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ICICI Direct's research report on Caplin Point Laboratories

Caplin derives entire revenues through exports with 92% of revenues from Emerging Markets (LatAm + Africa) where it has an end-to-end business model through last mile logistical solutions for its exclusive distributors. In the US, Caplin has filed 20 ANDAs on its own and with partners with 15 approvals from the USFDA (five with partners) For LatAm markets, it outsources ~40% of products from China, ~20% from Indian vendors and in-house manufacturing of the remaining ~40%

Outlook

We maintain our BUY rating on the stock due to visible growth in the medium to long term We value Caplin at Rs 1135 i.e. 24x P/E on FY23E EPS

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Buy Caplin Point Laboratories; target of Rs 1135: ICICI Direct

ICICI Direct is bullish on Caplin Point Laboratories has recommended buy rating on the stock with a target price of Rs 1135 in its research report dated August 07, 2021.

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