The report upgrades Marico from Accumulate to Buy citing healthy demand outlook, raised EBITDA growth guidance to mid-20s, advancement of the Rs200bn revenue target to 2029, subdued competitive intensity in Parachute, and sustained traction in Foods/FMCG and digital-first brands, setting a target price of Rs 958 based on 45x Sep28 EPS.
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India IPO
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Formerly known as Way2Wealth
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Prabhudas Lilladher
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Private Client Group Research summarized from KIE research report
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2 notes from Prabhudas Lilladher · all time
The note initiates coverage with an 'Accumulate' rating and INR1,950 target (35x FY29E P/E), saying NSE's near-monopoly in cash equities and futures, diversified recurring revenue streams and margin normalisation to 76% by FY29E support the call, while index options share erosion and regulatory curbs (CAS, prop trading rules) are a drag and the IPO valuation of INR4.4trn largely captures the premium.
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