Analyst Research Report Snapshot

Title:

Sun Pharmaceutical Industries Limited |Q1FY15 Result Update | Sun Pharmaceutical Industries Limited (SPIL): Result update (Q1FY15): Taro dragged top line a bit but overall numbers are In-line with estimates. Maintain HOLD with the revised target price of

Price:

$35.00

Provider:

IndiaNivesh Securities Pvt Ltd

Date:

13 Aug 2014

Pages:

4

Type:

AcrobatPDF

Companies referenced:

SUN.NS

Available for Immediate Download
Summary:

Sun Pharmaceutical Industries Limited |Q1FY15 Result Update Sun Pharmaceutical Industries Limited (SPIL): Result update (Q1FY15): Taro dragged top line a bit but overall numbers are In-line with estimates. Maintain HOLD with the revised target price of Rs 754 due to roll over of multiple to FY16E. Valuations: At CMP of Rs 784, the stock is trading at P/E multiple of 26.0x of FY15E & 25.0x of FY16E. Owing to cash rich balance sheet, management’s execution capabilities & high return ratios, stock is likely to trade at premium to its peers. However, at current level, we believe that most of positives are factored into the price. From here onwards, the stock is likely to trade more on the positive outcome for Ranbaxy (if any from USFDA side) & integration synergies. Currently, we maintain HOLD rating on the stock with the target price of Rs 754 (valuing at ~24x of FY16E).

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