In today’s briefing:
- Ajanta Pharma (AJP IN): Branded Generics Focus Ensures Consistent Growth
- Liquid Universe of European Ordinary and Preferred Shares: September ‘22 Report
Ajanta Pharma (AJP IN): Branded Generics Focus Ensures Consistent Growth
- Ajanta Pharma (AJP IN) has a well-diversified business model in terms of markets and therapies. The company’s largest revenue contributing segment, branded generics is seeing healthy double-digit revenue growth.
- Ajanta focuses on limited competition product in US. Going forward, the US business will see accelerated growth, driven by new launches. Ajanta plans to file 10–12 ANDAs during FY23.
- Ajanta has taken 1% price increase across all its market, which should drive margin improvement in coming quarters. The company has guided for EBITDA margin of 26–27% for FY23.
Liquid Universe of European Ordinary and Preferred Shares: September ‘22 Report
- Since mid-August, spreads have shown a mixed performance across our liquid universe with a slight bias towards tightening (with the exception of German shares, which have generally widened).
- Trade recommendations long ords / short prefs: Fuchs Petrolub, SSAB Svenska Stal.
- Recommendations Long prefs / short ords: Sixt, VW, MFE-Media for Europe, Grifols, Atlas Copco.
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