ICICI Securities research report on BlueJet Healthcare
We initiate coverage on Blue Jet Healthcare (BlueJet) with BUY rating and target price of INR 450. BlueJet has a head start in contrast media, and is now cementing its position with new contracts that may allow the company to ascend its value chain in iodinated contrast media and NCE in gadolinium contrast media. This should manifest in FY23-26E with contrast media revenue CAGR of 18%. In parallel, PI/API revenue may jump 7x with ramp-up in supplies to Esperion, where BlueJet is expanding capacities, and the product has seen some key achievements. BlueJet has a couple of more products in the pipeline which could pose an upside risk to revenue. While Chinese competition dented revenue for sweeteners in FY24, the company is working to accelerate growth in the segment.
Outlook
We initiate coverage on BlueJet with BUY rating and target price of INR 450, valuing the company at 26x FY26E P/E multiple. This implies 18.1x FY26E EV/EBITDA and 6.4x P/BV at FY26E.
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