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%
Outlook
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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