RESEARCH Wyeth Ltd. DEFENSIVE BET Key Indicators as on 09/05/2012 SOURCE:CMIE Investment highlights: Closing Price (Rs.) - TTM EPS (Rs.) - TTM BV per Share (Rs.) - TTM Mkt Cap (Rs. Crore) - TTM 1,943.59 Beta - TTM Mkt Cap/Sales (March -11) Mkt Cap/PBIDTA (March -11) Mkt Cap/PBDT (March -11) Mkt Cap/PAT (March -11) Mkt Cap/Cash Profit (March -11) PBDITA Rs. in Crores TTM
Company Profile: Face Value Shares Outstanding crores
Laboratories (India) Ltd. on 20 September
Equity Share capital in Rs. Crores
1947. The company is a subsidiary of Wyeth, USA and is promoted by Wyeth
Share holding (%) Promoters
USA and John Wyeth & Brother Ltd. UK.
On 15 October 2009, the parent company Wyeth USA was merged with Wagner
subsidiary of Pfizer Inc. Hence, Pfizer Inc.
is now the the parent company of Wyeth USA and thereby of Wyeth Ltd. Products manufactured by the company includes antibiotics, women's healthcare products like oral contraceptives and depilatory creams, steroids, vaccines, vitamins, hematinics, products for cardiovascular diseases, central nervous system, transplantation,
ophthalmology amongst others. Few of the popular brands owned by the company include
Prevenar and Tygacil. It also owns the consumer healthcare brands like Anacin and Anne French. The manufacturing facility of the company is located at Goa.
www.nayanmvala.com Investment Rationale:
Î Prevenar 13 the largest selling vaccines: Wyeth launched Prevenar
13 in Q4FY11 in the domestic market replacing its earlier version
Contributes ~20%
Prevenar 7. This vaccine is effective against 13 variants of pneumonia
to companies’ top
causing bacteria and is the market leader in its category. As per IMS
line.
MAT-December 11, Prevenar 13 reported revenues of Rs289mn and
grew at 248% on a low base. Prevenar 7 and Prevenar 13 have
garnered revenues of ~Rs1.2bn in CY11 and hence is an important
High margin
product for Wyeth contributing ~20% to its sales. Prevenar is the largest
product.
selling vaccine in India. Prevenar 13 is a high margin patented product
currently imported from Pfizer, US and is well received by pediatricians.
Î Strong presence in OTC segment: Wyeth currently derives good
quantum of its revenues from OTC products. It markets two OTC
Strong brands like
products namely: Anacin, an analgesic and Anne French, hair remover.
Anne French and
Anne French is the market leader in its category. Wyeth has introduced
Anacin.
Anacin Multi Pain as line extension in FY11. The company has plans to
launch other OTC products from its parent’s portfolio. As well as it is a
leading player in oral contraceptive (OC) markets and has a dominant
Dominant player
market share. The company markets well-known brands namely: Loette
in oral
(levonorgesterel and ethinyl estradiol), Ovral (levonorgesterel and ethinyl
contraceptive
estradiol), Ovral-G (norgesterel and ethinyl estradiol), Ovral-L
segments.
(levonorgesterel and ethinyl estradiol), Premarin (conjugated estrogens)
used in hormone replacement therapy (HRT).We expect these products
to be future growth drivers for the company.
Î Strong parent company: The parent company Pfizer Inc. is the No.1
global pharma company with sales of $55.6bn (Rs2,750bn) and de-grew
Pfizer Inc No.1
by 2.5% in 2010. In 2009, it acquired Wyeth for $68bn (Rs3,360bn) and
global pharma
merged with itself. Pfizer is a research driven company and has spent
company is its
13.9% of its revenues on R & D. Pfizer scientists have produced
parent company.
innovative breakthroughs in a wide range of research areas including
depression, high cholesterol, erectile dysfunction, HIV infection,
hypertension, bacterial and fungal infections etc. Pfizer’s largest selling
product Lipitor lost patent protection in Nov’11 resulting in a large dent in
Merger with Pfizer
its revenues. Globally Wyeth has already merged with Pfizer except in
on the cards.
India, where both subsidiaries are listed separately. Pfizer, US holds
70.8% in Pfizer India and 51.1% in Wyeth India. The operational merger
between the two companies is complete but the legal merger is pending.
Operational
For the legal merger, both companies have to appoint at least two
merger in place
independent valuers for determining the merger ratio. After the valuation
Mr. Kewal Handa
report is submitted, it has to be approved by the directors of both
is the Managing
companies. This is then approved by the shareholders and creditors of
Director of Pfizer
both companies. After all these approvals in place, it has to be filed with
India and Wyeth.
the High Court for legal approval. This is a long-drawn out process and
www.nayanmvala.com
Î Debt Free Company: The company enjoys almost a debt free status
and has borrowings from its group or associate company as seen from
Debt free status.
Î Strong growth post acquisition: The companies has strong financial
performance post acquisition by Pfizer Inc as seen from the table below:
The company has Pre Acquisition phase: been has been growing at much faster pace post acquisition by Pfizer Inc which currently stands PBDITA net of in the range of 10- 11% when compared to its NFOI pre acquisition which was in the NFOI range of 4 – 5%. Post Acquisition phase: The bottom line PBT net of P&E NFOI grows faster than the top line growth.
Î Strong Dividend history: The company has strong dividend payment Average dividend rate of 225% since the past 6 years. Peer Comparison: Below is the comparison of Wyeth with its peers: Better placed when compared to its peers. www.nayanmvala.com Quarterly Results – (Standalone)
From NAYAN M. VALA SECURITIES PVT.LTD.RESEARCH By Harsh B. Chauhan Disclaimer: The information contained herein is confidential and is intended solely for the addressee(s). Any unauthorized access; use, reproduction, disclosure or dissemination is prohibited. This information does not constitute or form part of and should not be construed as, any offer for sale or subscription of or any invitation to offer to buy or subscribe for any securities. The information and opinions on which this communication is based have been complied or arrived at from sources believed to be reliable and in good faith, but no representation or warranty, express or implied, is made as to their accuracy, correctness and are subject to change without notice. NAYAN M. VALA SECURITIES PVT.LTD. and/ or its clients may have positions in or options on the securities mentioned in this report or any related investments, may affect transactions or may buy, sell or offer to buy or sell such securities or any related investments. Recipient/s should not consider this report as only a single factor in making their investment decision. Neither NAYAN M. VALA SECURITIES PVT.LTD. nor any of its affiliates shall assume any legal liability or responsibility for any incorrect, misleading or altered information contained herein.
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THE JOURNAL-STANDARD CITY OF FREEPORT ANNUAL TREASURER’S REPORT FOR PERIOD MAY 1, 2012 THROUGH APRIL 30, 2013 TO THE HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL OF THE CITY OF FREEPORT, ILLINOIS: THE UNDERSIGNED CITY TREASURER AND TREASURER OF THE FIREFIGHTERS’ AND POLICE PENSION FUNDS, HEREBY SUBMITS THE FOLLOWING ANNUAL REPORT AS REQUIRED BY CHAPTER 65 OF THE ILLINOIS STA
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RESEARCH 
Investment Rationale: 
Î Debt Free Company: The company enjoys almost a debt free status 
