Jubilant Life Sciences Ltd - content.indiainfoline.com
Transcript of Jubilant Life Sciences Ltd - content.indiainfoline.com
Premia Research
Jubilant Life Sciences LtdCMP: ` 689-year Target: `851
NSE
Sector Pharma
Recommendation BUY
Upside 24%
Stock Data
Sensex 34,734
52 Week h/l (`) 1,039 / 600
Market cap (`Cr) 11,953
BSE code 530019
NSE code JUBILANT
FV (`) 1
Div yield (%) 0.4
Shareholding Pattern
Dec-17 Mar-18 June-18
Promoters 54.0 50.7 50.7
DII+FII 26.1 29.0 29.3
Individuals 19.9 20.3 20.0
Source: www.bseindia.com
Share Price Trend
Prices as on 15/10/2018
Analyst– Shrikant Akolkar [email protected]
October 15, 2018
Jubilant Life Sciences (JLS), an integrated global pharma/life sciences
company, aims to grow its revenue with ramp-up of Ruby-fill,
monopoly in venom products, higher demand for lyophilization
services, and improving ingredients business. We forecast revenue
and adj. PAT CAGR of 15.7% and 18.4% respectively over FY18-20E,
with ~70bps EBITDA margin expansion. We recommend BUY with
target price of `851 (SOTP).
Diversified business with strong entry barriers: JLS has created a
diversified business with nine separate business verticals. Specialty
injectables (~30% EBITDA margins) enjoy low competition due to
regulations/complex manufacturing. Generic pharma business is
litigation free with favorable tailwinds viz. rupee depreciation and
abating US price erosion. Further, vertically integrated ingredients
business is seeing strong demand and improved pricing.
Revenue to register 16% CAGR, margin to expand 90bps by FY20E:
JLS' pharma business is expected to grow at 18.8% CAGR over FY18-20E
owing to Ruby-fill ramp-up, higher allergy product sales and strong
demand for CMO services. Its commodity ingredient business is likely
to grow at 12.4% CAGR over FY18-20E due to growth in acetyl and
pyridine derivatives. Further, better product mix and improved prices
to aid EBITDA margin expansion of ~70bps over the same period.
Attractive valuations: JLS currently trades at 10.8x FY20E P/E and 6.0x
FY20E EV/EBITDA. We value the company’s pharma and ingredients
business at 9x and 6x of FY20E EV/EBITDA respectively to derive the
target price of `851/share and recommend Buy.
Financial summary Consolidated `cr FY17 FY18 FY19E FY20E
Revenue 5,861 7,518 9,104 10,069
Growth (%) yoy 2.0 28.3 21.1 10.6
EBITDA% 23.0 20.2 20.8 20.9
Adj. PAT 575 725 896 1,017
Growth (%) yoy 48.6 26.2 23.6 13.5
P/E (x) 18.6 16.7 12.2 10.8
ROE (%) 16.7 17.8 18.2 17.2
EV/EBITDA (x) 10.6 9.2 7.1 6.0
ROCE (%) 15.2 16.7 19.5 19.6 Source: Company, IIFL Research, FY18 PAT adjusted for Rs91cr R&D write-off
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Jubilant Life Sciences Ltd
Balance sheet snapshot
` Cr FY17 FY18 FY19E FY20E
Share Holders Funds 3,436 4,087 4,935 5,904
Total Liabilities 3,779 3,366 3,246 3,126
Sources of Funds 7,215 7,452 8,181 9,030
Fixed Assets 5,317 5,701 5,892 5,902
Other Assets 633 567 567 567
Net Current Assets 1,264 1,185 1,722 2,561
Application of Funds 7,215 7,452 8,181 9,030
Source: Company, IIFL Research
Company background
Jubilant Life Sciences (JLS) is an integrated global pharma and life
sciences company. It has a well-diversified product portfolio across
three segments i.e. Pharmaceuticals, Life Science Ingredients (LSI) and
Drug Discovery Solutions (DDS). The pharma segment is further divided
into Specialty Pharmaceutical (Radiopharma, Allergy-therapy products
and CMO of Sterile Injectables) and Generics (Solid Dosage
Formulations, API and India-branded pharma). LSI is further divided in
Specialty Intermediates, Nutritional Products and Life Science
Chemicals.
Exhibit 1: Revenue break-up (FY18)
Source: Company, IIFL Research
Radiopharma, 22.6%
CMO, 8.6%
Allergy Products, 3.7%
Solid Dosages, 10.6%
API, 7.4%
India Branded Pharma, 0.2%
Specialty Intermediates,
12.9%
Nutritional Products, 7.5%
Life Science Chemicals, 24.1%
DDS, 2.3%
Premia Research
Jubilant Life Sciences Ltd
Source: Company, IIFL Research, Note – Company is expected to come with a public offer for JPL in Singapore
Exhibit 2: Jubilant Life Sciences – Key Business Assumptions
Segment Sub segment Key assumptions Contribution (%) CAGR (%) Margins
FY20E (%) FY18 FY20E FY16-18 FY18-20E
Specialty Injectables
Radiopharma
Triad acquisition to aid Ruby-fill distribution in US, Ruby-fill to generate $28mn revenue in FY20E.
22.6 29.0 54.8 30.8
28 CMO
Order book execution, higher lyophilization service demand
8.6 7.7 6.7 9.5
Allergy Products Monopoly in venom products due to exit of ALK-Abello, higher lyophilization demand
3.7 3.8 17.5 17.2
Generics Solid Dosages Abating pricing pressure in US 10.6 8.6 0.4 4.0
19 API
Capacity addition, Sartan shortage
7.4 6.8 -2.8 10.8
Life science ingredients
Specialty Intermediates
Pyridine capex in Q1FY19 to aid `50cr/year revenue, demand growth due to ban on polluting companies and reduction in anti-dumping duty in China
12.9 11.7 -5.6 9.9
16 Nutritional Products
Price hike, foray in animal nutrition business and normal vitamin business from H2FY19E
7.5 6.2 6.9 5.3
Life Science Chemicals
Commissioning of 45,000 tonne capacity by Q3FY19E, Ethanol price hike, higher demand
24.1 23.8 18.7 14.6
Source: IIFL Research
Exhibit 3: Company structure
Jubilant Life sciences
Pharma
JPL
Speciality injectables
Radiopharma
CMO of sterile injectables
Allergy therapy products
Generics
Solid dosages formulations
API
India branded pharma
LSI
Specialty Intermediates
Specialty Intermediates
Nutritional Products
Life Science Chemicals
DDS
Premia Research
Jubilant Life Sciences Ltd
PHARMACEUTICAL SEGMENT
Radiopharma - an attractive market with high entry barriers
Radiopharmaceuticals are medicinal formulations which have
radioactivity and can be used as diagnostic and therapeutic agents.
Global radiopharma market is ~$4.8bn in 2018 of which 60% is
concentrated in North America (~$2.9bn). Radiopharma business
faces strong entry barriers as it uses nuclear material, which requires
more approvals than a normal USFDA approval. It also requires the
use of machines which are complimentary to the radioactive material.
Additionally, it also requires better control over supply chain. The
sector is dominated by GE Healthcare and Siemens, however, there
are small companies which work in specific areas of radiopharma. Due
to the manufacturing complexity, consolidation in radiopharma is the
preferred way for growth.
JLS has inorganically scaled-up radiopharma business
JLS has distinguished itself from generic companies by investing in
radiopharma business by acquiring (1) Draxis Specialty in 2008, and
(2) Triad Isotopes in September 2017. The company sells imaging
products (nuclear medicine used in disease diagnosis) such as MAA,
DTPA, I-131, Sestamibi, Ruby-fill, Exametazime, Gluceptate, etc. under
Draximage brand. JLS has several products in this line of business and
enjoys monopoly in most of them.
Exhibit 4: JLS enjoys leadership in several radiopharma products
Product Function Market
position
Macro aggregated albumin
(MAA) Lung imaging Market leader
Diethylene triamine
pentacetic acid (DTPA) Lung/Brain/Renal imaging Market leader
Sodium Iodide I-131 Thyroid imaging Market leader
HICON solution Thyroid imaging Market leader
Technetium TC-99m
Medronate(MDP-25) Bone imaging Market leader
Technetium 99m inj.
(Sestamibi)
Cardiac/Breast
Imaging Market leader
Exametazime Leukocyte/ Lung labeling Second supplier
Source: Company, IIFL Research
Premia Research
Jubilant Life Sciences Ltd
Its foray in the radiopharma business has been extremely positive as it
enjoys ~30% EBITDA margins. Furthermore, radiopharma’s
contribution to JLS’ business has surged from 3% in FY10, to 22.6% in
FY18. Radiopharma is JLS’ fastest-growing business having organically
delivered 21.6% CAGR over FY15-18. We expect radiopharma to
organically grow at 14% CAGR over FY18-20E.
Triad acquisition complimentary to existing radiopharma business
JLS, in Q2FY18, acquired a US radiopharma distributor, Triad Isotopes
(Triad), and financed the deal using internal accruals. Triad is the
second largest distributor of radiopharma products in the US. It had 52
radio pharmacies across 35 US states and distributed products in
~1,700 hospitals by end of Q1FY19. Triad posted revenue of $200mn in
FY18 and EBITDA margins of ~10%. Further, on 12-month FY18 revenue
basis, Triad increased JLS’ radiopharma business by 2.4x in FY18.
Exhibit 5: Triad has given scale to growing radiopharma business
Source: Company, IIFL Research
Triad is a strategic fit for JLS and helps JLS by giving it a captive US front-
end access. JLS has several other products in the pipeline which can be
monetized through Triad’s expansive network. Triad can further help
monetize Ruby-fill, launched in FY17, and holds immense promise.
Exhibit 6: Triad can help monetize JLS’ radiopharma pipeline
Product Product information Current status
gMagnevist Gadolinium-based contrast agent
Not launched due to complains in Gadolinium
Moly-Fill Technetium generator In pipeline
I-131 MIBG Indicated in cancerous nerve tissue tumors in infants
In phase III trials
Source: Company, IIFL Research
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Radiopharma revenue Rs Cr Growth (yoy %)
Triad acquisition
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Jubilant Life Sciences Ltd
Ruby-fill is significantly large opportunity in radiopharma business
JLS’ most ambitious product i.e. Ruby-fill (Rubidium 82 generator)
received USFDA approval in October 2016 through 505(b) pathway.
Ruby-fill is used as an accessory for positron emission tomography
(PET) scans in Myocardial Perfusion Imaging.
The patent of this drug is held by Italian company Bracco Imaging under
brand name CardioGen-82. Post Ruby-fill’s approval, Bracco has filed a
lawsuit against JLS. The company’s management, however, strongly
believes that the product is not infringing upon the innovator’s patent,
stating that Ruby-fill is a computer controlled product, while Bracco’s
product is an analog product.
Ruby-fill’s target US market was worth ~$70mn in 2018 and has the
potential to grow up to $250mn over 2023E. Growing popularity of
using PET/CT scan for cardiac imaging will help Rubidium-based PET/CT
cardiac scans grow its market share in cardiac imaging. The company is
optimistic of Ruby-fill achieving ~50% share of the target market. A
single Ruby-fill installation in a hospital would generate ~$0.5mn
annual revenue. Thus, to generate $35mn revenue from Ruby-fill, JLS
needs to install its machine at 70 hospitals and Triad’s extensive
hospital network can be leveraged for the same. To achieve this, JLS
has merged the workforce of Triad with Ruby-fill sales force. Thus, we
expect Ruby-fill to achieve sales of $28mn by FY20E.
Exhibit 7: Ruby-fill (Rubidium Rb82 Generator)
Source: Company, IIFL Research
Premia Research
Jubilant Life Sciences Ltd
CMO business gradually recovering after Warning Letter resolution
JLS entered contract manufacturing operations (CMO) business with
the acquisition of HollisterStier in 2007 and Draxis in 2008. It has two
facilities at Montreal (Canada) and Spokane (USA). The CMO business
develops and produces sterile injectables (including biologics) and non-
sterile (including dermatological cream and liquids) products.
Montreal plant had received a USFDA Warning Letter (WL) in February
2013, which was resolved in March 2014. Spokane facility also received
a WL in December 2013, which got resolved in June 2015. The dual
WLs, however, impacted JLS’ business in FY14 and FY15. While the
company’s business is recovering, it is yet to reach its pre-WL revenue
level. Further, in order to grow this business and its profitability, JLS is
filling ANDAs from these plants.
Exhibit 8: CMO business yet to reach pre-WL level
Source: Company, IIFL Research
CMO growth to be fueled by healthy demand, strong order book
Healthy demand for CMO services has aided JLS’ order book growth
from $534mn in Q1FY17 to $702mn in Q4FY18. Considering the full
utilization at its CMO capacities, JLS is planning to add a second shift in
H2FY19E, in order to increase revenue and improve margins due to
operating leverage. JLS also is increasing its lyophilization capacity
which is currently running at 100% utilization. The expanded capacity
is likely to be operational in March 2019 and expected to start
generating revenue from FY20E. The company is expecting its CMO
prices to improve due to lyophilization’s demand-supply mismatch. We
expect CMO business to grow at 9.5% CAGR over FY18-20E.
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WL Impact
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Jubilant Life Sciences Ltd
Limited competition/venom shortage to aid allergy business
JLS acquired HollisterStier in 2007 including its allergy therapy
business. In this business, JLS supplies bulk extracts of allergy
immunotherapy products like allergy antigens, skin-testing devices and
custom patient prescriptions. These products are used in diagnosis as
well as in treatments. JLS is one of the top players in the US allergy
product market aided by the strong HollisterStier brand.
JLS’ peers in allergy products are ALK-Abello, Allergy Lab, Allermed Lab,
Antigen Lab, Allergopharma, and Greer Lab. ALK-Abello (JLS’ sole
competitor in venom products) has exited the lyophilized venom
allergenic extracts (Pharmalgen) due to lower profitability. This makes
JLS the sole venom-product supplier in the US allergy market. JLS is
increasing its lyophilization capacity in the allergy therapy products to
capture the opportunity. The impact of this would be seen from
H2FY19E, as ALK would run out of venom product inventory by then.
JLS’ allergy business revenue has grown at 14.5% CAGR since FY15-18,
and it can achieve better growth in this business given ALK-Abello’s exit
from venom products. We expect JLS’ allergy business to grow at 17.2%
CAGR over FY18-20E.
Exhibit 9: Allergy business has grown at 14% CAGR over FY15-18
US allergy market is ~$2bn and is expected to grow in size
The US allergy therapy market size is estimated to be ~$2bn and it is
growing at 10% CAGR. Each year ~15% of the US population (~50mn
people) suffer from some kind of allergy such as from
food/drugs/insect stings, etc. Of this, it is believed 2-3mn patients
receive some treatment and this number is likely to rise due to
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Allergy Products revenue Rs Cr Growth (yoy %)
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Jubilant Life Sciences Ltd
environment changes, making people more susceptible to allergies.
Consequently, the US allergy market would expand to $2.4bn by
FY20E. The company has significant scope of growth in allergy
business as it currently has only ~2% market share, which results in
~$40mn revenue. We estimate JLS to gain ~20bps market share by
FY20E.
Generics business to benefit from US generics improvement
In its generics business, JLS operates in oral solid dosages (OSD)
business and API business. The OSD business focuses on US markets
(litigation-free products) and is backward integrated through API
business. JLS’ generics business is also present in Asia, Africa and
Europe. The API business, apart from supplying APIs to OSD, also
supplies APIs to global manufacturers. JLS, in FY18, completed capex
in its API facilities and it is also increasing its generic manufacturing
capacity which will be operational by H2FY19E.
Exhibit 10: Stagnated generic business due to low-risk strategy
Source: Company, IIFL Research
Owing to low risk strategy and competition/pricing pressure in US, the
generics business has stagnated over FY13-18. During this period, API
revenue grew at 1.8% CAGR, while OSD revenue declined at 0.7%
CAGR. However, the generics business is expected to improve due to
capacity addition/abating US pricing pressure. In API, JLS also
manufactures variety of sartans and may benefit from a global sartan
shortage following a recall by the largest sartan producer Zhejiang
Huahai Pharmaceuticals. JLS has also written off `91cr unviable R&D
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OSD (Rs cr) API (Rs Cr)
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Jubilant Life Sciences Ltd
products in FY18 (13% of FY18 PAT), which had dented FY18
profitability. We expect generic business to grow at 7% CAGR over
FY18-20E.
LIFE SCIENCE INGREDIENTS BUSINESS
Specialty intermediates on revival path after slump in FY14-17
JLS manufactures Pyridine, Picolines, Cyanopyridines, Piperidine and
their value added derivatives in its specialty intermediates business.
JLS is the second largest global player in pyridine. It is noteworthy that
this business is also forward integrated as the company’s Beta Picoline
and 3-Cyanopyridine is also used in Vitamin B3 manufacturing. This
business, however, has declined since FY15, due to China’s anti-
dumping tariffs.
Exhibit 11: China impact on specialty intermediates business
Source: Company, IIFL research
As per our estimates, JLS used to derive ~37% of its specialty
intermediates’ revenue from China in FY14. In November 2013,
Chinese government imposed anti-dumping tariffs of 24.6-57.4% on
Indian and Japanese pyridine manufacturers. This hit JLS’ business, as
revenue from China declined from `498cr in FY14 to `138cr in FY17.
Consequently, revenue from the specialty intermediates business
declined from `1,328cr in FY14 to `937cr in FY17.
In FY18, however, the pyridine business grew 4.3% yoy due to (1)
Chinese crackdown on polluting companies, (2) reduction of anti-
dumping tariff on pyridine in China in April 2017, and (3) China’s ban
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China impact
Premia Research
Jubilant Life Sciences Ltd
on sale of Paraquat in FY18 (product is manufactured using Pyridine
and China had ~80% of global capacity). With the strengthening of
environmental laws in China, and commissioning of a multipurpose
pyridine plant in Q1FY19 (`50cr/year revenue potential), we expect
specialty intermediates business to grow at 10% CAGR over FY18-20E.
Nutritional products business coming back to normalcy
In the nutritional products business, the company manufactures
Vitamin B3 (Niacinamide/Niacin) and B4 (Choline Chloride).
Moreover, JLS is the second largest global player in Vitamin B3. Its
vitamin products are used in animal/human nutrition, pharmaceutical
industry, etc. Its Vitamin B3 business is fully backward integrated with
Beta Picoline and 3-Cyanopyridine being the feedstock raw material.
We believe the vitamin business is mostly commodity type in nature
with margins lower than the pharma business.
In Q1FY19, JLS’ vitamin business was impacted due to shortage of
Vitamin A and E supplies after a fire at BASF’s plant in Ludwigshafen.
Vitamin B forms a part of the premix, which includes vitamin A/E, and
with vitamin A/E supplies disrupted, JLS’ Vitamin B business also got
impacted due to lower sales. Ludwigshafen plant has commenced
vitamin production in July 2018, but due to inventory built-up, we
expect the vitamin business to normalize in H2FY19E.
Exhibit 12: Capex and price hikes vital for vitamin business
Source: Company, IIFL research
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Price hike
Premia Research
Jubilant Life Sciences Ltd
JSL took a price hike in this business in FY18 and has indicated that it
will be taking another hike in FY19E. Thus, we expect the vitamin
business to do well aided by the price hikes as well as normalcy
returning to Vitamin A and E supply. The company recently entered
the human nutrition business (has better realizations and margins),
and has also secured a WHO approval for its facility. We expect
nutritional products business to grow at 5.3% CAGR over FY18-20E.
Life Science Chemicals (LSC) business witnessing firm prices
JLS manufactures acetyl range of products and is the fourth largest
company in acetic anhydride and seventh largest in ethyl acetate. The
company also uses these products for its own consumption. It
produces acetyl products from agro based feedstock i.e. molasses and
alcohol, and has a large storage feedstock capacity. Acetic anhydride
is used in cellulose acetate, pharma, agrochemical, aromatics, dyes
intermediate, wood acetylation, etc., while ethyl acetate is used by
pharmaceutical, packaging, coating and ink industries. The company
also supplies ethanol to domestic oil marketing companies and has
emerged the fourth largest supplier in the domestic Ethanol Blending
Programme.
Prices of life science chemicals are dependent on crude oil prices and
with the recent strength in crude oil, acetic acid prices, too, have
surged. Considering the strong demand scenario, the company has
Exhibit 13 : Acetic acid prices vs. crude oil Exhibit 14 :JLS’ LSC revenue-crude oil correlation
Source: Company, Bloomberg, IIFL Research
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LSC revenue Rs cr. Growth (yoy %)
Growth due to capex + strong
crude prices
Revenue decline due to Weak crude prices
Firming up crude prices
Premia Research
Jubilant Life Sciences Ltd
indicated that it’ll pass-on the prices, with three month lag, to its
customers, hence we expect H2FY19E to be better for this business.
Acetic anhydride capex coming at favourable time
Global demand for acetic anhydride is rising and hence, companies are
enjoying favorable pricing. JLS’ utilization at its existing plants has
been 100% for the past three years. However, it is expanding its acetic
anhydride capacity at this favorable time by building a new plant at
Bharuch. This will increase its capacity from 100,000 tonne currently
to 145,000 tonne and will commission by Q3FY19E. This plant has
annual revenue potential of `300cr upon full utilization. The company
expects the plant to achieve 100% utilization by FY21E. We are
expecting 14.6% CAGR in the LSC business over FY18-20E owing to (1)
capacity addition in acetic anhydride, (2) `2.85/lt increase in ethanol
prices by government, and (3) addition of new anhydrous alcohol
capacity at Gajraula, UP and Nira, Maharashtra.
Financial performance improves after foray in specialty pharma
Owing to its diversified business, acquisitions in low competition and
high growth space, and judicious capacity additions, JLS has managed
to deliver a good performance over the past few years. Its revenue
CAGR over the past 10-year, 5-year and 3-year is 11.7%, 7.8%, 8.9%
respectively, while EBITDA CAGR is 12.8%, 7.3%, 29.4% respectively.
Post the acquisition of HollisterStier and Draxis Specialty, JLS’ margin
profile improved significantly. In FY07, JLS’ gross margins were at 54%,
Exhibit 15: Revenue and growth trend Exhibit 16: EBITDA and margin trend
Source: Company, IIFL Research
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Net Sales (Rs cr)
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Premia Research
Jubilant Life Sciences Ltd
which improved to 60% in FY08, and stood at 62% in FY18. Further,
FY18 gross margins could have been higher, but it was arrested by the
acquisition of low margin Triad Isotopes. On the EBITDA margin front,
specialty pharma improved its trajectory from 14.5% in FY07 to 20%
in FY18.
The 2014/15 WLs on its CMO facilities took a toll on the company’s
performance. However, from FY16 onwards, the company has
consistently seen 20%+ EBITDA margins. With improving profitability,
its free cash flow (FCF) generation has also improved and has
generated FCF of `800cr+/year for the past three consecutive years.
JLS’ debt-to-equity ratio touched 2.6x in FY09 after the acquisition of
HollisterStier and Draxis Specialty. Post that, due to strong
profitability, the debt-to-equity ratio reduced to 1.1x in FY14. In FY15,
the company raised debt again to acquire minority stake in its US
generics business (Cadista). Over FY15-18, the strong FCF generation
has helped JLS consistently reduce its debt from `4,793cr in FY15 to
`3,657cr in FY18. This has reduced its debt-to-equity ratio from 2x in
FY15 to 0.9x in FY18. Net debt-to-equity ratio in Q1FY19 stood at
comfortable level of ~0.7x.
Comfort despite FX debt, JPL IPO to aid debt reduction
JLS had total foreign exchange (FX) loans of $367mn by Q1FY19 with
4.75% interest cost. The revenue mix, tilted in favor of exports (~73%
of total revenue in Q1FY19) acts as a natural hedge against the FX
debt. Further, of this FX debt, $58.2mn is from International Finance
Corporation (IFC), which is due for repayment between June 2020 and
June 2021. As per repayment agreement, repayment will happen if JLS
fails to come with an IPO for Jubilant Pharma Limited (JPL) or if IFC
does not get an exit. JLS has already started IPO activities and after a
successful IPO launch, $58.2mn FX loan would get converted into
equity, thereby reducing the debt-to-equity ratio further.
Premia Research
Jubilant Life Sciences Ltd
Outlook and valuation
We expect JLS to report revenue and adjusted PAT CAGR of 15.7% and
18.4% respectively over FY18-20E. We further project EBITDA margin
to expand ~70bps over FY18-20E due to better product mix, improved
realization in acetic anhydride products, and partially due to rupee
depreciation.
JLS currently trades at 10.8x FY20E P/E and 6.0x FY20E EV/EBITDA. We
value the company’s pharma and ingredients business at 9x and 6x of
FY20E EV/EBITDA respectively to derive the target price of `851/share
and recommend Buy.
Key risks
Ruby-fill ramp-up below expectations
Increase in Pyridine capacity in China or higher anti-dumping
duty on pyridine products
Higher competition and lower realizations in acetyl products
Regulatory risk in form of adverse observations by USFDA
Premia Research
Disclaimer
Recommendation Parameters for Fundamental/Technical Reports: Buy – Absolute return of over +10% Accumulate – Absolute return between 0% to +10% Reduce – Absolute return between 0% to -10% Sell – Absolute return below -10% Please refer to http://www.indiainfoline.com/research/disclaimer for recommendation parameter, analyst disclaimer and other disclosures. IIFL Securities Limited (Formerly ‘India Infoline Limited’), CIN No.: U99999MH1996PLC132983, Corporate Office – IIFL Centre, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai – 400013 Tel: (91-22) 4249 9000 .Fax: (91-22) 40609049, Regd. Office – IIFL House, Sun Infotech Park, Road No. 16V, Plot No. B-23, MIDC, Thane Industrial Area, Wagle Estate, Thane – 400604 Tel: (91-22) 25806650. Fax: (91-22) 25806654 E-mail: [email protected] Website: www.indiainfoline.com, Refer www.indiainfoline.com for detail of Associates. Stock Broker SEBI Regn.: INZ000164132, PMS SEBI Regn. No. INP000002213, IA SEBI Regn. No. INA000000623, SEBI RA Regn.:- INH000000248 For Research related queries, write at [email protected] For Sales and Account related information, write to customer care: [email protected] or call on 91-22 4007 1000