{"id":9368,"date":"2016-06-25T12:30:01","date_gmt":"2016-06-25T07:00:01","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=9368"},"modified":"2016-06-25T12:30:01","modified_gmt":"2016-06-25T07:00:01","slug":"strides-shasun-ltd","status":"publish","type":"post","link":"https:\/\/fundsindia.com\/blog\/equities\/strides-shasun-ltd\/9368","title":{"rendered":"Strides Shasun Ltd."},"content":{"rendered":"<p style=\"text-align: justify;\">Strides Shasun Ltd is a fully integrated global pharmaceutical company with business interests in eveloping niche and complex pharmaceutical products. Shasun merger provides vertical integration benefits with better cost synergies and scale to strengthen institutional and US business. Before acquiring Shasun, Strides used to outsource API from third parties. However, consolidation of Shasun would help in de-risking the US product pipeline &amp; also provide backward integration benefits for its regulated and institutional businesses. Moreover, Shasun and Arrow\u2019s acquisitions will diversify company\u2019s revenue mix with US and Africa being the key growth drivers. The company expects to get 7-8 ANDA approvals in FY17E with an addressable market size of USD1bn (including Lovaza). Interestingly, approval for Lovaza (market size at US$700 mn) is expected in FY17E, which will contribute significantly to the overall revenues due to limited competition in this space.<\/p>\n<p><strong>Valuation &amp; View:<\/strong><\/p>\n<p style=\"text-align: justify;\">We expect Strides revenue and PAT to grow at a CAGR of 26% &amp;\u00a059% respectively over FY16-18E. Further, BITDA margins are expected to\u00a0improve by 570bps on account of Shasun\u2019s backward integration, key launches\u00a0in FY17 coupled with incremental growth from recent acquisitions. Hence, we\u00a0initiate Strides with BUY rating with a TP of Rs. 1,255 at 18x FY18E earnings.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2016\/06\/Research-Report-Strides-Shasun-Ltd..pdf\">Research Report Strides Shasun Ltd.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Strides Shasun Ltd is a fully integrated global pharmaceutical company with business interests in eveloping niche and complex pharmaceutical products. Shasun merger provides vertical integration benefits with better cost synergies and scale to strengthen institutional and US business. Before acquiring Shasun, Strides used to outsource API from third parties. However, consolidation of Shasun would help [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Strides Shasun Ltd.<\/title>\n<meta name=\"description\" content=\"Find the latest research report on Strides Shasun Ltd. 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