External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>The domestic formulation (DF) segment continues on its robust growth path, led by market share gain, favorable price hikes, addition of medical representatives (MRs), and its increased presence particularly in the cardiology segment.</li><li>The exports opportunity is expected to improve with increased product launches in the UK, new launches and market share gain in Russia, and industry outperformance in Africa branded generics market.</li><li>After 18% YoY decline in earnings in FY22, we expect 11% earnings CAGR over FY22- 24, led by 13%/8%/8% sales CAGR in DF, exports formulations, and API, respectively.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The domestic formulation (DF) segment continues on its robust growth path, led by market share gain, favorable price hikes, addition of medical representatives (MRs), and its increased presence particularly in the cardiology segment.The exports opportunity is expected to improve with increased product launches in the UK, new launches and market share gain in Russia, and industry outperformance in Africa branded generics market.After 18% YoY decline in earnings in FY22, we expect 11% earnings CAGR over FY22- 24, led by 13%/8%/8% sales CAGR in DF, exports formulations, and API, respectively.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ipca Laboratories - On Course to Revive Earnings Growth

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Ipca is a fully integrated pharma company manufacturing over 350 formulations and 80 APIs with exports contributing 50% of revenues in FY21</li><li>Major therapeutic segments include pain management, cardiovascular and anti-diabetics, anti-infectives, anti-malarials, which together account for 75% of revenues</li><li>Target Price and Valuation: Valued at Rs 1175 i.e. 24x P/E on FY24E EPS of Rs 48.9</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Ipca is a fully integrated pharma company manufacturing over 350 formulations and 80 APIs with exports contributing 50% of revenues in FY21Major therapeutic segments include pain management, cardiovascular and anti-diabetics, anti-infectives, anti-malarials, which together account for 75% of revenuesTarget Price and Valuation: Valued at Rs 1175 i.e. 24x P/E on FY24E EPS of Rs 48.9Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IPCA Laboratories: Domestic Outperformance Offset by Drag in Exports

<ul><li>The Ipca Laboratories stock has been sub-divided from one existing equity share of Rs 2 each face value into two equity shares of Rs 1 each face value</li><li>Consequently, Ipca Lab’s share price has dropped to ~Rs 1099/share from ~Rs 2200/share.</li><li>Hence, our target price has also now been revised to Rs 1245/share post this corporate action.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

The Ipca Laboratories stock has been sub-divided from one existing equity share of Rs 2 each face value into two equity shares of Rs 1 each face valueConsequently, Ipca Lab’s share price has dropped to ~Rs 1099/share from ~Rs 2200/share.Hence, our target price has also now been revised to Rs 1245/share post this corporate action.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ipca Laboratories: Two for One Share Stock Split

<ul><li>IPCA is a fully integrated pharma company manufacturing over 350 formulations and 80 APIs with exports contributing 50% of revenues in FY21</li><li>Ipca reported decent Q2FY22 results despite challenges. Sales were up 13.5% YoY to Rs 1544.4 crore</li><li>Maintain BUY due to good traction in domestic formulations and sustainable growth amid some margin pressure in medium term. We value IPCA at Rs 2490.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

IPCA is a fully integrated pharma company manufacturing over 350 formulations and 80 APIs with exports contributing 50% of revenues in FY21Ipca reported decent Q2FY22 results despite challenges. Sales were up 13.5% YoY to Rs 1544.4 croreMaintain BUY due to good traction in domestic formulations and sustainable growth amid some margin pressure in medium term. We value IPCA at Rs 2490.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IPCA Laboratories: Strong Performance Despite GPM Pressure

Global Healthcare Analyst

Tina Banerjee

<p>Ipca Laboratories is a fully-integrated Indian generic pharmaceutical company manufacturing both formulations and APIs. The company’s domestic formulation business (contributes 42% of total revenue) is back to its double-digit growth path, driven by its focus on fast growing lifestyle related therapeutic segments, including pain management, cardiovascular, and anti-diabetes. With the recovery of the base business (non COVID portfolio), pain management segment grew 36% y/y and contributed ~49% of domestic formulation business in Q1 FY22. Pent up demand with the declining incidences of the COVID-19 and increasing vaccination in India should lead to volume-driven growth for the domestic formulation business. Management guided for 16–18% y/y growth in domestic formulation segment in FY22, which seems conservative. Ipca Laboratories checks most of the boxes for being considered as a sound investment idea, which include stable sales growth (five-years CAGR of 13%, mainly driven by volume), expanding margins (1,700 basis points margin expansion since FY18), debt-free balance sheet, robust liquidity with cash balance of INR 9 billion, and RONW ratio of 20%+.  The stock is currently trading at a P/E of 30x, which seems reasonable compared to its peers and industry average. Recent correction in the stock is an attractive buying opportunity for the long-term investors.  </p>

Ipca Laboratories is a fully-integrated Indian generic pharmaceutical company manufacturing both formulations and APIs. The company’s domestic formulation business (contributes 42% of total revenue) is back to its double-digit growth path, driven by its focus on fast growing lifestyle related therapeutic segments, including pain management, cardiovascular, and anti-diabetes. With the recovery of the base business (non COVID portfolio), pain management segment grew 36% y/y and contributed ~49% of domestic formulation business in Q1 FY22. Pent up demand with the declining incidences of the COVID-19 and increasing vaccination in India should lead to volume-driven growth for the domestic formulation business. Management guided for 16–18% y/y growth in domestic formulation segment in FY22, which seems conservative. Ipca Laboratories checks most of the boxes for being considered as a sound investment idea, which include stable sales growth (five-years CAGR of 13%, mainly driven by volume), expanding margins (1,700 basis points margin expansion since FY18), debt-free balance sheet, robust liquidity with cash balance of INR 9 billion, and RONW ratio of 20%+.  The stock is currently trading at a P/E of 30x, which seems reasonable compared to its peers and industry average. Recent correction in the stock is an attractive buying opportunity for the long-term investors.  

Ipca Laboratories (IPCA IN): Domestic Business Is the Key Growth Driver

India

IPCA Laboratories Limited is an Indian multinational pharmaceutical company that manufactures and markets over 350 finished-dosage formulations and approximately 80 active pharmaceutical ingredients (APIs). The company focuses on therapeutic areas such as pain management, rheumatology, antimalarials, and cardiovascular medicine. It was founded in 1949 and is headquartered in Mumbai, Maharashtra, India.

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IPCA Laboratories (IPCA IN)

Ipca Laboratories - On Course to Revive Earnings Growth

The domestic formulation (DF) segment continues on its robust growth path, led by market share gain, favorable price hikes, addition of medical...

Motilal Oswal

IPCA Laboratories: Domestic Outperformance Offset by Drag in Exports

Ipca is a fully integrated pharma company manufacturing over 350 formulations and 80 APIs with exports contributing 50% of revenues in FY21

ICICI Securities Limited

IPCA Laboratories: Strong Performance Despite GPM Pressure

Maintain BUY due to good traction in domestic formulations and sustainable growth amid some margin pressure in medium term Target Price and...

ICICI Securities Limited