MONSANTO INDIA 1QFY15: Strong beat in growth, market share gain - TopicsExpress



          

MONSANTO INDIA 1QFY15: Strong beat in growth, market share gain continues (Revised Target Price INR2600, 22% Upside, Buy) - Reiterate BUY Monsanto reported 16% YoY increase in overall revenues to INR2.65b as against INR2.28b in 1QFY14, beating our estimate of INR2.45b (8% growth). Seeds grew ~14% primarily driven by price increases and better product mix due to launch of newer products with higher average selling price. We upgrade our estimates 20% and 3% for FY15E and FY16E, respectively, to factor in market share gain in corn segment and strong upcoming corn season. We believe that the investments made during FY09-12 have started paying off for MCHM in terms of new product launches and market share gains. We remain excited about the huge potential in genetically-modified (GM) foods and MCHM’s Roundup Ready Flex. We upgrade our target price to INR 2,600 (22x FY16E EPS) from INR2,300
Posted on: Mon, 25 Aug 2014 05:36:27 +0000

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