STOCK IN FOCUS
* Britannia Industries closed 1% up in trade today at Rs3,220.
* Market leadership in biscuits, increased premiumization, strong pricing power, improving direct distribution network, and management bandwidth would drive growth for Britannia Industries (BIL), going forward.
* Britannia is expected to report 13% revenue and 16.2% earnings CAGR through FY16-19E
* We expect consolidated EPS to be Rs88.1 in FY18E & Rs105.4 in FY19E.
* Based on current price, the stock currently trades at 36.5x FY18E and 30.5x FY19E earnings.
* We maintain BUY rating on the stock with a Target Price of Rs3,796, which implies an upside of 18% from the current levels.
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