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Abbott India Research Report - 16th Dec 2015

Pharmaceutical | Published on Jan 14th 2012


Abbott India (AIL), a 50.44% subsidiary of Abbott Capital India Ltd., UK, is involved in the manufacture and marketing of pharmaceutical, diagnostic, nutritional and hospital products. Consolidation of Solvay Pharma India Ltd. (SPIL) with the company is expected to improve operating efficiencies, leading to expansion of EBITDA margin and an extended product portfolio with addition of brands from SPIL. We expect the company to post a 24% CAGR top-line over CY2010-13E on the back of continued focus on advertising, increased employee expenses, new therapeutic segments and its agreement with Zydus Cadila. At the current price of Rs1,434, the stock is trading at 13.9x CY2013E EPS, which we believe is attractive for an MNC. We Initiate Coverage on AIL with a Buy rating and a target price of Rs.1,852.

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CMP 1,434
Target Price 1,852
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)10,091.09
MCAP NSE (Rs in Cr)10,093.33
P/E (x)38.07
EPS (Rs.)124.74
BV (Rs.)521.24
Div Yield (%)0.74
FV (Rs.)10.00
P/BV (x)9.11
EV/Sales (x)3.54
EV/EBITDA (x)24.38

Shareholding Pattern (%)

Public & Others16.0
Grand Total100.0

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