ITC Ltd., incorporated in the year 1910, is a Large Cap company (having a market cap of Rs 243509.10 Crore) operating in Tobacco sector.
By ETMarkets.com | Updated:
BCCL
Promoters held 32.7 per cent stake in the company as of June 30, 2020, while FIIs held 14.6 per cent, DIIs 42 per cent and public and others 43.4 per cent.
Emkay Global has given a buy rating to ITC with a target price of Rs 255. The share price moved down by 1.40 per cent from its previous close of Rs 200.65. The stock’s last traded price is Rs 197.85.
ITC Ltd., incorporated in the year 1910, is a Large Cap company (having a market cap of Rs 243509.10 Crore) operating in Tobacco sector.
Financials For the quarter ended 31-03-2020, the company reported a Consolidated sales of Rs 11677.97 Crore, down -12.25 % from last quarter Sales of Rs 13307.54 Crore and down -10.71 % from last year same quarter Sales of Rs 13078.09 Crore. The Company reported net profit after tax of Rs 3926.46 Crore in latest quarter.
Investment Rationale The brokerage said that after significant underperformance, valuations at 16x FY22E EPS provide comfort, as the cigarette business’ valuation at ~11x is similar to global peers despite the higher growth outlook.The increase in FMCG forecasts lead to ~3% rise in our earnings estimates for ITC. The brokerage has increased ITC’s TP to Rs 255, valuing it at 18x Sept-22E EPS. Faster recovery in cigarettes, along with market share gains and strong improvement in FMCG profitability, can provide room for further re-rating.
Promoter/FII Holdings Promoters held 32.7 per cent stake in the company as of June 30, 2020, while FIIs held 14.6 per cent, DIIs 42 per cent and public and others 43.4 per cent.
ITC share price adjusts by Rs 26 on NSE as stock trades ex-demerger of hotels biz
