Pfizer Dec-Mar'11 Result Update; Muted growth; Maintain Accumulate; Target: Rs1,417 : Emkay

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Pfizer Dec-Mar'11 Result Update; Muted growth; Maintain Accumulate; Target: Rs1,417

n    Muted performance by Pfizer with a) Revenue up by 12.3%* to Rs3.1bn, b) EBIDTA up by 2%* to Rs703mn and c) APAT increased by 12%* to Rs631mn

n    Pharma revenue growth lower than industry growth of ~16% due to lower growth in Becosules

n    Company declared dividend of Rs16.50 per share for 16 month period with dividend yield of 1.3%

n    Value company at 18x FY13 EPS of Rs78.7 to arrive at a target price of Rs1417 and maintain Accumulate rating