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Buy Piramal Life Sciences, target Rs 270: Emkay Global
Emkay Global Financial Services has recommended a buy rating on Piramal Life Sciences (PLSL) with a target price of Rs 270. On a replacement cost basis also, PLSLs valuations are attractive
Emkay Global Financial Services has recommended a buy rating on Piramal Life Sciences with a target price of Rs 270 in its August 28, 2008 research report. "Our risk adjusted DCF based NVP is Rs 270 per share. We believe that the current price does not reflect the potential value of its R&D pipeline.On a replacement cost basis also, PLSL's valuations are attractive. Despite having a stronger R&D pipeline of 15 molecules as against 8 molecules of SPARC, it trades at a significant 80% discount to SPARC. Given its strong R&D pipeline (15 molecules, 7 in Human clinical trials, NPV- Rs 16473 million) and attractive valuations, we rate the stock a Buy with a DCF based target price of Rs 270. We expect significant value creation in the next 3-5 years," says Emkays research report.
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