Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Buy Wockhardt; target of Rs 630: Angel Broking

49 sec read

Angel Broking has recommended buy rating on Wockhardt with a target of Rs 630 in its February 21, 2008 report. “Wockhardt posted consolidated Sales and Profits of Rs 762 crore and Rs 106 crore in 4QCY2007 registering a growth of 45% and 21%, respectively. With this, for CY2007, Wockhardt posted consolidated Sales and Profits of Rs 2653 crore and Rs 386 crore registering a growth of 53.4% and 59.8%, respectively. A combination of the company’s organic and in-organic initiatives was mainly responsible for the growth in CY2007. During CY2007, the European business clocked an impressive growth of 97% to Rs 1410 crore (Rs 715 crore). Apart from Europe, US also posted robust growth of 64%.”

“At the CMP, the stock is trading at 8.5x CY2008E and 7.4x CY2009E FDEPS, which is at a significant discount to its peers. A substantial part of the discount is on account of the high competitive pressures in the Generic space and dependence of the company on its M&A strategy to scale up its Generic business. The stock is quoting at 4.5x EV/EBDITA CY2009E, which is at a significant discount to its peers, which are  trading at 6.5x EV/EBDITA. We believe the stock is available at attractive valuations even after discounting the concerns. Hence, we maintain a Buy on the stock, with an 18-month Target Price of Rs 630," according to Angel Broking research report.

 

 

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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