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Neutral Biocon; target of Rs 410: Motilal Oswal

Motilal Oswal recommended Neutral rating on Biocon with a target price of Rs 410 in its research report dated April 29, 2022.

April 30, 2022 / 09:55 PM IST
The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

 
 
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Motilal Oswal's research report on Biocon


Biocon (BIOS) delivered operationally in-line 4QFY22. The performance was healthy in generics and research services, while biologics sales have been steady for two quarters now. BIOS remains on track to develop products as well as build manufacturing capacities across generics and biologics segments to drive robust earnings growth over the next 3-4 years.



Outlook


We retain our FY23/FY24 estimates and continue to value BIOS on an SOTP basis (25x EV/EBITDA for biologics and 10x EV/EBITDA for generics and Syngene at market value) to arrive at our TP of INR410.

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first published: Apr 30, 2022 09:55 pm
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