I am not sure if you have read my above thesis, but we can not value Natco with simple PE and PEG ratios because their revenues are lumpy due to their business model. No one can predict what revenue they will clock in FY’27.
Revlimid is a one-time cash-generating opportunity and the company is optically looking cheap on valuation metrics like PE and PEG. I am not saying it is expensive.
All I want to say here is we should not project Revenue and Profit for Natco post FY’26. There will be a dip in revenue, margin, PAT. But the bet here is no management to find new molecules to generate cash. They have done in the past and they have a great pipeline of molecules.
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