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Investing.com - CLSA initiated coverage on Honasa Consumer Ltd (HONASA:IN) with a Hold rating and a price target of INR303.00 on Friday.
The research firm cited Honasa’s strong positioning to serve the beauty and personal care (BPC) needs of India’s growing middle class through its portfolio of brands including Mamaearth and The DermaCo.
CLSA noted that the BPC market has become increasingly crowded since Mamaearth’s 2016 launch, with competitive intensity significantly rising across the sector.
The firm forecasts 16% sales CAGR and 42% EPS CAGR for Honasa Consumer between FY25-28, despite acknowledging that recent operating performance has been underwhelming.
CLSA’s Hold rating reflects valuation concerns, as Honasa currently trades at 64x FY27CL PE, which the firm believes already prices in higher growth expectations.
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