Sanofi India Ltd. share price target and research reports

Name: Latest research reports of Sanofi India Ltd. authored by IDBI Capital and published by - Trendlyne research reports.
Item: Sanofi India Ltd.
Rating: 3
Author: IDBI Capital

Latest analyst research reports with target prices and PDF download for SANOFI, BSE:500674 Sanofi India Ltd.

Sanofi India Ltd.

09 May 2019

5025.00

-0.29%

Sanofi India: Q1CY19 Result Review

Hold: Sanofi India Ltd.

Target

IDBI Capital

Sanofi's Q1CY19 result came marginally better than our estimates, mainly on EBIDTA front which came 11% higher than our estimates. The EBIDTA margin remained flat YoY but improved 250bps sequentially on the back of lower overhead costs and marginal decline in RM. The management indicates the cost pressure on raw material is gradually subsiding. However, we expect the growth to moderate in CY19 for three reasons (a) CY18 included a small portion of non-recurring revenue from exports, (b) ~40% of exports business which have been transferred to Advent will see a limited scope of expansion, and (c) a few line extensions of legacy products have been covered under NLEM (eg. Amryl MV), thus affecting...

Sanofi India Ltd. has lost -30.27% in the last 1 Year

Sanofi India Ltd.

07 May 2019

5025.00

-0.29%

Execution superiority reflecting in earnings

Buy: Sanofi India Ltd.

Target

Motilal Oswal

However, EBITDA margin contracted at a much lower rate of 30bp YoY to 21.4% (our of sales) and employee cost (-110bp YoY to 14.4%). Absolute EBITDA largely driven by the Anti-Diabetic (~23% of sales) portfolio, particularly by its top brand (rank-1) Lantus (+24% YoY). According to the AIOCD, secondary sales growth in Anti-Diabetic stood at 24% YoY for the quarter. Notably, the top vaccines brand Hexaxim (rank 5) was down 16% YoY, while the top respiratory brand Avil (rank 8) was down 23% YoY. We cut our CY19/20 earnings estimates by 5%/4.5% to factor in the lower gross margin and the higher tax rate. We roll our target price to a 12-month forward earnings basis and continue valuing rating on the stock, given (1) good prospects in the chronic categories like cardiac, respiratory, diabetes, (2) volume rather than pricing led growth and (3) industry outperformance by the top brands, despite a high base.

Sanofi India Ltd. has lost -30.27% in the last 1 Year

Sanofi India Ltd.

01 Mar 2019

5025.00

-0.29%

Sanofi India: Q4CY18 Result Review

Hold: Sanofi India Ltd.

Target

IDBI Capital

Sanofi's Q4CY18 results came marginally below consensus expectations. The Q4 results were affected by spike in raw material and overhead costs, resulting in gross/ EBIDTA margins contracted by 230bps/115bps YoY to 56.9%/18.9%. The revenue growth of 8.4% in Q4CY18 reflects an underperformance in the market (vs. IPM growth of 9.5%) . However, as the Jan2019 AIOCD- AWACS data shows a strong pickup in sales of Sanofi's products (~18% YoY growth Jan-19), we expect subsequent quarters to be stronger. The revenue and net profits grew by 12.5% and Rs16.2% respectively in CY18. We expect Sanofi's sales/EBITDA/net profit to grow by 10%/18%/20%, respectively in CY19. We broadly retain our EPS estimates for CY19. However, the price target is marginally reduced to Rs5,795 (earlier Rs5,936), mainly due...

Sanofi India Ltd. has lost -30.27% in the last 1 Year

Sanofi India Ltd.

26 Feb 2019

5025.00

-0.29%

Revenue blip a function of high base; traction in key therapies intact

Buy: Sanofi India Ltd.

Target

Motilal Oswal

26 February 2019 4QCY18 revenue growth was muted (~8% YoY) due to a high base, with some support from Lantus (the largest brand) and the smaller brands (ranked 26-50). Gross margin shrank by ~200bp YoY (-140bp QoQ) to 57% due to increased RM cost. EBITDA margin contracted by ~110bp YoY to 18.9% (our est. 19.8%) due to higher employee cost (+60bp YoY to 14.2% of sales), partly offset by a decline in other expenses (-180bp YoY, 23.8%). Consequently, EBITDA improved ~2% 11%/16%/17% YoY to INR27.7b/INR6.2b/INR3.8b. Growth was largely driven by volumes. Growth in Chronic segment (contributed around half of sales) exceeded that in Acute segment. SANLs secondary sales grew 12% YoY ~28% of sales).

Sanofi India Ltd. has lost -30.27% in the last 1 Year

Sanofi India Ltd.

26 Jul 2018

5025.00

-0.29%

Sanofi India

Buy: Sanofi India Ltd.

Target

ICICI Securities Limited

Revenues grew 14% YoY and 11% QoQ to | 684 crore in Q2CY18 mainly due to strong growth in power brands. EBITDA margins expanded 485 bps YoY, 228 bps QoQ, to 24% mainly due to better operating leverage. EBITDA increased 43% YoY, 22% QoQ to | 164.5 crore. Net profit increased 35% YoY, 21% QoQ to | 99.6 crore mainly due to a strong operational performance. On a half yearly basis, revenues grew 13% YoY to | 1301 crore. EBITDA margins expanded 421 bps YoY to 23%. Net...

Sanofi India Ltd. is trading below all available SMAs

Sanofi India Ltd.

26 Jul 2018

5025.00

-0.29%

Result Review of Sanofi India

Accumulate: Sanofi India Ltd.

IDBI Capital

Sanofi's Q2CY18 results were above our estimates. Though Sales were marginally above our estimates by 1.6% at Rs6.8bn EBITDA/PAT were above our estimates by 8.1%/9.3%, respectively. EBITDA margins increased 485 bps given better management of costs. Regulatory hurdles have been continuously impacting the revenues of the company. However, we expect growth in-line with the industry on the back of volume growth in its flagship brands and patent product launches from parent. We expect Sanofi's sales/EBITDA/net profit to grow at a CAGR of 11.3%/17.8%/19.4%, respectively, over CY17-19E. We maintain our ACCUMULATE rating on the stock with a...

Sanofi India Ltd. has lost -30.27% in the last 1 Year

Sanofi India Ltd.

08 May 2018

5025.00

-0.29%

Sanofi India: In-line results; outlook positive

Buy: Sanofi India Ltd.

Motilal Oswal

1QCY18 revenue rose ~12% YoY to INR6.2b (~3.4% miss). Revenue growth adjusted for GST was higher at 16% YoY, partly due to a low base of last year. Gross margin improved ~300bp YoY to 57%, led by a better product mix. EBITDA grew robustly by ~32% YoY to INR1.3b (~3% miss), with the margin expanding ~340bp YoY to 21.8%. This, along with higher other income (by ~42% YoY), led to a significant increase in PAT by ~38% YoY to INR825m (4.4% miss).

Sanofi India Ltd. is trading below all available SMAs

Sanofi India Ltd.

13 Apr 2018

5025.00

-0.29%

Sanofi India

Buy: Sanofi India Ltd.

Dolat Capital

TOUJEO SOLOSTAR (insulin glargine recombinant) is close to launch (prelaunch activity ongoing). It is an original research product of the company's R&D;, approved by USFDA. This product is supposed to the...

Sanofi India Ltd. has lost -30.27% in the last 1 Year

Sanofi India Ltd.

23 Feb 2018

5025.00

-0.29%

Sanofi India

Hold: Sanofi India Ltd.

Recommendation Target

Centrum Broking

Revenues grew by 11%YoY: SIL's revenue grew 11%YoY to Rs6.70bn from Rs6.05bn due normalcy in the domestic market after GST implementation. The company's top 19 brands contributed ~73% to revenues. Nine of the 19 top brands surpassed the market growth rate of 7.8% in December'17. We expect these brands to drive the company's growth. SIL derives ~27% of its revenues from exports of APIs, formulations and insulin pens. Launch of new products and line extensions, volume growth of existing brands would drive future growth. EBIDTA margin improved by 200bps: SIL's EBIDTA margin improved by 200bps to...

Sanofi India Ltd. has lost -30.27% in the last 1 Year

Sanofi India Ltd.

22 Feb 2018

5025.00

-0.29%

Sanofi : Revenue largely in-line; margin miss due to one-off

Buy: Sanofi India Ltd.

Target

Motilal Oswal

Sanofi's (SANL) 4QCY17 revenue increased ~ 13% YoY to INR6.7b (~2.8%miss). Revenue growth adjusted for GST was 14%. EBITDA rose 25% YoY toINR1.3b (8.8% miss), with the margin expanding ~190bp YoY to 20%. SANL incurred one-time expense of INR162m for abundant precaution (related to legal case), adjusting for which margin would have been 22.5%. PAT increased 50% YoY to INR760m, led by healthy revenue growth and margin improvement. For CY17, sales, EBITDA and PAT stood at INR24.9b (+5.5%YoY), INR5.4b (+1.7% YoY) and INR3.3b (+9.8% YoY), respectively.

Sanofi India Ltd. is trading below all available SMAs

Is Sanofi India Ltd. worth buying?

295 Votes:

Buy 79.66%

Sell 11.19%

Hold 9.15%