The valuation of 6x EV/FY21 sales (estimated at INR1.2b) is attractive as it is at a ~50% discount to leading CDMO players such as DIVI. We raise the Pharma segment EBITDA of Piramal Enterprises (PIEL) by 5%/6% for FY22/FY23E after factoring in the acquisition. Accordingly, we raise PIEL's SOTP-based target price to INR2,210. We remain positive on PIEL on the back of superior execution in the Contract Development and Manufacturing (CDMO), complex hospital generics (CHG), and India Consumer...