Angel Broking remains Neutral on Sanofi India

Angel Broking has maintained a neutral rating on Sanofi India in its April 30, 2013 research report. The research firm expects the net sales to post a 13.3 percent CAGR to Rs 1,917cr and EPS to register a 13.4 percent CAGR to Rs 99.1 over CY2012–14.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead Realasset
moneycontrol.com

Home » News » Recommendations

May 04, 2013, 05.30 PM | Source: Moneycontrol.com

Angel Broking remains 'Neutral' on Sanofi India

Angel Broking has maintained a neutral rating on Sanofi India in its April 30, 2013 research report. The research firm expects the net sales to post a 13.3 percent CAGR to Rs 1,917cr and EPS to register a 13.4 percent CAGR to Rs 99.1 over CY2012–14.

Like this story, share it with millions of investors on M3

Angel Broking remains Neutral on Sanofi India

Angel Broking has maintained a neutral rating on Sanofi India in its April 30, 2013 research report. The research firm expects the net sales to post a 13.3 percent CAGR to Rs 1,917cr and EPS to register a 13.4 percent CAGR to Rs 99.1 over CY2012–14.

Post Your Comments

Share Cancel

(more)

, Angel Broking |

Angel Broking has maintained a neutral rating on Sanofi India in its April 30, 2013 research report. The research firm expects the net sales to post a 13.3 percent CAGR to Rs 1,917cr and EPS to register a 13.4 percent CAGR to Rs 99.1 over CY201214.

"For 1QCY2013, Sanofi India reported results lower than expectations, both the on top-and bottom-line fronts. Sales grew by 12.5 percent yoy; however the net profit grew by just 10.5 percent yoy, due to lower-than-expected OPM. Sanofi’s net sales grew by 12.5 percent yoy to Rs 363cr for 1QCY2013, lower than our estimate of Rs 401cr. The company reported a gross margin of 51.8 percent (50.9 percent in 1QCY2012), higher than our estimate of 49.5 percent. However, the OPM came in at 13.1 percent, lower than our estimate of 14.6 percent, due to a higher rise in other expenses, which rose by 28 percent yoy. The net profit came in at Rs 44cr, up by 10.5 percent yoy, lower than our estimate of Rs 50.1cr.

Outlook and valuation: We expect net sales to post a 13.3 percent CAGR to Rs 1,917cr and EPS to register a 13.4 percent CAGR to Rs 99.1 over CY201214. At current levels, the stock is trading at 27.6x and 25.8x CY2013E and CY2014E earnings, respectively. We recommend a Neutral rating on the stock," says Angel Broking research report.

Bodies Corporate holding more than 50% in Indian cos

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
Angel Broking remains Neutral on Sanofi India

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login