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Buy Wockhardt, target of Rs 230: Angel
Angel Broking has maintained its buy rating on Wockhardt with a target of Rs 230. For 9MCY2008, the company posted Net Profit of Rs 218.9 crore, a decline of 21%.
Angel Broking has maintained its buy rating on Wockhardt with a target of Rs 230 in its October 24, 2008 research report. "For 3QCY2008, Wockhardt posted Sales of Rs 923 crore, registering a yoy growth of 25.1%. For 9MCY2008, the company posted Net Profit of Rs 218.9 crore, a decline of 21%."
"At the CMP, the stock is trading at 4.1x CY2008E and 3.4x CY2009E EPS, which is at a significant discount to its peers. Substantial part of the discount is on account of the high competitive pressures in the Generic space and the company's dependence on its M&A strategy to scale up its Generic business. A part of the discount is also due to the accounting polices followed by the company (deferment of R&D expenditure). We maintain a Buy on the stock, with a revised Target Price of Rs 230 (Rs 250)," says Angel Broking's research report.
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