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Buy Piramal Life with tgt of Rs 270: Emkay
Emkay Global Financial Services has recommended a buy rating on Piramal Life Sciences with a target price of Rs 270 in its September 1, 2008 research report.
Emkay Global Financial Services has recommended a buy rating on Piramal Life Scienceswith a target price of Rs 270 in its September 1, 2008 research report. "Piramal Life Sciences Limited (PLSL), the demerged R&D entity of Piramal Healthcare (PIHC) began operations a decade ago. PLSL today boasts of a world class drug discovery facility, a strong pipeline of 15 molecules (half of them in Phase I and Phase II) and in-licensing agreements with global innovator companies like Eli Lilly, Merck and Pierre Fabre Laboratories. Our risk adjusted DCF based NPV is Rs 270 per share. From the infrastructure view, the company is a value play. The replacement cost of its R&D facility is 50% of its current Enterprise Value (EV). PLSL trades at a significant discount to its only comparable competitor, SPARC. Despite having a stronger pipeline of 15 molecules as against 8 for SPARC, PLSL trades at a significant discount (80%) to SPARC's market cap. We initiate coverage on the stock with a buy rating and a DCF based target price of Rs 270," says Emkay Global Financial Services' research report
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