Buy Abbott India: target of Rs 22,780: Sharekhan

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Sharekhan's research report on Abbott India

Abbott India Limited (Abbott) is expected to sustain its double-digit growth trajectory over the next two-year period, driven by revival in the IPM growth, presence in high growth therapy areas, and strong performance of top brands. After a modest 2% growth in FY21, the IPM growth is expected to improve to high single digit to double digit in FY2022 driven by pick up in volumes along with sustained pricing growth and new product growth. Better growth prospects, a strong balance sheet position coupled with healthy operating cash flows and strong dividend payout are key positives.

Outlook

At CMP the stock trades at 50.9x / 44.1x its FY22E and FY23E EPS respectively and the above positives would help to sustain the premium valuations. We retain Buy on Abbott with a revised PT of Rs. 22,780.

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