Emerging headwinds; fair valuations – downgrade to Neutral
United Spirits (UNSP) has been the second best performer in our Coverage Universe since our upgrade to..
On-trade channels gradually recovering…
About the stock: United Breweries (UBL) is the biggest beer player in the domestic market (~52% market share), a sector ..
Splendid volume growth…
About the stock: Varun Beverages (VBL) is one of the largest franchisees of PepsiCo globally. The company produces & distributes car..
Multiple tailwinds to drive growth
We model Varun to be net beneficiary of normalcy returning to the domestic as well as international markets and revival in out-of-ho..
Premiumisation trend continues to strengthen…
About the stock: United Spirits (USL) is India’s leading alcoholic beverage company and subsidiary of global..
Raising growth targets
* UNSP posted a strong performance in Q2, with sales/underlying EBITDA growing by 14%/ 30% to Rs24.4bn/Rs4bn, beating estimates by 3%/13%. P&..
Strong delivery enhances confidence in growth
* VBL’s revenues were 10-13% ahead of our/Street estimates. Adj. for Rs408mn one-off tax penalty in top-line, margi..
To sizzle on greater penetration, launches
Varun Beverages (VBL) manufactures, sells, bottles, and distributes PepsiCo’s beverages in pre-defined territories in ..
Decent results; stock pricey
United Spirits (USL) reported higher-than-expected Q2FY22 revenue and adjusted EBITDA (ex-one-offs) growth of 14% YoY and 29% YoY, respect..
Strong recovery in Out of Home with in-home consumption sustaining, margin headwinds remain; maintain ADD
VBL posted a solid volume growth led by a demand ..
Buy Globus Spirits Ltd For Target Rs.1750
Optimal asset allocation driving profitability
About the stock: Globus Spirits (GSL) is the largest grain based ENA manufa..
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