Glenmark Pharmaceuticals has been listed on the Dow Jones Sustainability Index under the category of emerging markets for the fourth consecutive year, the company has said
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Glenmark Pharmaceuticals share price fell over 3 percent intraday to Rs 516.45 on November 16 after foreign broking house Morgan Stanley kept “underweight” rating on the stock with the target at Rs 554.
The core business should grow in the low to mid-teens and margin should be stable, however, cash conversion and specialty monetisation are the key value drivers, it said.
Glenmark Pharmaceuticals has been listed in the Dow Jones Sustainability Index (DJSI) under the category of emerging markets for the fourth consecutive year, the company said in a release on November 16.
Inclusion in this list is considered highly prestigious by global investors, financial analysts and other stakeholders and serves as a benchmark for investors who integrate sustainability considerations into their portfolios, it added.
“Our inclusion in the coveted Dow Jones Sustainability Indices (DJSI) for the fourth consecutive year is a validation of our commitment to sustainability and reiterates our consistent performance across all sustainability indicators,” said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals.
“The DJSI inclusion strengthens our resolve to uphold our sustainability strategy that encompasses the Environmental, Social and
Governance (ESG) principles to make a positive difference to our operations, stakeholders, communities and the planet at large.”
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Here is what other brokerages have to say about the stock and the company:
Prabhudas Lilladher
Glenmark Pharma has been able to maintain EBITDA (earnings before interest, taxes, depreciation and amortization) run-rate on a high base. Given flat research and development expense and limited capex requirements, debt will continue to fall in FY23. While a pick-up in US sales would be the key to earnings growth.
We have factored in 12 percent EPS Compound annual growth rate (CAGR) over FY21-24E.
In the near term, any potential out-licensing deals in Ichnos (R&D arm) will be key for any further meaningful reduction in debt. We recommend “accumulate” with a target price of Rs 600 a share, valuing at 15x FY23E P/E
Motilal Oswal
We decrease our EPS estimate for FY22/FY23 by 4 percent each, reflecting a) lower traction in the US generics segment on the back of product-specific issues, b) ongoing pricing pressure on the existing portfolio, c) increased raw material costs and d) higher logistic costs.
We expect an 11 percent earnings CAGR, led by a 3 percent/5 percent/11 percent sales CAGR in the US/DF/Europe segment over FY21–23E.
With stable EBITDA margins, we expect return ratios to remain in the mid-teens. We maintain “neutral” on a limited upside from current levels.
Elara Capital
The management has guided for 10-15 percent FY22 revenue growth and around 19 percent margin. Healthy India and US outlook and debt reduction will aid a 13 percent PAT CAGR over FY21-23E. Maintain “buy” with Rs 625 target price on 15x FY23 P/E.
At 10.08 am, Glenmark Pharma was quoting at Rs 518.50, down Rs 17.25, or 3.22 percent, on the BSE.
