Buy Tata Global Beverages; target of Rs 250: ICICI Direct
ICICI Direct’s research report on Tata Global Beverages
Tata Group has announced demerger of Tata Chemicals’ (TCL) consumers business into Tata Global Beverages (TGBL). As part of the deal, TCL’s consumer business, which includes sourcing, packaging, marketing, distribution & sales of its Tata Salt, pulses & spices under Sampann brand, snacks business and detergent powder, Tata Dx, will be transferred to TGBL.
We value consolidated branded business at 3x P/Sales, international business at 1x P/sales & Starbucks JV at 2x P/Sales on FY21E revenues, respectively, with a revised target price of Rs 250/ share.
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