We expect a 4% earnings CAGR over FY2022, led by a 2.5%/3.5% sales CAGR in Specialty Pharma / Specialty Intermediates-Nutritional Products as well as a steady EBITDA margin. The earnings CAGR is partially impacted due to COVID-19-led temporary slowdown in the Radiopharma, CDMO, and Life We value JLS at 9x EV/EBITDA for the Pharma business and 4x EV/EBITDA for the LSI business, arriving at target price of INR975 on an SOTP basis. Overall, we expect a 4% earnings CAGR over FY2022, led by a 2.5%/3.5% sales CAGR in Specialty Pharma / Specialty Intermediates-Nutritional Products as well as a steady EBITDA margin. The earnings CAGR is partially impacted due to a We value JLS at 9x EV/EBITDA for the Pharma business and 4x EV/EBITDA for the LSI business, arriving at target price of INR975 on an SOTP basis.