The management expects 30 percent plus revenue CAGR and 300-400 basis points margin surge over FY14-17 with triggers like US ramp up on ANDA approvals, steady UK business on more launches and high margin softgel capsules basket spreading out globally.
Shares of Marksans Pharma surged 11 percent intraday on Tuesday after Edelweiss' positive report on the stock. Though the brokerage has not rated the stock, it feels that the company led by Mark Saldanha is now well poised to ride the growth super highway over coming years. The stock is up 250 percent year-to-date.
The management expects 30 percent plus revenue CAGR and 300-400 basis points margin surge over FY14-17 with triggers like US ramp up on ANDA approvals, steady UK business on more launches and high margin softgel capsules basket spreading out globally.
The brokerage feels Marksans Pharma is likely to be a debt free company by FY16 as management is planning to pare debt further riding rising cash. The stock trades at 34xFY14 trailing EPS.
"While the softgel capsules opportunity will be growth lynchpin, most of the company's other businesses too will propel surge. Management expects more approvals, market share gains in launched products and better mix to boost revenue and profitability," the report said.
Softgel capsule is an uncrowded segment with healthy margins and Edelweiss feels Marksans is one of the potent emerging global players in this market. While US is the key driver, the company's current softgel business will ramp up further as approvals start flowing in across the globe.
"Negative net worth, high debt, low profitability had cropped up simultaneously in FY10-12, taking a toll on MRKS' financial health. Management's focused and tenacious approach helped the company sail through turbulent times relatively unscathed. As investments have ripened and the ecosystem for businesses has improved, MRKS has clocked impressive growth/ return metrics over the past 2 years. It delivered 27 percent/ 31 percent revenue/EBITDA CAGR over FY11-FY14, net worth has turned positive and debt has plummeted significantly," Edelweiss elaborates.
At 13:35 hrs Marksans Pharma was quoting at Rs 63.85, up Rs 2.45, or 3.99 percent on the BSE.
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