ICICI Direct's research report on Hindustan Unilever
Hindustan Unilever (HUL) is the biggest FMCG company in India with more than 40 brands across categories. It is the market leader in fabric wash, personal wash, cosmetics, shampoos and many other categories. The company has a distribution reach of ~8.0 million (mn) outlets with a direct network of more than 3.5 mn HUL acquired GSK Consumer Healthcare’s business in 2019 and integrated Horlicks and Boost brands with the foods & refreshment segment
Outlook
We roll over FY24 numbers given Covid-19 related disruptions have temporarily impacted financials & FY23-FY4 would be a normalised year. We continue to remain positive and retain our BUY rating on the stock We value HUL at | 2750 i.e. 55x P/E on FY24E EPS
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