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Motilal Oswal Report
Alkem Laboratories Ltd. has recorded 18% compound annual growth rate earnings over FY18-FY24 and is further expected to deliver healthy growth of 13% over FY24-FY26, led by the 260 basis points margin expansion.
Although Alkem has a strong presence in the dosage form and exports markets, it is further investing in biosimilar/contract development manufacturing organisation/Med-tech segments.
Additionally, it is exploring inorganic opportunities with surplus cash of Rs 38.5 billion.
We value Alkem at 27 times 12 months forward earnings to arrive at a price target of Rs 6,030. We maintain a neutral stance on the stock due to limited upside potential from current levels.
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