Buy Syngene International; target of Rs 710: ICICI Direct

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ICICI Direct's research report on Syngene International

Syngene is a contract research, development and manufacturing organisation catering mainly to global innovator pharma\chemical companies offering integrated scientific services from early discovery to commercial supply. Syngene serves these players, which outsource some or substantial part of their business in the product development life cycle and operates via full time equipment (FTE) and fee for services (FFS) models • Discovery services: FTE engagements with high renewability; dedicated services: long-term strategic alliances that last usually five years or more, Development and manufacturing: FFS engagements, which increase in volume/scale over time.

Outlook

We maintain BUY as the recent Zoetis agreement provides vindication on Syngene’s capabilities, which could be an inflection point to evolve from clinical scale to commercial scale manufacturing for innovators. We value Syngene at Rs 710 i.e. 25x FY24E EV/EBITDA.

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Syngene International - 221022 - icici