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

ICICI Securities Limited

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>ITC is the biggest cigarettes &amp; second largest FMCG company in India</li><li>The company is also present in paperboard, printing &amp; packaging business with revenues of Rs 4549 crore, agri business with Rs 8001 crore</li><li>We value the stock at Rs 250 on SOTP basis valuing the cigarettes business at 12x FY24 earnings &amp; FMCG business at 5x FY24 sales.</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>

ITC is the biggest cigarettes &amp; second largest FMCG company in IndiaThe company is also present in paperboard, printing &amp; packaging business with revenues of Rs 4549 crore, agri business with Rs 8001 croreWe value the stock at Rs 250 on SOTP basis valuing the cigarettes business at 12x FY24 earnings &amp; FMCG business at 5x FY24 sales.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.

ITC Limited: Outlines Capital Allocation Path

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

<p>The management of ITC held an analyst meeting, which featured a comprehensive overview of each of its businesses provided by respective business heads and the senior management team. While there was nothing new to change our view on the prospects of its business as highlighted in our detailed note on the company in Nov'21, this move on the part of the management is highly appreciated as it enabled a forum to discuss the progress and concerns in each segment.</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>

The management of ITC held an analyst meeting, which featured a comprehensive overview of each of its businesses provided by respective business heads and the senior management team. While there was nothing new to change our view on the prospects of its business as highlighted in our detailed note on the company in Nov'21, this move on the part of the management is highly appreciated as it enabled a forum to discuss the progress and concerns in each segment.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.

A digitally integrated organization with synergy and sustainability at its core

<p>Tapering in-home consumption and sharp commodity cost inflation could affect strong EBIT growth in the Other FMCG segment, preventing the contribution of Cigarettes in overall EBIT to decline much (likely to reduce to ~80% in FY23E which is still within its ten-year range of 80-86%). Cigarette volumes for ITC and even other players globally have been on a declining trend, given the increased health consciousness among consumers over the last decade.</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>

Tapering in-home consumption and sharp commodity cost inflation could affect strong EBIT growth in the Other FMCG segment, preventing the contribution of Cigarettes in overall EBIT to decline much (likely to reduce to ~80% in FY23E which is still within its ten-year range of 80-86%). Cigarette volumes for ITC and even other players globally have been on a declining trend, given the increased health consciousness among consumers over the last decade.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.

Muted Cigarette volumes; Other FMCG margin pressures weigh on ITC

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

<h2>Business Overview</h2><p>ITC is one of the largest consumer companies in India with businesses spanning across cigarettes, hotels, paper and agri-commodities. Its branded foods division with products such as staples, confectionery, noodle, snacks and biscuits is doing well and gaining strong market share across many categories. ITC has been successful in foods and is expanding its personal product portfolio (soaps, shampoos, deo, talc). Though the cigarettes division is still the major source of revenue, other businesses - fmcg, agri, paper and hotel have grown over the years.</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>

Business OverviewITC is one of the largest consumer companies in India with businesses spanning across cigarettes, hotels, paper and agri-commodities. Its branded foods division with products such as staples, confectionery, noodle, snacks and biscuits is doing well and gaining strong market share across many categories. ITC has been successful in foods and is expanding its personal product portfolio (soaps, shampoos, deo, talc). Though the cigarettes division is still the major source of revenue, other businesses - fmcg, agri, paper and hotel have grown over the years.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.

Pick of the Week - ITC Limited: Sustained Market Leadership

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>Maintain BUY with a revised TP of Rs 270 (Rs 260 earlier) based on our PE multiple of 18x on FY24EPS. However, undemanding valuations, +5% dividend yield, and visible recovery across key businesses make it an attractive bet.</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 a revised TP of Rs 270 (Rs 260 earlier) based on our PE multiple of 18x on FY24EPS. However, undemanding valuations, +5% dividend yield, and visible recovery across key businesses make it an attractive bet.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.

ITC: Healthy Performace Across Segment; Cigarettes Trudging Along

India

ITC Limited, a member of BAT Group of UK, is a holding company, which has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel, Greeting Cards and other FMCG products.

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ITC Ltd (ITC IN)

ITC Limited: Outlines Capital Allocation Path

ITC is the biggest cigarettes & second largest FMCG company in India with ~78% market share in cigarettes & presence in staples, biscuits, noodles,...

ICICI Securities Limited

A digitally integrated organization with synergy and sustainability at its core

The management of ITC held an analyst meeting, which featured a comprehensive overview of each of its businesses provided by respective business...

Motilal Oswal

Muted Cigarette volumes; Other FMCG margin pressures weigh on ITC

Tapering in-home consumption and sharp commodity cost inflation could affect strong EBIT growth in the Other FMCG segment, preventing the...

Motilal Oswal

Pick of the Week - ITC Limited: Sustained Market Leadership

ITC is one of the largest consumer companies in India with businesses spanning across cigarettes, hotels, paper and agri-commodities.

Edelweiss

ITC: Healthy Performace Across Segment; Cigarettes Trudging Along

Maintain BUY with a revised TP of Rs 270 (Rs 260 earlier) based on our PE multiple of 18x on FY24EPS. However, undemanding valuations, +5% dividend...

Axis Direct

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