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Lupin an outperformer, target Rs 800: SSKI
SSKI has maintained outperformer rating on Lupin with 15 month target price of Rs 800. We estimate 24% revenue CAGR and 25% profit CAGR (excluding licensing income) for Lupin over FY07-09. At 14.6x FY09E and 11.7x FY10E earnings excluding licensing fees, Lupin is among the cheapest frontline pharma stocks.
SSKI has maintained outperformer rating on Lupin with 15 month target price of Rs 800 in its December 12, 2007 report. "Lupin Limited (Lupin) business model seeks to leverage its superior process R&D capabilities and vertical integration to build presence in regulated markets and strengthen its domestic footprint. "10x growth" in formulation sales in regulated market and 3x growth in the domestic market over FY03-07, along with Euro 40 m of R&D licensing income over FY07-08, clearly reflects the potential of Lupin's model. We expect Lupin to maintain the growth momentum as it expands its geographical reach to EU and Japan, and strengthens presence in existing markets. We estimate 24% revenue CAGR and 25% profit CAGR (excluding licensing income) for Lupin over FY07-09. At 14.6x FY09E and 11.7x FY10E earnings excluding licensing fees, Lupin is among the cheapest frontline pharma stocks. Initiating coverage with Outperformer and 15 month price target of Rs 800," according to SSKI report.
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