Manpasand Beverages BUY Research Report by Prabhudas Lilladher

We initiate coverage on Manpasand Beverages (MANB) with a BUY rating and 18-month target price of Rs1009 (26.3% upside). We estimate sales and PAT CAGR of 34% and 38.5% over FY17-20 and value the stock at 30x FY20 EPS. MANB trades at significant discount to global majors on PEG (0.7x v/s 1.5-2.7x) and EV/EBIDTA (11.3x…