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RECOMMENDATION OF EXPANDING PACKAGING SEGMENT

52x PE on. We remain positive on the long-term growth prospects of the stock and maintain our BUY recommendation.


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52x PE on FY24E EPS We value USL at Rs 1050 ie.

. We value USL at Rs 1050 ie. In 2020 2019 and 2018 553 545 and 548 of our net revenue respectively related to sales performed in Brazil and 447 455 and 452 of our net revenue in 2020 2019 and 2018 was derived. This segment accounted for net revenue of R40008 million or 67 of our consolidated net revenue of all reportable segments including inter-segment sales.


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