Strides Pharma (STR)'s 2QFY21 performance came in below estimates due to COVID-related a) disruptions at its manufacturing facilities and b) softness in demand in the UK / select European countries. However, the outlook remains positive, with normalcy back in manufacturing operations. We cut our earnings estimate by 10.2%/4.9% for FY21/FY22, factoring in COVID-related disruption in 2QFY21. We value STR on a 12M forward SOTP basis EV/EBITDA of 11x for Regulated segment, 6x for Emerging Markets (EM) segment, and 7x for Institutional segment to arrive at Target Price of...