| | Jul 05, 2013, 03.08 PM IST ICICIdirect.com has recommended hold rating on Hindustan Unilever (HUL) with a target price of Rs 590 in its research report dated July 5, 2013. Like this story, share it with millions of investors on M3 Hold Hindustan Unilever; target Rs 590: ICICIdirect.com ICICIdirect.com has recommended hold rating on Hindustan Unilever (HUL) with a target price of Rs 590 in its research report dated July 5, 2013. Like this story, share it with millions of investors on M3 Hold Hindustan Unilever; target Rs 590: ICICIdirect.com ICICIdirect.com has recommended hold rating on Hindustan Unilever (HUL) with a target price of Rs 590 in its research report dated July 5, 2013. ICICIdirect.com's report on Hindustan Unilever (HUL) "Hindustan Unilever's (HUL) open offer to increase its stake from 52.5 percent to 75 percent by acquiring 48.7 crore shares (represents 22.5 percent of the share capital) at Rs 600/share ended on July 4, 2013. The open offer has been subscribed 65.6 percent, that is, 31.97 crore shares have been tendered by investors. Since the tendered shares were lower, the acceptance ratio by the company would by 100 percent. Hence, post the open offer, Unilever's stake would increase to 67.3 percent from 52.5 percent. We believe that though the price of Rs 600/share looks expensive on valuation matrix (35x FY15E EPS of Rs 17.2) for HUL, given the earnings CAGR of 11.2 percent from FY12-15E, the stock price would largely be driven by corporate action than fundamentals. We maintain our target price of Rs 590 with a hold rating," says ICICIdirect.com research report. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. To read the full report click here Related News
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