ITC Rating
JPMORGAN ON ITC : 02.06.2021
* MAINTAIN NEUTRAL TARGET: 225
* JPMorgan maintains Neutral rating on ITC after Q4 earnings
* In-line Q4 EBITDA Boosted By Agri
* Cigarette Growth Underwhelming; Other FMCG/Paper In-line
* Dividend Payout Rose In F21 To 100%
* Valuation At 16x F23e P/E Are Undemanding
MORGAN STANLEY ON ITC : 02.06.2021
* MAINTAIN OVERWEIGHT TARGET: 251
* MS maintains Overweight rating on ITC with Q4 earnings in-line with its expectation & consensus
* Revenue Growth Ahead Of Our Estimate
* Earnings In-line With Our Expectation & Consensus
* Cigarette Volumes Up 7 8% YOY, In-line With Consensus
CLSA ON ITC : 02.06.2021
* MAINTAIN BUY TARGET: 265
* CLSA maintains Buy rating on ITC, but cut earnings estimates for its cigarette business by 3%
* Cut Earnings Estimates For Its Cigarette Business By 3%
* Inflationary Setting Is Likely To Influence Its Near-term Margin
* Remain Confident In The Improving Margin Trajectory For Other FMCG Biz
MORGAN STANLEY ON ITC : 02.06.2021
* Maintain Overweight, Target at Rs 251/share
* Revenue growth was ahead of our estimate; But earnings were in line with our expectation and consensus
* Cigarette volumes were up 7-8% YoY ( in line with consensus)
* Steady recovery across segments
GOLDMAN SACHS ON ITC : 02.06.2021
* MAINTAIN BUY TARGET: 242
* GS has a Buy call ITC but lowers FY22-24 EPS estimates by 4-7%
* EBIT Miss On Cigarette Volumes & FMCG Margin
* Valuation Does Not Fully Reflect Combination Of Yield & Growth Potential
* Lower FY22-24 EPS Estimates By 4-7% Post Result Cuts Largely Driven By Lower
* Volume/Margin In Tobacco Segment
JPMORGAN ON ITC : 02.06.2021
* Maintain Neutral, Target at Rs 225/share
* In-line Q4 EBITDA boosted by agri; Cigarette growth underwhelming
* Agri benefits from one-off export opportunity
* Hotel losses moderate QoQ; Paper EBIT in-line
CITIBANK ON ITC : 02.06.2021
* Maintain Neutral, Target at Rs 215/share
* ITC's overall revenues exceeded expectations
* Reported EBITDA/PBT growth of 7%/8% YoY
* Cigarette and other FMCG profit growth was softer than forecast
UBS ON ITC : 02.06.2021
* MAINTAIN BUY TARGET: 260
* UBS has a Buy call on ITC with a target of Rs 260/Sh
* Cigarette Volumes Recover To Pre-Covid Levels In Q4
* FMCG (non-cigarette) Ramp-up Continues; Sunrise Foods Integrated
* Total Dividend Of *10.75/Sh For FY21 (+ 5.9% YoY); Dividend Yield Of 5% At CMP
