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Finquest Sec. - Glenmark - Result Q3FY13 January 31, 2013




Finquest Securities Pvt Ltd


31 Jan 2013





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We expect GNP revenue to grow at 16% CAGR form FY12-15. We upgrade out price target to Rs.536 from Rs.480 and reduce our rating from Buy to Hold. We value the company at 17x FY14 earnings and have assigned Rs. 60.3 to its NCE/Para IV pipeline/filings (adjusting for potential Tarka liability). We have not factored in any licensing income from its NCE pipeline in our projections. GNP is currently trading at a P/E of 15.2x FY14E earnings compared to the large cap sector mean of 18.5x. We believe the stock has re-rated in the last 12months and there is limited room for further upside at the current valuations. We reduce our rating on GNP from BUY to HOLD and increase our target price from Rs.480 to Rs.536 citing limited upside from the current levels as we believe near terms triggers are priced in. The major drivers for the stock going ahead would be the launch of Crofelemer by Salix, positive data on its NCE pipeline (any outlicensing deal/ movement of pipeline products in development).

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