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United Phosphorus (UPL) ranks among the Top-5 generic agrichemical manufacturers in the world. The US $40bn (CY2008) global Agrichemical industry is dominated by Top-6 Innovators with a large share of patented (28%) and off patent market (32%), with the global Generic players accounting for the balance 40%. Additionally, with patents for products worth US $3-4bn expiring during 2009-14, global Generic players are likely to further benefit. We expect UPL to post 9% and 17% CAGR in Sales and PAT over FY2010-12E, respectively. At current valuations of 10.1x FY2012E EPS , the stock is attractively valued v/s its global (10.4x) and domestic peers (12.0x), and historic average (15.0x). We Initiate Coverage on the stock, with a Buy and Target Price of Rs226 valuing the stock at 13x FY2012E EPS.Download Full Report
|MCAP BSE (Rs in Cr)||36,528.49|
|MCAP NSE (Rs in Cr)||36,571.58|
|Div Yield (%)||0.59|
Shareholding Pattern (%)
|Public & Others||6.0|