External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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Equity Bottom-Up

<ul><li>We note that Marico’s thrust on enhancing its fundamentals is well captured by the market.</li><li>Renewed focus on distribution expansion, portfolio enrichment, and enhancing margin is encouraging.</li><li>However, valuations at FY26E P/E of 43x capture the positives. </li></ul>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.

We note that Marico’s thrust on enhancing its fundamentals is well captured by the market.Renewed focus on distribution expansion, portfolio enrichment, and enhancing margin is encouraging.However, valuations at FY26E P/E of 43x capture the positives. 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.

Marico - Better Q1FY25 Commentary; Valuations Factor-In Prospects

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.

<ul><li>We upgrade Marico to BUY from ADD with TP of Rs 650 (45x FY26 EPS, 10% premium to its 5 year Average PE) and move it to high conviction list within staples pack as worst is behind us wr.t muted volume growth, pricing correction, loss related to new business and transient currency headwinds</li><li>We expect Marico to see Revenue/ Ebitda / PAT Cagr of 6/13/13% respectively over FY23-26 as 1) Domestic business fires on all cylinders –(a) Parachute (35% of domestic sales) expected to see mid-single volume growth on back of market share gains and conversion from unbranded to branded, as we have always seen in inflationary copra environment</li><li>Moreover, we expect double digit revenue growth in FY25 on back of mid to single digit price hikes (b) Saffola edible oil (20% of domestic sales) expected to see volume led mid single digit value growth in FY25, courtesy pricing correction anniversarian (down 20% in FY24) (c) VAHO – easing competitive intensity in BOP segment along with uptick in mid to premium end segment shall drive much better outcomes</li></ul>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.

We upgrade Marico to BUY from ADD with TP of Rs 650 (45x FY26 EPS, 10% premium to its 5 year Average PE) and move it to high conviction list within staples pack as worst is behind us wr.t muted volume growth, pricing correction, loss related to new business and transient currency headwindsWe expect Marico to see Revenue/ Ebitda / PAT Cagr of 6/13/13% respectively over FY23-26 as 1) Domestic business fires on all cylinders –(a) Parachute (35% of domestic sales) expected to see mid-single volume growth on back of market share gains and conversion from unbranded to branded, as we have always seen in inflationary copra environmentMoreover, we expect double digit revenue growth in FY25 on back of mid to single digit price hikes (b) Saffola edible oil (20% of domestic sales) expected to see volume led mid single digit value growth in FY25, courtesy pricing correction anniversarian (down 20% in FY24) (c) VAHO – easing competitive intensity in BOP segment along with uptick in mid to premium end segment shall drive much better outcomesContent 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.

Marico (4QFY24): Well Oiled for Growth. Upgrade to BUY

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>ICICI Securities research report onMarico Over the last few years, Nestle and Jyothy Labs delivered volume outperformance thanks to activating the sales growth vector effectively (numeric distribution expansion and improved line selling).</li><li>Marico, with its new urban distribution (expansion) strategy and likely outperformance in D2C brands, has material potential to outperform in FY24-26E.</li><li>Apart from this, it is focusing on improving distributor ROI, better credit terms, range, assortment, etc.</li></ul>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.

ICICI Securities research report onMarico Over the last few years, Nestle and Jyothy Labs delivered volume outperformance thanks to activating the sales growth vector effectively (numeric distribution expansion and improved line selling).Marico, with its new urban distribution (expansion) strategy and likely outperformance in D2C brands, has material potential to outperform in FY24-26E.Apart from this, it is focusing on improving distributor ROI, better credit terms, range, assortment, etc.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.

Marico - Acceleration in Diversified Portfolio While Core Stabilises

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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.

<div><ul><li>Tepid demand leads to mid-single-digit volume decline in India business: MRCO’s domestic business (~77% of revenue) saw mid-single-digit volume decline in 1QFY23, largely dragged by a sharp drop in Saffola Oils, which had high in-home consumption in the base quarter and also witnessed significant downtrading from super premium to mass segment in Edible Oils.</li><li>Gross margins to stay flat sequentially: Trends seen in certain key raw materials for MRCO in 1QFY23: (i) Copra prices remained soft, (ii) Edible and crude oil prices cooled off to some extent towards the end of the quarter.</li><li>View &amp; Valuation: Barring the recent quarters (affected by overall deceleration in market demand), MRCO’s core portfolio has delivered a strong performance and the company continues to make efforts towards meeting its medium-term growth aspirations.</li></ul></div>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.

Tepid demand leads to mid-single-digit volume decline in India business: MRCO’s domestic business (~77% of revenue) saw mid-single-digit volume decline in 1QFY23, largely dragged by a sharp drop in Saffola Oils, which had high in-home consumption in the base quarter and also witnessed significant downtrading from super premium to mass segment in Edible Oils.Gross margins to stay flat sequentially: Trends seen in certain key raw materials for MRCO in 1QFY23: (i) Copra prices remained soft, (ii) Edible and crude oil prices cooled off to some extent towards the end of the quarter.View &amp; Valuation: Barring the recent quarters (affected by overall deceleration in market demand), MRCO’s core portfolio has delivered a strong performance and the company continues to make efforts towards meeting its medium-term growth aspirations.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.

Marico Ltd - Weak Consumption Trends Weigh on 1QFY23 Volume

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.

<ul><li>Result in line; material cost outlook benign - MRCO’s 4QFY22 result was in line our estimates.</li></ul><div><ul><li>Performance in line with our estimates - Consolidated net sales grew 7.4% YoY to INR 21.6b (inline) in 4QFY22.</li></ul><div><ul><li>Highlights from the management commentary - International business reported double-digit growth in constant currency (CC) for the fifth consecutive quarter.</li></ul></div></div>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.

Result in line; material cost outlook benign - MRCO’s 4QFY22 result was in line our estimates.Performance in line with our estimates - Consolidated net sales grew 7.4% YoY to INR 21.6b (inline) in 4QFY22.Highlights from the management commentary - International business reported double-digit growth in constant currency (CC) for the fifth consecutive quarter.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.

India

Marico is an Indian multinational consumer goods company specializing in beauty, wellness, and personal care products. It offers brands in categories such as hair care, skin care, edible oils, health foods, male grooming, and fabric care, including iconic brands like Parachute, Saffola, Set Wet, and Livon. Marico is headquartered in Mumbai, India, and was founded on April 2, 1990.

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Marico (MRCO IN)

Marico - Better Q1FY25 Commentary; Valuations Factor-In Prospects

We note that Marico’s thrust on enhancing its fundamentals is well captured by the market. Renewed focus on distribution expansion, portfolio...

Emkay

Marico (4QFY24): Well Oiled for Growth. Upgrade to BUY

We expect Marico to see Revenue/ Ebitda / PAT Cagr of 6/13/13% respectively over FY23-26 as 1) Domestic business fires on all cylinders –(a)...

HDFC Securities

Marico - Acceleration in Diversified Portfolio While Core Stabilises

ICICI Securities research report onMarico Over the last few years, Nestle and Jyothy Labs delivered volume outperformance thanks to activating the...

ICICI Securities Limited

Marico Ltd - Weak Consumption Trends Weigh on 1QFY23 Volume

As per an update released by Marico Ltd (MRCO) on 5th July’22, the FMCG sector continued to witness subdued consumption with current trends...

Nirmal Bang

4QFY22 Results Update - Marico

MRCO’s 4QFY22 result was in line our estimates.With: a) key raw material, Copra, likely to be stable in FY23E; b) likelihood of 5-7% domestic...

Motilal Oswal

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