Dishman Carbogen Amcis Ltd. share price target and research reports

Name: Latest research reports of Dishman Carbogen Amcis Ltd. authored by BP Wealth and published by - Trendlyne research reports.
Item: Dishman Carbogen Amcis Ltd.
Rating: 1
Author: BP Wealth

Latest analyst research reports with target prices and PDF download for DCAL, BSE:540701 Dishman Carbogen Amcis Ltd.

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Dishman Carbogen Amcis Ltd.

08 Jun 2020

158.05

-1.42%

BP Equities Dishman Carbogen Amcis Ltd Q4FY20 Result Update

Sell: Dishman Carbogen Amcis Ltd.

Recommendation Target

BP Wealth

DCAL Q4FY20 revenue came 22.8% below our estimate at INR 5,121mn (est. INR 6,637mn) decline by 21.2% YoY due to tapered growth in CRAMs business (-18.3% YoY), lower other operating income (INR 93mn vs INR 383mnin Q4FY19) and postponement of commercial supply (USD ~5mn) to Q1FY21. CRAMS India revenues de-grew by ~30% YoY and accounted for 18% of the revenue. Car- Sector Outlook bogen Amcis BV revenues declined by 11% YoY. EBITDA margins contracted from 26.1% to 25.8%...

Dishman Carbogen has lost -34.95% in the last 3 Months

Dishman Carbogen Amcis Ltd.

28 Jan 2020

158.05

-1.42%

BP Equities Dishman Carbogen Amcis Ltd Q3FY20 Result Update

Buy: Dishman Carbogen Amcis Ltd.

Target

BP Wealth

er depreciation on account of IndAS 116 adoption. Management kept their revenue growth guidance Target Price (INR) unchanged at 8-10% YoY with EBITDA margin between 26%-27% for FY20E. On tax rate front, man- BSE code agement has guided for 25% tax rate from next year as the company adopts the new tax regime. As we witnessed, better recovery in H2 in last two year, we expect this trend to continue this year as well...

Dishman Carbogen has lost -30.32% in the last 1 Year

Dishman Carbogen Amcis Ltd.

25 Oct 2019

158.05

-1.42%

Dishman Carbogen

Not Rated: Dishman Carbogen Amcis Ltd.

Karvy

Total Revenues for the quarter grew by 4% to Rs 4673 mn, which includes Rs 175 mn of other operating income.

Dishman Carbogen has lost -30.32% in the last 1 Year

Dishman Carbogen Amcis Ltd.

25 Oct 2019

158.05

-1.42%

BP Equities Dishman Carbogen Amcis Ltd Q2FY20 Result Update

Sell: Dishman Carbogen Amcis Ltd.

BP Wealth

We expect a steady growth in earnings over the next couple of years (earnings CAGR of ~16.2% in FY19-21E versus ~13.1% (incl. amortization of goodwill) in FY13-19), which will aid to generate sizable cash flows. Apart from Niraparib, the visibility of new products has increased with 3 products filing from customers, which will not only accelerate growth, but also de-risk earnings from blockbuster products. The emerging signs of a recovery in Carbogen, bright prospects from Vitamin D business,...

Dishman Carbogen Amcis Ltd. is trading below all available SMAs

Dishman Carbogen Amcis Ltd.

19 Sep 2019

158.05

-1.42%

Dishman Carbogen Amcis (Annual Report Analysis): Slow progress on BS. Maintain BUY

Buy: Dishman Carbogen Amcis Ltd.

Target

HDFC Securities

We remain constructive on DCAL owing to strong visibility on its order book, 15+ late phase 3 molecules, expanded development capacity, ability to work on new molecules like ADCs, and favorable currency. Improvement in BS driven by reduced debt and working capital release would be one of the important parameters to drive re-rating of the stock. At CMP, the stock is trading at 10.1/7.8 FY19/20E, a ~60% discount to peers like Divi's Labs. Maintain BUY with a TP of Rs 350 (15x FY21E EPS). DCALs FY19 annual report reflects pleasing YoY progress on key P&L; metrics like revenue (+22%), EBITDA margin (+50bps) and earnings (+26%), which is attributed to the surge in revenues from India CRAMS and Vitamin D segments. The operational performance of FY19 was largely in-line with our estimates at the beginning of the fiscal. However, improvement in the BS and CF remained slow as the elevated capex and higher working capital led to negative free cash flows and only a 6% reduction in net debt. DCAL is expected to compensate for the lack of dividend over the last two years in FY20E.

Dishman Carbogen has lost -34.95% in the last 3 Months

Dishman Carbogen Amcis Ltd.

26 Aug 2019

158.05

-1.42%

BP Equities Dishman Carbogen Amcis Ltd Q1FY20 Result Update

Buy: Dishman Carbogen Amcis Ltd.

BP Wealth

DCAL Q1FY20 revenue came below our estimate at INR 5,219mn (est. INR5,461mn) Up 8.2% YoY due to flat revenue growth from Carbogen Amcis AG with 52% contribution in Q1 revenues. CRAMS India revenues grew by 28% YoY and accounted for 15% of the revenue. Carbogen Amcis BV revenues increased by 8.6% YoY on account of better sales of Vitamin D analogues and cholesterol....

Dishman Carbogen has lost -34.95% in the last 3 Months

Dishman Carbogen Amcis Ltd.

16 Aug 2019

158.05

-1.42%

Dishman Carbogen Amcis (1QFY20): Aberrant quarter. Maintain BUY

Buy: Dishman Carbogen Amcis Ltd.

Target

HDFC Securities

The volatile quarterly performance is inherent to CRAMS business models. So, it would be inappropriate to extrapolate this quarter's performance to the full year of FY20E. Historically, both in FY18 & FY19, operational performance has recovered strongly in 2H. This year too, on the back of higher commercial orders in India and Swiss coupled with the new development capacity, we expect the company to overshoot its guidance of 10% YoY revenue growth and 26-27% EBITDA margin. Expect 19% EPS CAGR over FY19-21E. Unlike generic pharma companies, this business is more sustainable and insulated from pricing pressure until patent expiry. Hence, DCAL merits a higher multiple as it is trading at 10.1/7.9x FY20/21E EPS, a ~60% discount to peers. We maintain a BUY on DCAL following a disappointing quarter. Our TP is revised to Rs 355 (15x FY21E EPS) with a 5% cut to FY21E EPS (higher depreciation expectation).

Dishman Carbogen Amcis Ltd. is trading below all available SMAs

Dishman Carbogen Amcis Ltd.

17 May 2019

158.05

-1.42%

Dishman Carbogen Amcis (4QFY19): Cheap as chips. Maintain BUY

Buy: Dishman Carbogen Amcis Ltd.

Target

HDFC Securities

DCAL is the only listed company in India that manufactures complex commercial APIs for innovators in small to large scale. For institutional investors, it is a structural, long-term story with a growing visibility on commercial pipeline, strong base of pre-clinical/phase I molecules (250+) and improving business fundamentals. Unlike generic pharma, this business is more sustainable and insulated from pricing pressure until patent expiry. Hence, DCAL merits a higher multiple as it is trading at 10.2/7.9x FY20/21E EPS, a ~60% discount to DIVI. The co has ended FY19 with 22/24/26% revenue/EBITDA/EPS growth and overshot its guidance by 10% on top-line. Going into FY20/21E, we expect top-line growth to be maintained at ~11% CAGR and earnings to grow at ~26% We maintain a BUY on DCAL following a strong beat on our 4QFY19 estimates. Our TP is unchanged at Rs 400/sh (15x FY21E EPS).

Dishman Carbogen has lost -34.95% in the last 3 Months

Dishman Carbogen Amcis Ltd.

17 May 2019

158.05

-1.42%

BP Equities Dishman Carbogen Amics Ltd Q4FY19 Result Update

Buy: Dishman Carbogen Amcis Ltd.

Target

BP Wealth

DCAL Q4FY19 revenue came substantially above our estimate at INR 6,497mn (est. INR4,515mn) Up 43.9% YoY lead by strong revenue growth from CRAMS (India) and Vitamin D business. CRAMS India revenues grew by 49% YoY and accounted for 21% of the revenue. Carbogen Amcis revenues grew by 31% with 51% contribution in Q4 revenue. Carbogen Amcis BV revenues increased by 65.7% YoY on account of strong sales of Vitamin D analogues and cholesterol. EBITDA margins declined from 26.8% to 26.1% (est.28.3%) on a YoY basis led by higher other expenses mainly due to the impact of foreign currency translation (INR200mn) and higher repairs & maintenance cost. PAT...