ProjectReport

Emami Ltd
BUY CMP: Rs.550.00 Date: 23rd February, 2010
Key Ratios: Particulars OPM (%) NPM (%) ROE (%) ROCE (%) P/BV(x) P/E(x) EV/EBDITA(x) Debt-Equity(x) Key Data: Sector Face Value 52 wk. High/Low Volume (2 wk. Avg.) BSE Code FY09A 18.05 12.26 31.10 17.06 4.30 13.84 9.40 1.52 FY10E 27.21 16.51 37.19 25.74 8.77 23.58 16.13 1.13 FY11E 26.08 17.10 31.06 22.05 6.05 19.46 16.24 0.94

Target Price: Rs.675.00 Market Cap.:Rs.41607.50 mn.

SYNOPSIS
• Emami Ltd. (EL) is the flagship company of the Kolkata based Emami Group, which is engaged in the business of manufacturing personal care and health care products for over 3 decades. • The company is currently exploring opportunities in the US and UK markets, and the size of the deal could be up to Rs 600-800 crore. • The company has scaled up its holding in Rama Newsprint & Papers with interests in paper, paper boards and telecom cables, by approximately 5%. • Emami covers all the states with 29 depots across
India and enjoys a wide distribution network comprising