Firstcall Research is bullish on Pfizer and has recommended buy rating on the stock with a target of Rs 1797 in its September 29, 2014 research report.
"Pfizer Ltd, a public limited company was incorporated in 1913 under the Indian Companies Act. The registered office of the company is in Mumbai, Maharashtra and is listed on BSE Ltd and the National Stock Exchange of India Limited. The Company is engaged in manufacturing, marketing, trading and export of pharmaceutical products. The manufacturing facility of the company is at Thane and various independent third party manufacturers are based across the country. Pfizer sells its products through independent distributors in India. The parent company, Pfizer Inc., was founded by Charles Pfizer and Charles Erhart in 1849. Pfizer Inc, a research oriented pharmaceutical company, is in Fortune 500 list. Pfizer has produced innovative breakthroughs in wide range of research areas such as depression, erectile dysfunction, high cholesterol, HIV infection, hypertension, bacterial infections and systemic fungal infections. In 2000, Pfizer increased its global presence through acquisition of Warner-Lambert and Pharmacia. Through strategic partnerships and acquisitions of diversified businesses, such as Wyeth in 2009, Pfizer solidified its place as one of the most diversified companies in the global health care industry. Pfizer India divested its animal health business in 2012 and subsequently sold it to wholly owned subsidiary of parent company, Pfizer Inc. Pfizer is one of the major players in Indian pharmaceutical industry. The company has vast product range such as anti infectives, anti fungal, anti TB, cardiovascular, dermatology, gastrointestinal etc. The popular brands of Pfizer in India are COREX syrup, BECOSULES Capsules and Gelusil. The product base of the company will diversify further post merger with Wyeth in India strengthening its brand image and market presence."
"At the current market price of Rs.1634.05 the stock P/E ratio is at 19.51x FY15E and 17.68 x FY16E respectively. Earning per share (EPS) of the company for the earnings for FY15E and FY16E is seen at Rs.83.74 and Rs.92.43 respectively. Net Sales and Operating Profit of the company are expected to grow at a CAGR of 9% and 13% over 2013 to 2016E respectively. On the basis of EV/EBITDA, the stock trades at 11.69 x for FY15E and 10.50 x for FY16E. Price to Book Value of the stock is expected to be at 6.27 x and 5.26 x respectively for FY15E and FY16E. We recommend 'BUY' in this particular scrip with a target price of Rs.1797.00 for Medium to Long term Investment," says Firstcall Research report.
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