Varun Beverages Q4 Results Review: Motilal Oswal Reiterates 'Buy' On The Stock — Here's Why

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Motilal Oswal Report

Varun Beverages Ltd. is expected to maintain its earnings momentum, aided by:

1. increased penetration in newly acquired territories in Africa,

2. stable growth in the domestic market,

3. continued expansion in capacity and distribution reach (10% annual addition in outlets), and

4. growing refrigeration in rural and semirural areas.

We expect a CAGR of 12%/11%/17% in revenue/Ebitda/PAT over CY24-26.  We largely maintain our CY25/CY26 earnings estimates. We value the stock at 55x CY26E EPS to arrive at a target price of Rs 680. We reiterate our Buy rating on the stock.

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