ICICI Direct is bullish on Pfizer has recommended buy rating on the stock with a target price of Rs 3000 in its research report dated May 08, 2018.
ICICI Direct's research report on Pfizer
FY18 revenues declined 3% YoY to | 1980 crore mainly due to GST impact, discontinuance of Corex cough syrup and divesture of certain brands. Q4FY18 revenues grew 15% YoY. Excluding Corex and divesture impact FY18 and Q4FY18 revenues grew 13% and 21%, respectively EBITDA margins increased 817 bps to 25.3% YoY in FY18 mainly owing to better operating leverage. EBITDA margins in Q4FY18 increased 574 bps YoY to 26.6%. EBITDA increased 43% YoY to | 500 crore in FY18.
OutlookThe only concern now will be the draft pharma policy that has mandated for lower dependence on third party manufacturing. We expect revenues, EBITDA and adjusted PAT to grow at a CAGR of 14%, 13% and 13%, respectively, in FY18-20E. Among MNCs, the stock is available at an attractive valuation
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