External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>Lupin reported revenue of Rs38,830mn, up 2.6% YoY, but down 6.7% QoQ. EBITDA stood at s2,678mn, down 62.1% YoY and 27.6% QoQ.</li></ul></div></div></div></div><div><div><div><div><ul><li>EBITDA margin stood at 6.9%, down 1181bps YoY and 199bps QoQ. Net loss stood at Rs5,180mn.</li></ul><div><div><div><div><ul><li>R&amp;D cost stood at Rs3,442mn (8.9% of total sales). The company reported a capital expenditure of Rs1,577mn in 4QFY22.</li></ul></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Lupin reported revenue of Rs38,830mn, up 2.6% YoY, but down 6.7% QoQ. EBITDA stood at s2,678mn, down 62.1% YoY and 27.6% QoQ.EBITDA margin stood at 6.9%, down 1181bps YoY and 199bps QoQ. Net loss stood at Rs5,180mn.R&amp;D cost stood at Rs3,442mn (8.9% of total sales). The company reported a capital expenditure of Rs1,577mn in 4QFY22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lupin - Disappointing Quarter; Focus on Driving Cost Efficiencies

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<p>Learnings at Goa to enhance remediation measures at other sites as well After almost 4.5 years of regulatory hurdles, LPC received a favorable classification (Voluntary Action Indicated or VAI) for its Goa facility from the USFDA. This is a big relief from a compliance standpoint, given the reasonable contribution in the base business as well as double digit ANDAs pending approval from the Goa site. We expect 21% earnings CAGR over FY21-23E and raise our 12-month forward P/E to 25x (to factor Goa compliance) from 24x earlier and arrive at our TP to INR990/share.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Learnings at Goa to enhance remediation measures at other sites as well After almost 4.5 years of regulatory hurdles, LPC received a favorable classification (Voluntary Action Indicated or VAI) for its Goa facility from the USFDA. This is a big relief from a compliance standpoint, given the reasonable contribution in the base business as well as double digit ANDAs pending approval from the Goa site. We expect 21% earnings CAGR over FY21-23E and raise our 12-month forward P/E to 25x (to factor Goa compliance) from 24x earlier and arrive at our TP to INR990/share.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Lupin is a multinational pharma company engaged in manufacturing &amp; marketing branded &amp; generic formulations, APIs, biotech products as well as OTC medicines</li><li>EIR for the Goa facility (with voluntary action initiated or VAI status) could provide a significant respite in Lupin’s intense drive to address pending compliance issues</li><li>We value Lupin at Rs 1015 i.e. 27.5xP/E FY23E EPS.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Lupin is a multinational pharma company engaged in manufacturing &amp; marketing branded &amp; generic formulations, APIs, biotech products as well as OTC medicinesEIR for the Goa facility (with voluntary action initiated or VAI status) could provide a significant respite in Lupin’s intense drive to address pending compliance issuesWe value Lupin at Rs 1015 i.e. 27.5xP/E FY23E EPS.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lupin: Respite in Long-Drawn CGMP Overhaul with Goa EIR

<p>About the stock: Lupin is a multinational pharma company engaged in manufacturing &amp; marketing branded &amp; generic formulations, APIs, biotech products as well as OTC medicines across multiple dosage forms &amp; therapeutic categories.</p>
<ul>
<li>It is the third largest generic player (by prescriptions) in the US with 168 generic products (market leader: 52 products; Top 3: 122 products) along with being sixth largest company in Indian pharmaceutical market</li>
<li>Lupin is the largest manufacturer of anti-TB drugs in the world and enjoys global leadership in anti-TB &amp; Cephalosporins</li>
</ul>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

About the stock: Lupin is a multinational pharma company engaged in manufacturing &amp; marketing branded &amp; generic formulations, APIs, biotech products as well as OTC medicines across multiple dosage forms &amp; therapeutic categories.

It is the third largest generic player (by prescriptions) in the US with 168 generic products (market leader: 52 products; Top 3: 122 products) along with being sixth largest company in Indian pharmaceutical market
Lupin is the largest manufacturer of anti-TB drugs in the world and enjoys global leadership in anti-TB &amp; Cephalosporins

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lupin Ltd: India, Milestone Buoy Numbers but US Below-Par

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>We tweak our estimates by -3%/+4% for FY22/23e and revise the TP to INR1,220. Downgrade to ADD. Lupins 4Q sales/EBITDA was ~5%/9% below our estimates, largely on account of subdued US (+4% QoQ, weak flu season offset Albuterol contribution) and weak API business (-22% YoY). EBITDA margin at 18.7% remained flat QoQ. Management guided for double-digit growth in key markets (India and US) in FY22 and EBITDA margin improvement to 21-22% by FY23 (vs. 17.2% in FY21). We continue to remain positive on Lupins ability to execute and monetise its complex pipeline in the US (inhalers and complex injectables).</p>

We tweak our estimates by -3%/+4% for FY22/23e and revise the TP to INR1,220. Downgrade to ADD. Lupins 4Q sales/EBITDA was ~5%/9% below our estimates, largely on account of subdued US (+4% QoQ, weak flu season offset Albuterol contribution) and weak API business (-22% YoY). EBITDA margin at 18.7% remained flat QoQ. Management guided for double-digit growth in key markets (India and US) in FY22 and EBITDA margin improvement to 21-22% by FY23 (vs. 17.2% in FY21). We continue to remain positive on Lupins ability to execute and monetise its complex pipeline in the US (inhalers and complex injectables).

Lupin (4QFY21): Positives in the price. Downgrade to ADD

India

Lupin Limited manufactures bulk actives and formulations. The principal bulk actives manufactured by it include Rifampicin, Pyrazinamide, Ethambutol (anti-TB), Cephalosporins (anti-infectives) and cardiovasculars. The company also possesses competencies in phytomedicines, in which medicines are made out of plant and herbal resources supported by the discipline of modern medicine.

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Lupin Ltd (LPC IN)

Lupin - Disappointing Quarter; Focus on Driving Cost Efficiencies

We maintain our Buy rating on Lupin, but lower our estimates to account for lower US sales and cost pressures. EBITDA margin came in at 7% for the...

Nirmal Bang

USFDA regulatory hurdle crossed at Goa

Learnings at Goa to enhance remediation measures at other sites as well After almost 4.5 years of regulatory hurdles, LPC received a favorable...

Motilal Oswal

Lupin: Respite in Long-Drawn CGMP Overhaul with Goa EIR

Lupin is a multinational pharma company engaged in manufacturing & marketing branded & generic formulations, APIs, biotech products as well as OTC...

ICICI Securities Limited

Lupin Ltd: India, Milestone Buoy Numbers but US Below-Par

Lupin is a multinational pharma company engaged in manufacturing & marketing branded & generic formulations, APIs, biotech products as well as OTC...

ICICI Securities Limited

Lupin (4QFY21): Positives in the price. Downgrade to ADD

We tweak our estimates by -3%/+4% for FY22/23e and revise the TP to INR1,220. Downgrade to ADD. Lupins 4Q sales/EBITDA was ~5%/9% below our...

HDFC Securities

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