Company · Initiation · 29 Oct 2026
Fair value BDT 144-351 a share: Horlicks volume fell 14% in H1 2026 and gross margin is 31%
Fair value BDT 144-351 (base 229) against a price of 1,952.9; the price implies a 5.7% cost of equity on our forecast of EPS BDT 21 in FY2026F.
Unilever Consumer Care Limited (UCL) is Horlicks in Bangladesh. Health food drinks (Horlicks, Boost and Maltova) were 92.7% of FY2025 revenue of BDT 3.57bn and GlucoMax-D glucose powder the rest. The company was GlaxoSmithKline Bangladesh until Unilever bought 81.98% of it on 30-Jun-2020. It markets…
Fair value ৳144–351 · price ৳1,952.90 (2026-10-29)