Ranbaxy Labs a market performer: Karvy

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Ranbaxy Labs a market performer: Karvy

Karvy Stock Broking has maintained its market performer rating on Ranbaxy Laboratories with a target price of Rs 515. The revenues for the quarter in dollar terms have moved up by 11 % to USD 440 million.

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Karvy Stock Broking has maintained its market performer rating on Ranbaxy Laboratories with a target price of Rs 515 in its July 31, 2008 research report. "The revenues for the quarter in dollar terms have moved up by 11 % to USD 440 million. The company revenues in Rupee terms has gone up by 12.7 % to Rs 18296 million. Net revenues have gone up by 14.4 % to Rs 19286 million. The company's net profit for the quarter has declined from Rs 2662 million to Rs 229 million."

"We have marginally increased our EPS by 3 % to Rs 13.8 for CY 2008 while we increase our CY 2009 marginally to Rs 26 for CY 2009. We however maintain our Market Performer rating on the stock. We ascribe a value of Rs 340 to the company's core business based on 20x CY 2009E. while the FTF upside in CY 09 would be to the tune of Rs 9 which is valued at 6x which translates into a value of Rs 54. The Nexium upside which is not included in the model is ascribed a value of Rs 60 on a EPS upside of Rs 3 as this is a recurring business. We ascribe also a DCF value of Rs 59 for all FTF opportunities in the foreseeable future. We have a value of Rs 515 based on the above and rate the stock as Market Performer," says Karvy's research report.

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