Granules India Initiating Coverage Report By Motilal Oswal

Tagged: Granules India, Motilal Oswal

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August 30, 2015 at 10:50 am #2321

Vidhi Khanna
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Valuations & View: In the past decade the company’s revenues and profits have grown at a CAGR of 23% & 33% while in the next three years (FY15-18E) we expect them to compound at 17% & 27% respectively. We expect the company’s EBITDA margins to improve from 16.1% in FY15 to 19.0% by FY18E and keep improving from thereon due to a change in business mix. We recommend to BUY Granules for a price target of INR 160 based on 20x Sep 2017E EPS, a 10% discount to midcap pharmaceutical players (being a B2B player), offering an upside of 40% from current levels.

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