UPL Ltd.

NSE: UPL | BSE: 512070 | ISIN: INE628A01036 |Industry: Agrochemicals
|Expensive Star
Durability score
70 /100
Valuation score
21.5 /100
Momentum score
67.6 /100
Market Capitalizati...
47,628.9 Cr.
AVG Broker Target
808
PE TTM Price to Ear...
23.3
UPL Ltd.    
04 Feb 2019
933.90
0.28%
buy
Buy: UPL Ltd.
Motilal Oswal
PAT grew 6% YoY to INR15,510m. Growth was robust across key geographies (+36.6% YoY in Europe, +26.5% YoY in LATAM, +21.5% YoY in North America and +12.7% YoY in RoW), barring India (-20.8% YoY), where poor Kharif yield and erratic rainfall resulted in stressed cash flow for farmers. UPLL also faced restriction on the sale of organophosphorus products in a few states in India, which impacted the top line (to the tune of INR300-400m on an annualized basis). UPLLs performance in Europe has been a highlight, with the geography growing at 15.4% YoY in 9MFY19 against an estimated industry decline of 10% in CY18. We maintain our estimates (revenue/PAT CAGR of 32%/18% over FY18-21), factoring in the financials of Arysta in FY20E and FY21E. We roll over the target price to FY21E EPS, valuing UPLL at 13x (~15% discount to its three-year average trading multiple, primarily due to the expectedly high leverage in the balance sheet post Arysta acquisition).
UPL Ltd. has an average target of 808.00 from 11 brokers.
UPL Ltd.    
23 Jan 2019
933.90
0.28%
Motilal Oswal
The EU has passed a regulation (effective from Jan'19) to minimize the use of copper in crop protection products. The new regulation states that the permissible use of phy to sanitary products (pesticides, nematicides and rodenticides) containing copper compounds should be curbed. In this report, we analyze details of the regulation and its impact from UPLL's point of view.
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UPL Ltd. is trading above it's 200 day SMA of 716.57
UPL Ltd.    
10 Jan 2019
933.90
0.28%
buy
Hold: UPL Ltd.
Geojit BNP Paribas
LATAM drives revenue growth; steady volume growth Revenue rose by 13% YoY in Q2FY19 led by strong performance in India and LATAM businesses (contributing around 66% of total sales). LATAM business registered a strong revenue growth of 26% YoY in Q2FY19 led by decent growth across geographies in the region especially Brazil barring Argentina which was impacted by currency depreciation and overall economic situation. LATAM's revenue contribution has increased to 41% during the quarter from 37% in Q2FY18. Management expects strong performance to continue in LATAM in H2FY19 as well led by advance orders received in Brazil. Going ahead, we expect LATAM revenue to grow at a CAGR of 13% over FY18-20E on the back of strong...
UPL Ltd. has an average target of 808.00 from 11 brokers.
UPL Ltd.    
02 Dec 2018
933.90
0.28%
buy
Hold: UPL Ltd.
Sharekhan
Scales higher in the top five league globally: With Arysta's acquisition, UPL moves ahead in the global agri-chemical ranking and is now among the top five players. The acquisition is expected to provide significant benefits to UPL, as it complements UPL in many areas. Arysta is an asset-light company and a global provider of innovative crop-protection solutions, including...
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UPL Ltd. is trading above it's 200 day SMA of 716.57
UPL Ltd.    
02 Dec 2018
933.90
0.28%
buy
Hold: UPL Ltd.
Sharekhan
Scales higher in the top five league globally: With Arysta's acquisition, UPL moves ahead in the global agri-chemical ranking and is now among the top five players. The acquisition is expected to provide significant benefits to UPL, as it complements UPL in many areas. Arysta is an asset-light company and a global provider of innovative crop-protection solutions, including...
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UPL Ltd. is trading above it's 200 day SMA of 716.57
UPL Ltd.    
27 Nov 2018
933.90
0.28%
buy
Buy: UPL Ltd.
Motilal Oswal
In Brazil, UPLL primarily engages in soybean and maize (together account for 63% of the countrys total plantation area) and Arysta in sugarcane and cotton (19% of the countrys total plantation area). Moreover, UPLL has a strong presence in fungicides, while Arysta has a robust platform of bio solutions (#2 globally in bio stimulants) and seed treatment in Brazil. Brazilian farmers are enjoying strong demand for soybean, primarily due to the tense ties between the US and China. According to industry sources, China accounts for more than 60% of the soybean traded worldwide. This apart, Brazils producers are selling soybean at a premium soybean that were to be loaded in August fetched USD2.21/bushel more than Chicago futures as on July first week the widest gap since 2014. Where Unizeb Gold (brand of mancozeb) is sold at ~USD4 per unit in Brazil, Tridium fetches a realization of USD8-10 per unit.
UPL Ltd. has gained 40.23% in the last 6 Months
UPL Ltd.    
27 Oct 2018
933.90
0.28%
HDFC Securities
We maintain Buy with a TP of Rs 719 (9x Sept'20 EV/EBITDA). UPL reported Sales/EBITDA/APAT growth of 12.9/16.2/18.4% to Rs 42.57bn/Rs 7.87bn/Rs 2.85bn respectively. PAT was weighed down by a higher tax rate (26.6% against 17.5% in 2QFY18) due to derivation of higher profits from India (attracting a higher tax rate).
UPL Ltd. has gained 27.06% in the last 3 Months
UPL Ltd.    
26 Oct 2018
933.90
0.28%
buy
Buy: UPL Ltd.
Motilal Oswal
EBITDA increased 17% YoY expanding 60bp YoY to 19.7% (in-line). PAT increased grew 12% YoY, EBITDA increased 15% YoY (margin up 50bp to 20.1%) and adj. We expect the momentum to continue in 2HFY19, with revenue growth of 12% YoY and margin expansion of 80bp YoY. LATAM is an important geography for UPPL accounting for 41% of overall revenue (v/s 37% in 2QFY18). Management has maintained its growth (10-12%) and margins guidance on account of the holistic growth prospects across geographies. We maintain our revenue/PAT CAGR (FY18-20) estimate of 44%/8%, and continue valuing UPLL at 13x Jun20 EPS (~15% discount to its three-year average trading multiple) on account of (a) highly leveraged balance sheet (due to Arysta acquisition) leading to increased D/E, (b) pressure on return ratios and (c) higher exposure to forex risk. However, with key drivers of growth in place, we maintain our price of INR749 (20% upside).
UPL Ltd. has gained 27.06% in the last 3 Months
UPL Ltd.    
09 Aug 2018
933.90
0.28%
buy
Results Update: UPL Ltd.
SMC online
UPL's consolidated revenue for Q1FY19 came in at Rs 4134cr, an increase by 7.3% yoy. This was primarily driven by rise in revenue from Agro activities and Non-Agro activities by 7.6 per cent and 7.3 per cent yoy, respectively. The operating profit for the quarter stood at Rs 797 cr, a rise...
UPL Ltd. has gained 30.43% in the last 1 Year
UPL Ltd.    
07 Aug 2018
933.90
0.28%
buy
Buy: UPL Ltd.
KRChoksey
UPL reported revenue growth of 11% YoY to INR 41.34bn against our estimates of INR 41.06bn. The growth was led by steady growth from agro activities (+7.6% YoY) supported by higher growth from LATAM (+17% YoY) along with decent growth from India market (+12% YoY) due to low base. OPM expanded by 34bps YoY to 20.5%, which led EBITDA to up by 12.9% YoY to INR 8.5bn against our estimates of INR 8.15bn....
UPL Ltd. has gained 30.43% in the last 1 Year