December 06, 2016 / 13:22 IST
Ajcon Global's research report on Cipla Cipla continues to maintain its leadership in respiratory, paediatric and urology therapies. Legacy brands continue to perform well. As one of India’s leading pharmaceutical companies, its commitment to provide modern patients. In FY16, despite pricing challenges and the impact of a weak monsoon, Cipla’s domestic revenues for its prescription business grew by 16% compared to the industry growth of 14%, as per IMS Health data.
At CMP, the stock is trading at a P/E of 31x FY16 EPS. We recommend a “BUY” on the stock with a price target of Rs. 700 (assign a discounted multiple of 28x at street estimated FY18 EPS of Rs. 25) an upside of 22%, over a period of 3 months.
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