 revenue (including other operating income) grew by 1.4% YoY to Rs13bn (vs est. Rs13.6bn).FY22 performance: Sales, EBITDA and APAT grew by 5.3%, 3.7% and 4.1% YoY, respectively.Other highlights: (1) India is identified as the key emerging market to contribute to the overall growth of the parent, so the focus on growth will remain.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Colgate-Palmolive (India) - Margin Surprises but Growth Disappoints

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22 (vs 24/22% in Q4FY21 and 16/12% in Q3FY22)</li><li>Inflationary pressure continued to disrupt demand in both urban and rural India; however, rural volume growth was weaker than urban</li><li>Volume growth has been decelerating even on 2/3 year CAGR (demand pressure, grammage reduction); however, downtrading was not witnessed</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22 (vs 24/22% in Q4FY21 and 16/12% in Q3FY22)Inflationary pressure continued to disrupt demand in both urban and rural India; however, rural volume growth was weaker than urbanVolume growth has been decelerating even on 2/3 year CAGR (demand pressure, grammage reduction); however, downtrading was not witnessedContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FMCG & Alco Bev: Rural Demand Struggles; Margin Pressures Continue

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Colgate Palmolive (India) (CLGT) reported an in-line quarter vs our estimates across key performance metrics</li><li>Reported Revenue growth was 3.8% yoy at Rs. 1,271 Cr (our estimate Rs. 1,285 Cr) led by volume growth of 3% in our view (3% our estimate) and ~1% price/mix growth.</li><li>Maintain BUY with revised TP of Rs. 1,650 (earlier Rs. 1,765) at 39x FY24E EPS.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Colgate Palmolive (India) (CLGT) reported an in-line quarter vs our estimates across key performance metricsReported Revenue growth was 3.8% yoy at Rs. 1,271 Cr (our estimate Rs. 1,285 Cr) led by volume growth of 3% in our view (3% our estimate) and ~1% price/mix growth.Maintain BUY with revised TP of Rs. 1,650 (earlier Rs. 1,765) at 39x FY24E EPS.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Colgate-Palmolive: RM Inflation Persists; Valuations Comfortable

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Colgate-Palmolive (India) (CPIL) is the largest oral care company in India</li><li>The company has more than 50% market share in the toothpaste category</li><li>Target Price and Valuation: We value the stock at Rs 1575, valuing the business at 35x FY24 earnings</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Colgate-Palmolive (India) (CPIL) is the largest oral care company in IndiaThe company has more than 50% market share in the toothpaste categoryTarget Price and Valuation: We value the stock at Rs 1575, valuing the business at 35x FY24 earningsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Colgate Palmolive India: Volume Growth Remains Muted; Margins Peak Out

<p>Maintain BUY with revised TP of Rs. 1,765 (earlier Rs. 1,875) as we also lower our multiple a notch to 39x FY24E EPS.</p><p>Colgate Palmolive (India) (CLGT) reported an in-line quarter vs our estimates across key performance metrics. Reported Revenue growth was 5.2% yoy at Rs. 1,344 Cr (Rs. 1,334Cr our estimate) led by volumes growth of 4% in our view (4% our estimate) and ~1.2% price/mix led growth.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Maintain BUY with revised TP of Rs. 1,765 (earlier Rs. 1,875) as we also lower our multiple a notch to 39x FY24E EPS.Colgate Palmolive (India) (CLGT) reported an in-line quarter vs our estimates across key performance metrics. Reported Revenue growth was 5.2% yoy at Rs. 1,344 Cr (Rs. 1,334Cr our estimate) led by volumes growth of 4% in our view (4% our estimate) and ~1.2% price/mix led growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Colgate-Palmolive: In-Line Performance; Modest Valuations

India

Colgate-Palmolive (India) Ltd. manufactures consumer products in the oral care and body care area. The Company's products include soaps, cosmetics, toilet preparations, toothpaste, toothbrushes, shaving brushes, and glycerin.

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Colgate Palmolive (India) (CLGT IN)

Colgate-Palmolive (India) - Margin Surprises but Growth Disappoints

CLGT IN operating performance came in better than our expectation for 4QFY22. EBITDA margin stood at 33% vs NBIE estimate of 31.5% and even higher...

Nirmal Bang

FMCG & Alco Bev: Rural Demand Struggles; Margin Pressures Continue

Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22...

HDFC Securities

Colgate-Palmolive: RM Inflation Persists; Valuations Comfortable

Colgate Palmolive (India) (CLGT) reported an in-line quarter vs our estimates across key performance metrics. Maintain BUY with revised TP of Rs....

Axis Direct

Colgate Palmolive India: Volume Growth Remains Muted; Margins Peak Out

Volume growth remains muted; margins peak out in India. The company has more than 50% market share in the toothpaste category. The major brands...

ICICI Securities Limited

Colgate-Palmolive: In-Line Performance; Modest Valuations

Maintain BUY with revised TP of Rs. 1,765 (earlier Rs. 1,875) as we also lower our multiple a notch to 39x FY24E EPS. Colgate Palmolive (India)...

Axis Direct

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