Mankind Pharma has agreed to acquire Bharat Serum Vaccines (BSV) for EV of INR136b, implying EV/EBITDA of 28x/22-23x on FY24/FY25 basis.
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Zen Technologies is a niche defense play! Buy for target price of ₹1775 (31% upside): Motilal Oswal
Asset-light model can potentially generate strong RoE and RoCE: The company boasts an asset-light business model that does not require high capex. Instead, ZEN invests in R&D to build robust Intellectual Property Rights (IPRs). The manufacturing of simulators is outsourced, which helps generate a healthy fixed asset turnover ratio. Material costs account for 20-25% of sales, resulting in a significantly higher gross margin. The asset-light business model also helps to generate an RoCE of 30-40%.
Budget Review 2024-25 by ICICI Direct
The spotlight of the Union Budget 2024-25 was anchored on pillars of a) Youth skilling and Job creation, b) Tax simplification, c) Consistent capex momentum & d) Smooth and Efficient accessibility of credit to MSME. On a broader level, fiscal deficit of 4.9% and 4.5% for FY25E and FY26E, respectively, signifies government’s prerogative to carve out a sustained economic model of inclusive growth and development. To sum up, the Union Budget reflects a realistic set of measure to drive long term growth ahead. Nonetheless, market would await long term roadmap for specific growth pockets
Pre Budget Expectations 2024-25 by HDFC Securities
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We think that any correction post the Budget may be short lived unless impacted by some other trigger. However, retail investors will do well to review their asset allocation and equity portfolio and rebalance their excess holdings in equities (due to the rise in values) into other asset classes and in the process take some profits out of stocks that have run up much ahead of their fundamentals in the past few months
Downgrade Defence Sector on Super Rich Valuations: Nirmal Bang
![Downgrade Defence Sector on Super Rich Valuations: Nirmal Bang](https://rakesh-jhunjhunwala.in/wp-content/uploads/Defence-stocks.jpg)
The Defence stocks within our coverage universe have delivered 58% returns in the last three months, 75% returns in the last six months, 148% returns in the last 12 months and 776% returns in the last three years, buoyed by healthy order books, revenue expansion and the government’s major push for indigenization in the Defence secto
JB Pharma offers a healthy cocktail of a robust domestic franchise, niche CMO presence and measured exports strategy, Buy for target price of ₹2025 (15% upside): Kotak Securities
JB Pharma offers a healthy cocktail of a robust domestic franchise, niche CMO presence and measured exports strategy, aided by peerless execution. Having primarily grown organically until FY2022 and later on aided by benefits from acquired brands, JB has handsomely outperformed the IPM in the past decade by ~600 bps and currently ranks 22 in the IPM. Backed by improved MR productivity in India amid a healthy CMO order book and steady exports traction, we expect strong 17%/19% EBITDA/PAT CAGRs over FY2024-27E for JB. We initiate coverage on JB with BUY and FV of Rs2,025 (36X Sep 2026E EPS), implying a 15% upside to CMP
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