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Lupin (CMP: `446/ TP: `593/ Upside: 33%)
Lupin is amongst the highest filers in the Indian pharmaceuticals industry. As of
FY2011, the company’s cumulative filings stood at 148, of which 48 have been
approved. Lupin plans to launch 10 products in the US in FY2012 and another 80
products over the next three years. Overall, we expect the US market to post a
CAGR of 28.8% over FY2011-13E.
In the oral contraceptive (OC) segment, Lupin has filed 22 ANDAs and expects to
get approvals from 2HFY2012. As per management, the OC segment is expected
to contribute US$100mn to the company's top line over the next 2-3 years.
Lupin continues to make strides in the Indian market. Currently, Lupin ranks No.5,
climbing up from being No.11 six years ago. Lupin has been the fastest growing
company among the top-5 companies in the domestic formulation space, registering
a strong CAGR of 20% over the last three years.
Management has given a revenue guidance of US$3bn by FY2013-14. We expect
Lupin's net sales to grow at a 20.4% CAGR to `8,272cr and earnings to grow at a
24.0% CAGR to ` 29.7/share over FY2011-13E. Currently, the stock is trading at
20.2x and 15.2x FY2012E and FY2013E earnings, respectively. Based on the
above-mentioned triggers, we maintain our positive outlook on the company and
recommend a Buy rating on the stock with a target price of `593.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Lupin (CMP: `446/ TP: `593/ Upside: 33%)
Lupin is amongst the highest filers in the Indian pharmaceuticals industry. As of
FY2011, the company’s cumulative filings stood at 148, of which 48 have been
approved. Lupin plans to launch 10 products in the US in FY2012 and another 80
products over the next three years. Overall, we expect the US market to post a
CAGR of 28.8% over FY2011-13E.
In the oral contraceptive (OC) segment, Lupin has filed 22 ANDAs and expects to
get approvals from 2HFY2012. As per management, the OC segment is expected
to contribute US$100mn to the company's top line over the next 2-3 years.
Lupin continues to make strides in the Indian market. Currently, Lupin ranks No.5,
climbing up from being No.11 six years ago. Lupin has been the fastest growing
company among the top-5 companies in the domestic formulation space, registering
a strong CAGR of 20% over the last three years.
Management has given a revenue guidance of US$3bn by FY2013-14. We expect
Lupin's net sales to grow at a 20.4% CAGR to `8,272cr and earnings to grow at a
24.0% CAGR to ` 29.7/share over FY2011-13E. Currently, the stock is trading at
20.2x and 15.2x FY2012E and FY2013E earnings, respectively. Based on the
above-mentioned triggers, we maintain our positive outlook on the company and
recommend a Buy rating on the stock with a target price of `593.
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