UPL is a leading global manufacturer of crop protection products. UPL has a wide product portfolio consisting of herbicides, fungicides, insecticides & plant growth regulators. UPL markets its products in 120 countries through 74 subsidiaries. UPL has a full agri-input value chain from seeds to post-harvest chemicals. Further, the merger with Advanta will help UPL to expand its product portfolio. Importantly, exports account for 80% of UPL’s revenue.
View and Valuation
We expect UPL revenue and PAT to grow at a CAGR of 12.5 & 17.9% respectively over FY16-18E. Further, EBITDA margins are expected to improve by 90bps on account of key launches and backward integration. Hence, we initiate UPL with a BUY rating with a TP of Rs.623 based on 14x FY18E EPS.
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