Buy Hester Biosciences; target of Rs 2925: ICICI Direct
ICICI Direct is bullish on Hester Biosciences has recommended buy rating on the stock with a target price of Rs 2925 in its research report dated August 13, 2021.
August 19, 2021 / 01:02 PM IST
ICICI Direct's research report on Hester Biosciences
Hester is one of India’s leading animal healthcare companies & the second largest poultry vaccine manufacturer in the country. It has a strategic presence in 30+ countries with key markets being India, Nepal and Tanzania. It operates through four broad verticals: poultry vaccines, poultry health products, animal vaccines and animal health products Revenue segment wise: poultry healthcare:73%, animal healthcare: 19%, others:8%; by geography: domestic:81%, exports:10%, others:9%
We change our view from HOLD to BUY on account of positive impact of expected improvement in exports We value Hester at Rs 2925 (base business at Rs 2809 i.e. 40x P/E on FY23E EPS + NPV of Rs 114 Covaxin DS opportunity)
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