Cipla is a global pharma company with over 1,500+ products in 65 therapeutic categories, with over 50 dosage forms.
Cipla reported a mixed set of numbers set of numbers wherein US sales and EBITDA margins were above I-direct estimates but missed on India front due to Covid base adjustment.
Cipla’s share price has grown at a CAGR of 30.6% over the past three years.
Valued at 1290 i.e. 24x P/E on FY25E EPS of ₹ 52.5 + ₹ 30 NPV for gRevlimid.
Apart from Cipla, in healthcare coverage we like Sun Pharma.
|Particulars||FY20||FY21||FY22||5 Year CAGR(FY17-FY22)||FY23E||FY24E||FY25E||2 Year CAGR (FY23E-FY25E)|
|EBITDA margins (%)||18.7||22.2||20.9||-||22.6||23.0||23.7||-|
|Adj. EPS (|)||19.2||29.9||32.9||-||38.3||45.5||52.5||-|
|EV to EBITDA (x)||26.3||19.2||17.6||-||15.2||13.0||10.9||-|
Q3FY23 Results: Miss on topline but upbeat on margins front
Q3FY23 Earnings Conference Call highlights:
Continued performance across core businesses:
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