Morepen Laboratories Ltd Stock Analysis

BSE: 500288 | NSE: MOREPENLAB | Pharmaceuticals & Drugs | Small Cap

BSE Share Price 29-Nov-2022 13:25
31.40 -0.35 (-1.10%)

DeciZen - Make an Informed Decision on Morepen Laboratories

Overall Rating

1. Quality

2. Valuation

Fair

3. Price Trend

Morepen Laboratories Price Chart

P/E Ratio (SA) :
27.42
Market Cap :
1,623 Cr.
52-wk low :
23.7
52-wk high :
60.5
Bole Toh?

1. Is Morepen Laboratories Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Morepen Laboratories Ltd is a average quality company.

2. Is Morepen Laboratories Ltd undervalued or overvalued?

The key valuation ratios of Morepen Laboratories Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Morepen Laboratories Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Morepen Laboratories Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Morepen Laboratories:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Morepen Laboratories Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22TTM
ROCE % -3.7%-0.3%1.6%6.6%8.5%8.9%7.6%9.2%24.4%19.1%-
Value Creation Index -1.3-1.0-0.9-0.5-0.4-0.4-0.5-0.30.70.4-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 3033363704525485617177921,1121,4491,372
YoY Gr. Rt. %-10.8%10.2%22.2%21%2.4%27.9%10.4%40.5%30.3%-
Adj EPS -0.6-0.200.40.50.60.60.72.12.11.2
YoY Gr. Rt. %-NANA4100%23.8%11.5%10.3%12.5%191.7%1%-
BVPS (₹) 4.74.64.34.755.66.26.88.91214.8
Adj Net Profit -24.8-8.20.618.923.226.128.632.394.310159
Cash Flow from Ops. 33.533.250.75049.261.314.610.949.3-66.4-
Debt/CF from Ops. 3.32.71.61.312.291.20.4-0.3-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 19%21.5%26.4%30.3%
Adj EPS NA32.5%49.1%1%
BVPS 1119.124.734.2
Share Price 24.8% 6.7% 25.6% -40.5%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22TTM
Return on Equity % -7.3-2.50.25.98.41110.811.125.119.48.7
Op. Profit Mgn % 9.613.612.614.211.110.89.18.110.18.96.6
Net Profit Mgn % -8.2-2.40.24.24.24.744.18.574.3
Debt to Equity 0.30.30.30.20.20.50.50000
Working Cap Days 9995107129143168153158145153160
Cash Conv. Cycle 148-2-35312283042101

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 26.42%

Net Profit is growing at healthy rate in last 3 years 49.07%

Return on Equity has declined versus last 3 years average to 8.70%

Sales growth is not so good in last 4 quarters at 9.18%

Latest Financials - Morepen Laboratories Ltd.

Standalone Consolidated
TTM EPS (₹) 1.2 1.1
TTM Sales (₹ Cr.) 1,372 1,470
BVPS (₹.) 14.8 14.4
Reserves (₹ Cr.) 656 635
P/BV 2.14 2.20
PE 27.42 29.36
From the Market
52 Week Low / High (₹) 23.65 / 60.45
All Time Low / High (₹) 2.05 / 241.80
Market Cap (₹ Cr.) 1,623
Equity (₹ Cr.) 102.2
Face Value (₹) 2
Industry PE 37.4

Management X-Ray of Morepen Laboratories :

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Morepen Laboratories

Adj EPS (Rs.)
Sales (Cr.)
ROE (%)
ROCE (%)

News

Morepen Laboratories Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Morepen Laboratories on 29-Nov-2022 13:25 is : 31.40.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 29-Nov-2022 13:25 the market cap of Morepen Laboratories stood at ₹ 1,623.
The latest PE ratio of Morepen Laboratories as of 29-Nov-2022 13:25 is 27.42.
The latest PB ratio of Morepen Laboratories as of 29-Nov-2022 13:25 is 2.14
The 52-week high of Morepen Laboratories is ₹ 60.45 and the 52-week low is ₹ 23.65.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue / sales of Morepen Laboratories is ₹ 1,372 ( Cr.) .

About Morepen Laboratories Ltd

Established in the year 1984, Morepen Laboratories is a fast growing Pharmaceutical company listed in all major stock exchanges in India including Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) since 1993 with an investors base of 62,400 shareholders.

Morepen has steadily grown from a single product company to a multi activity company with a global vision and satisfied customers in over 50 countries. It has resources of international standing; USFDA approved manufacturing facility for API at Masulkhana (Himachal Pradesh), adhering to the most stringent standards of quality excellence. In addition to this state-of-the-art finished dosage and API plants at Parwanoo and Baddi (Himachal Pradesh) have the latest cGMP guidelines, and their Quality Systems, Technical Product Information and Documentation processes etc., are in perfect line to meet the regulatory requirements for Exports to various countries.

Morepen has a progressive lineage of manufacturing high quality generic drugs and Pharmaceutical formulations backed by a strong R&D, Regulatory and global marketing team. Morepen aims to provide sufficient visibility to its products and direct its business portfolio to the high value DMFs and ANDA driven International Export Business. Apart from leveraging its traditional strength in APIs, the Company is now concentrating on finished formulations in both regulated and non-regulated markets.

Morepen today is the largest producer of Loratadine in the World and presently has, over 90% market share of generic Loratadine in the US market other than the Innovator by supplying the bulk drug to top class customers like Novartis, Merck etc. Morepen is the approved global supplier to these companies. By successfully complying with USFDA standards, Morepen has further cleared the decks for other product entries in the world market. While catering to a growing list of customers across regulatory markets in the US, Canada, Europe etc, Morepen has already successfully introduced new products like Atorvastatin, Fluvastatin, Montelukast and Fexofenadine, while in the R&D pipeline are products like Pioglitazone, Moxifloxacin and Gatifloxacin. Exports of these molecules contributes about 75-80% of Morepen's turnover.

The R&D center at Masulkhana, Parwanoo and Baddi is well equipped and hi-technology based with over 40 scientists working on various projects primarily for new innovative non-infringing processes and development of cost effective proprietary technologies. The company has filed 14 patents in last three years including 6 international PCT applications. Morepen has recently filed an international patent on a new amorphous form of the cholesterol-reducing drug Lipitor (Atorvastatin) that is the largest selling drug in the world.

On the domestic side, Morepen has a large distribution base all over India, with company warehouses in all states and strong Sales and Marketing teams with more than 300 experienced people. Morepen associates with app. 80000 doctors and over 100000 pharmacies for its pharmaceutical products and has presence in over 200,000 retail outlets for its health products (OTC). Morepen was the first company to emphasize the need for Self-health in the country and thus created a brand 'Dr. Morepen'. Morepen also has tie-ups with several international diagnostics giants like Beurer of Germany, Diamed AG of Switzerland, Hemocue of Sweden & Menarini of Italy for exclusive marketing and servicing in India. Morepen had also acquired two brands and a chain of Health and Beauty stores- Lifespring. Expansion plans for opening new stores is on with a clear strategy to be present in every locality.

Product range of the company include:

  • Active Pharmaceutical Ingredient (API)- Loratadine, Desloratadine, Atorvastatin Crystalline, Zafirlukast, Venlafaxine, Ramipril, Bupropipion, Aripiprazole, Telmisartan, Pregabalin, Ezetimibe, etc.
  • Intermediates- Montelukast, Atorvastatin, Loratadine, Fexofenadine, Carvidilol, Lamotrigine, Venlafaxine, Cisapride, Irbesartan, Sildenafil, etc.
  • Finished Dosages- Tablets- total 121 tablets are being manufactured by the company such as Acarbose Tablets 25, Acifix Frutabs, Alpaz, Aspirin tablets, Claridin, Eccite, Folic Acid 5, Gastropen, Orvastin, Paracetamol, etc.

Different divisions of the company

  • Keeping in line with Morepen's commitment to healthier future for all, The company has taken another step to come closer to the consumers with the launch of 'Dr. Morepen', a range of self health products. MLL has now entered the Fast Moving Health Goods (FMHG) market. Dr. Morepen is envisaged as a forward looking, futuristic, lifestyle driven brand that empowers the modern customers to be in charge of their own health and live life without any stops.
  • Recognizing the requirement of innovative and technologically advanced diagnostic products in India, Morepen created a new entity for marketing of medical devices and clinical diagnostic products – “MEDIPATH”. Thus offering the consumers a host of world-class products with promise of a reliable nation wide after sales and technical backup.

Morepen has tied up with DrugMax Inc of USA to form Morepenmax. Following the formation, Morepen will convert its high value bulk drugs to dosage forms for further value addition and would also outsource blockbuster drugs to manufacture dosage forms for US Market. MorepenMax also has plans to file ANDA for few of its drugs.

Subsidiary

Doctor Morepen Limited, an umbrella brand symbolizing dynamism and liveliness that aims at targeting individuals constantly on the move is a 100% subsidiary of Morepen Laboratories Limited.

Recent developments

Morepen Laboratories Limited had announced that the securities of the company have been de-listed from Ahmedabad Stock Exchange Ltd (ASE), with effect from March 30, 2009.

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