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Varun Beverages gets Buy call with ₹550 target, implying 33% upside

Broker initiates Varun Beverages with a Buy and ₹550 target, citing India outlet penetration, cooler-led volume growth and international expansion. Risks include Campa and Coca-Cola competition, weather, regulation and slower scaling of dairy, snacks, energy drinks and alcohol adjacencies.

Newer report , , ET Retail : Varun Beverages’ Zimbabwe arm signs exclusive Mondelez distribution pact

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Reported figures

From the report. Source details below

CMP: ₹414
India per-capita consumption: 7 litres versus global 31 litres
International revenue share: 20% in CY21, 33% in CY25, expected 40% by CY28
Target valuation: 40x Sep-28E EPS

Also in the report

  • VBL reaches about 4 million of an estimated 12 million FMCG outlets in India

The source

Source Read the source at The Hindu BusinessLine

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