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    HomeNewsBusinessStocksEmkay's research report on Torrent Pharma

    Emkay's research report on Torrent Pharma

    Emkay has recommended rating of accumulate on Torrent Pharma with a target price of Rs 1638 in its research report dated September 16, 2015.

    September 18, 2015 / 15:04 IST

    Emkay's research report on Torrent PharmaRecent stock correction over fears of Brazilian exposure overdone, in worst case scenario we see a maximum 10% hit to overall earnings in FY16 assuming NIL margins for the geographyMultiple earning drivers beyond FY16; primarily from US launches including gNexium, gSeroquel XR, gNamenda, gCrestor over FY16-FY18EWe do not value cash flows from one-off launches (c8-10% of current market cap) as we believe the same would be utilized for M&AUpsides from use of cash including EPS accretive M&A (most likely) or deleveraging (unlikely), both options could add atleast another 5-7% to FY18 estimates/TPValue Torrent at 21x Sept 17 EPS of Rs 78/share with TP of Rs 1,638/share (earlier Rs1,440/share). Torrent pharma is amongst our top midsized pharma picks

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    first published: Sep 18, 2015 03:04 pm

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