Merck Ltd Initiating Coverage Report By Karvy

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May 4, 2015 at 9:17 pm #2014

Vidhi Khanna
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At CMP of Rs.839, Merck is trading at 17.1x CY16E EPS, which is lower than the 4-year average TTM PE of 19. Considering the triggers – increased injectables capacity leading to possible new launches and deeper market penetration, we initiate a “HOLD” recommendation on Merck Ltd with a target of Rs.930 based on 19x CY16E EPS of Rs.48.9. The potential upside is 10.8%.

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