Buy Ajanta Pharmaceuticals; target of Rs 1880: ICICI Direct

ICICI Direct is bullish on Ajanta Pharmaceuticals has recommended buy rating on the stock with a target price of Rs 1880 in its research report dated May 04, 2017.

May 08, 2017 / 05:07 PM IST
 
 
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ICICI Direct's research report on Ajanta Pharmaceuticals


Domestic branded formulations constitute 31% of the FY17 revenues. The main distinguishing factor is the uncanny knack of launching maximum number of first time launches with focus on New Drug Delivery System (NDDS). Of the 200+ actively marketed brands, 70% brands were introduced first time in India.


Outlook


Despite Capex intensity the company remains on track to generate similar kind of FCF, reflecting the core strength in earnings besides healthy return ratios. We maintain BUY with a target price of Rs1880 based on 26x of FY19E EPS of Rs 72.4.


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first published: May 8, 2017 05:07 pm

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