Antique Stockbroking puts 'buy' on Britannia Inds

CMP: Rs 1,235

Target price: Rs 1,549

Antique Stockbroking has rated Britannia a buy, citing improvement in sales, profits and operating profit margins over the next couple of years.

���In view of the expected outperformance of the biscuit industry in a scenario of slowdown and given the company���s consistent value-market share over the last two years, we believe that the stock would trade at a one-year forward PE (price to earnings) of 14x (times),��� the brokerage said in its report. The broking firm is of the view that going ahead, Britannia���s sales would be driven by Good Day, which has been growing at 25-30% in the premium category and Tiger brand, which has been growing at 18-20% in the value for money category.