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India Capital Markets has recommended a buy rating on Orchid Chemicals and Pharmaceuticals with a target price of Rs 305 in its August 1, 2008 research report. “In Q1 sales growth of 24% YoY is largely a function of a low base as many US launches happened after 1Q08. 1Q09 top line is significantly lower than 4Q & 3Q of FY08 & is flat vis-à-vis 2QFY08.”

“We rate Orchid Buy/High Risk. Orchid’s fully integrated status makes it one of the lowest-cost players in India. At the current price OCPL trades at 12.0x and 8.0x it’s FY2009 (E) & FY2010 (E) earnings. In view of recent slowdown in sales and earnings growth along with margin contraction we downgrade our target price to Rs 305 at which the stock will quote at 14.5x and 9.7x its FY2009(E) and FY2010(E) and an EV/EBITDA multiple of 8.5x and 6.5x its FY2009(E) and FY2010(E) EBITDA,” says India Capital Markets’ research report.

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