JB Chemicals & Pharma |
Turnaround of domestic business to fuel growth |
NOT RATED
CMP: Rs 108 Target Price: NR
n Russia/CIS business to act as JBCPL’s cash cow for funding its domestic expansion
n Higher thrust on the domestic business by way of increasing doctor coverage to contribute to top line as well as bottom line, going forward; Committed to grow domestic business by 3x in next 3-4 years
n Higher receivables in the Russia/CIS business not a concern as they are qualitatively sound
n 22-25% earnings CAGR over FY10-12E; Ideal candidate for re-rating
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