Gillette India’s (GILL) earnings in 3QFY19 continued to display volatility and unlike the previous quarter, top-line delivery was somewhat short of expectation, especially on account of the oral care segment.
Earning per share (EPS) of the company for the earnings for FY20E and FY21E is seen at Rs. 57.58 and Rs. 65.21 respectively. Net Sales of the company is expected to grow at a CAGR of 14% over 2018 to 2021E, respectively.
Earning per share (EPS) of the company for the earnings for FY20E and FY21E is seen at Rs. 53.35 and Rs. 59.01 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 10% and 12% over 2018 to 2021E respectively.
We have maintained our earnings estimates and the stock is trading at 50/41x CY19/CY20E earnings. 1QCY19 numbers of ABB were ahead of our and street expectations, both on the topline and bottom-line led by strong revenue performance across the segments.
We downgrade CEAT from ‘Accumulate’ to ‘Hold’ owing to concerns regarding volume growth as well as margins. CEAT’s Q4FY19 consolidated operating margins stood at 9.2%, down by 250bps YoY / up by 100bps QoQ missed our expectations of 10.5%.
With three European and two US approvals in place, Biocon is in the first row when the monetisation cycle of biosimilars began. Looking ahead, we expect the biosimilars will penetrate faster in the US healthcare industry with rising interest to adopt biosimilars.
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