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United Phosphorus Research Report - 16th Dec 2015

Agrichemical | Published on Jun 01st 2010


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.

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Target Price
Investment Period

Stock Info

MCAP BSE (Rs in Cr)36,528.49
MCAP NSE (Rs in Cr)36,571.58
P/E (x)24.40
EPS (Rs.)29.54
BV (Rs.)79.53
Div Yield (%)0.59
FV (Rs.)2.00
P/BV (x)5.37
EV/Sales (x)3.03
EV/EBITDA (x)15.26

Shareholding Pattern (%)

Public & Others6.0
Grand Total100.0

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