Intrinsic value of Dr. Reddy's Laboratories ADR - RDY

Previous Close

$30.95

  Intrinsic Value

$20.09

stock screener

  Rating & Target

sell

-35%

  Value-price divergence*

+5000%

Previous close

$30.95

 
Intrinsic value

$20.09

 
Up/down potential

-35%

 
Rating

sell

 
Value-price divergence*

+5000%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of RDY stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -8.98
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,108
  2,150
  2,200
  2,256
  2,320
  2,390
  2,467
  2,551
  2,642
  2,740
  2,845
  2,958
  3,078
  3,206
  3,341
  3,486
  3,638
  3,800
  3,971
  4,152
  4,342
  4,544
  4,756
  4,980
  5,215
  5,464
  5,725
  6,000
  6,290
  6,594
  6,915
Variable operating expenses, $m
 
  1,739
  1,779
  1,825
  1,876
  1,933
  1,995
  2,063
  2,136
  2,215
  2,300
  2,385
  2,481
  2,584
  2,694
  2,810
  2,933
  3,064
  3,202
  3,347
  3,501
  3,663
  3,834
  4,015
  4,205
  4,405
  4,616
  4,838
  5,071
  5,317
  5,575
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,906
  1,739
  1,779
  1,825
  1,876
  1,933
  1,995
  2,063
  2,136
  2,215
  2,300
  2,385
  2,481
  2,584
  2,694
  2,810
  2,933
  3,064
  3,202
  3,347
  3,501
  3,663
  3,834
  4,015
  4,205
  4,405
  4,616
  4,838
  5,071
  5,317
  5,575
Operating income, $m
  202
  411
  420
  431
  444
  457
  472
  488
  506
  525
  545
  573
  596
  621
  647
  675
  705
  736
  769
  804
  841
  880
  921
  965
  1,010
  1,059
  1,109
  1,163
  1,219
  1,278
  1,340
EBITDA, $m
  355
  520
  532
  546
  561
  578
  597
  617
  639
  663
  688
  716
  745
  776
  808
  843
  880
  919
  961
  1,004
  1,051
  1,099
  1,151
  1,205
  1,262
  1,322
  1,385
  1,452
  1,522
  1,596
  1,673
Interest expense (income), $m
  14
  6
  6
  7
  8
  9
  10
  11
  12
  13
  14
  16
  18
  19
  21
  23
  25
  27
  29
  32
  34
  37
  40
  43
  46
  49
  53
  56
  60
  64
  69
Earnings before tax, $m
  219
  405
  414
  424
  436
  449
  463
  478
  494
  512
  531
  557
  579
  602
  626
  652
  680
  709
  740
  773
  807
  843
  882
  922
  965
  1,009
  1,057
  1,106
  1,158
  1,213
  1,271
Tax expense, $m
  39
  109
  112
  115
  118
  121
  125
  129
  133
  138
  143
  150
  156
  163
  169
  176
  184
  191
  200
  209
  218
  228
  238
  249
  260
  273
  285
  299
  313
  328
  343
Net income, $m
  180
  296
  302
  310
  318
  328
  338
  349
  361
  374
  388
  407
  423
  439
  457
  476
  496
  518
  540
  564
  589
  616
  644
  673
  704
  737
  771
  808
  846
  886
  928

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  598
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,109
  2,560
  2,619
  2,686
  2,761
  2,845
  2,937
  3,037
  3,145
  3,262
  3,387
  3,521
  3,664
  3,816
  3,978
  4,149
  4,331
  4,524
  4,727
  4,942
  5,169
  5,409
  5,662
  5,928
  6,209
  6,504
  6,816
  7,143
  7,488
  7,851
  8,232
Adjusted assets (=assets-cash), $m
  2,511
  2,560
  2,619
  2,686
  2,761
  2,845
  2,937
  3,037
  3,145
  3,262
  3,387
  3,521
  3,664
  3,816
  3,978
  4,149
  4,331
  4,524
  4,727
  4,942
  5,169
  5,409
  5,662
  5,928
  6,209
  6,504
  6,816
  7,143
  7,488
  7,851
  8,232
Revenue / Adjusted assets
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
Average production assets, $m
  1,017
  1,036
  1,060
  1,087
  1,118
  1,152
  1,189
  1,230
  1,273
  1,321
  1,371
  1,426
  1,483
  1,545
  1,611
  1,680
  1,754
  1,832
  1,914
  2,001
  2,093
  2,190
  2,292
  2,400
  2,514
  2,633
  2,760
  2,892
  3,032
  3,179
  3,333
Working capital, $m
  824
  578
  592
  607
  624
  643
  664
  686
  711
  737
  765
  796
  828
  862
  899
  938
  979
  1,022
  1,068
  1,117
  1,168
  1,222
  1,279
  1,340
  1,403
  1,470
  1,540
  1,614
  1,692
  1,774
  1,860
Total debt, $m
  502
  177
  196
  219
  245
  273
  304
  337
  374
  413
  455
  501
  549
  600
  655
  712
  774
  839
  907
  980
  1,056
  1,137
  1,222
  1,312
  1,406
  1,506
  1,611
  1,721
  1,837
  1,960
  2,088
Total liabilities, $m
  1,187
  863
  882
  905
  931
  959
  990
  1,023
  1,060
  1,099
  1,141
  1,187
  1,235
  1,286
  1,341
  1,398
  1,460
  1,525
  1,593
  1,666
  1,742
  1,823
  1,908
  1,998
  2,092
  2,192
  2,297
  2,407
  2,523
  2,646
  2,774
Total equity, $m
  1,921
  1,697
  1,736
  1,781
  1,831
  1,886
  1,947
  2,014
  2,085
  2,163
  2,246
  2,334
  2,429
  2,530
  2,637
  2,751
  2,872
  2,999
  3,134
  3,277
  3,427
  3,586
  3,754
  3,930
  4,116
  4,312
  4,519
  4,736
  4,964
  5,205
  5,458
Total liabilities and equity, $m
  3,108
  2,560
  2,618
  2,686
  2,762
  2,845
  2,937
  3,037
  3,145
  3,262
  3,387
  3,521
  3,664
  3,816
  3,978
  4,149
  4,332
  4,524
  4,727
  4,943
  5,169
  5,409
  5,662
  5,928
  6,208
  6,504
  6,816
  7,143
  7,487
  7,851
  8,232
Debt-to-equity ratio
  0.261
  0.100
  0.110
  0.120
  0.130
  0.140
  0.160
  0.170
  0.180
  0.190
  0.200
  0.210
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.330
  0.340
  0.350
  0.360
  0.360
  0.370
  0.380
  0.380
Adjusted equity ratio
  0.662
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  180
  296
  302
  310
  318
  328
  338
  349
  361
  374
  388
  407
  423
  439
  457
  476
  496
  518
  540
  564
  589
  616
  644
  673
  704
  737
  771
  808
  846
  886
  928
Depreciation, amort., depletion, $m
  153
  109
  112
  115
  118
  121
  125
  129
  133
  138
  143
  143
  148
  155
  161
  168
  175
  183
  191
  200
  209
  219
  229
  240
  251
  263
  276
  289
  303
  318
  333
Funds from operations, $m
  510
  405
  414
  424
  436
  449
  462
  478
  494
  512
  531
  549
  571
  594
  618
  644
  672
  701
  732
  764
  798
  835
  873
  913
  956
  1,000
  1,047
  1,097
  1,149
  1,204
  1,261
Change in working capital, $m
  -108
  11
  13
  15
  17
  19
  21
  23
  24
  26
  28
  30
  32
  34
  37
  39
  41
  43
  46
  49
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
Cash from operations, $m
  618
  394
  401
  409
  419
  430
  442
  455
  470
  485
  502
  519
  539
  559
  582
  605
  631
  657
  686
  716
  747
  781
  816
  853
  892
  933
  977
  1,023
  1,071
  1,122
  1,175
Maintenance CAPEX, $m
  0
  -102
  -104
  -106
  -109
  -112
  -115
  -119
  -123
  -127
  -132
  -137
  -143
  -148
  -155
  -161
  -168
  -175
  -183
  -191
  -200
  -209
  -219
  -229
  -240
  -251
  -263
  -276
  -289
  -303
  -318
New CAPEX, $m
  -180
  -19
  -24
  -27
  -31
  -34
  -37
  -40
  -44
  -47
  -51
  -54
  -58
  -62
  -65
  -69
  -74
  -78
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -126
  -133
  -140
  -147
  -154
Cash from investing activities, $m
  -306
  -121
  -128
  -133
  -140
  -146
  -152
  -159
  -167
  -174
  -183
  -191
  -201
  -210
  -220
  -230
  -242
  -253
  -265
  -278
  -292
  -306
  -321
  -337
  -354
  -371
  -389
  -409
  -429
  -450
  -472
Free cash flow, $m
  312
  273
  273
  276
  279
  284
  289
  296
  303
  311
  320
  328
  338
  350
  362
  375
  389
  404
  420
  437
  455
  474
  494
  516
  538
  562
  588
  614
  642
  672
  703
Issuance/(repayment) of debt, $m
  -179
  17
  20
  23
  25
  28
  31
  34
  36
  39
  42
  45
  48
  51
  54
  58
  61
  65
  69
  72
  77
  81
  85
  90
  95
  100
  105
  110
  116
  122
  129
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -194
  17
  20
  23
  25
  28
  31
  34
  36
  39
  42
  45
  48
  51
  54
  58
  61
  65
  69
  72
  77
  81
  85
  90
  95
  100
  105
  110
  116
  122
  129
Total cash flow (excl. dividends), $m
  54
  289
  293
  299
  305
  312
  320
  329
  339
  350
  362
  373
  386
  401
  416
  433
  450
  469
  489
  510
  532
  555
  580
  606
  633
  662
  692
  725
  758
  794
  831
Retained Cash Flow (-), $m
  -255
  -32
  -39
  -45
  -50
  -56
  -61
  -66
  -72
  -77
  -83
  -89
  -95
  -101
  -107
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -168
  -177
  -186
  -196
  -206
  -217
  -229
  -240
  -253
Prev. year cash balance distribution, $m
 
  256
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  513
  254
  254
  255
  257
  259
  263
  267
  273
  279
  284
  292
  300
  309
  319
  330
  341
  354
  367
  381
  396
  412
  429
  447
  466
  486
  507
  530
  553
  578
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  492
  233
  221
  210
  199
  188
  178
  167
  157
  146
  135
  124
  114
  104
  94
  84
  74
  65
  56
  48
  41
  34
  28
  23
  18
  14
  11
  8
  6
  4
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Dr. Reddy’s Laboratories Limited operates as an integrated pharmaceutical company worldwide. It operates through three segments: Global Generics, Pharmaceutical Services and Active Ingredients (PSAI), and Proprietary Products. The Global Generics segment manufactures and markets finished pharmaceutical products as branded formulations or generic finished dosages. This segment also engages in biologics business. The PSAI segment manufactures and markets active pharmaceutical ingredients (APIs) and intermediates, which are used as principal ingredients for finished pharmaceutical products. This segment also offers contract research services; and manufactures and sells APIs and steroids in accordance with the specific customer requirements. The Proprietary Products segment focuses on the research, development, and manufacture of differentiated formulations and new chemical entities (NCEs) for dermatology and neurology therapeutic areas. It also engages in the discovery, development, and commercialization of novel small molecule agents in therapeutic areas, such as metabolic disorders, and pain and inflammation; and has a portfolio of in-licensed patented dermatology products. As of March 31, 2016, this segment had 19 active products in development programs pipeline that are in various stages of development. The company’s therapeutic categories primarily include gastro-intestinal, cardiovascular, pain management, oncology, dermatology, urology, and nephrology. It has strategic partnership with GlaxoSmithKline plc to develop and market products outside India; collaboration, license, and option agreement with Curis, Inc. to discover, develop, and commercialize small molecule antagonists for immuno-oncology and precision oncology; and collaboration agreements with Merck Serono and Amgen. Dr. Reddy’s Laboratories Limited was founded in 1984 and is headquartered in Hyderabad, India.

FINANCIAL RATIOS  of  Dr. Reddy's Laboratories ADR (RDY)

Valuation Ratios
P/E Ratio 29.3
Price to Sales 2.5
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow 12.1
Growth Rates
Sales Growth Rate -9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 28.6%
Cap. Spend. - 3 Yr. Gr. Rate 12.5%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 8.3%
Total Debt to Equity 26.1%
Interest Coverage 17
Management Effectiveness
Return On Assets 6.4%
Ret/ On Assets - 3 Yr. Avg. 10.8%
Return On Total Capital 7.6%
Ret/ On T. Cap. - 3 Yr. Avg. 13.2%
Return On Equity 10%
Return On Equity - 3 Yr. Avg. 19%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 55.6%
Gross Margin - 3 Yr. Avg. 57.7%
EBITDA Margin 18.3%
EBITDA Margin - 3 Yr. Avg. 22.1%
Operating Margin 9.6%
Oper. Margin - 3 Yr. Avg. 15.5%
Pre-Tax Margin 10.4%
Pre-Tax Margin - 3 Yr. Avg. 15.6%
Net Profit Margin 8.5%
Net Profit Margin - 3 Yr. Avg. 12.2%
Effective Tax Rate 17.8%
Eff/ Tax Rate - 3 Yr. Avg. 21.7%
Payout Ratio 33.9%

RDY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RDY stock intrinsic value calculation we used $2108 million for the last fiscal year's total revenue generated by Dr. Reddy's Laboratories ADR. The default revenue input number comes from 2017 income statement of Dr. Reddy's Laboratories ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our RDY stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for RDY is calculated based on our internal credit rating of Dr. Reddy's Laboratories ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Dr. Reddy's Laboratories ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of RDY stock the variable cost ratio is equal to 80.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for RDY stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Dr. Reddy's Laboratories ADR.

Corporate tax rate of 27% is the nominal tax rate for Dr. Reddy's Laboratories ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the RDY stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for RDY are equal to 48.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Dr. Reddy's Laboratories ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for RDY is equal to 26.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1921 million for Dr. Reddy's Laboratories ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 163.566 million for Dr. Reddy's Laboratories ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Dr. Reddy's Laboratories ADR at the current share price and the inputted number of shares is $5.1 billion.

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COMPANY NEWS

▶ Doctor Reddy's posts 1Q profit   [Jul-28-17 07:40PM  Associated Press]
▶ Dr. Reddys Q1 FY18 Financial Results   [08:23AM  Business Wire]
▶ Dr. Reddy's to Release Q1 FY18 Results on July 27, 2017   [Jul-14-17 10:51AM  Business Wire]
▶ Xgeva Is Expected to See Robust Revenue Performance in 2017   [May-24-17 07:37AM  Market Realist]
▶ Elite Pharmaceuticals Acquires Trimipramine ANDA   [May-22-17 04:11PM  GlobeNewswire]
▶ Doctor Reddy's posts 4Q profit   [May-12-17 10:18AM  Associated Press]
▶ Dr. Reddys Q4 and FY17 Financial Results   [09:51AM  Business Wire]
▶ New Strong Sell Stocks for April 20th   [Apr-20-17 08:10AM  Zacks]
▶ New Strong Sell Stocks for April 11th   [Apr-11-17 10:14AM  Zacks]
▶ Stocks Reach Their 3-Year Lows   [Mar-25-17 03:15PM  GuruFocus.com]
▶ Dr. Reddy's Expands Commercial Operations in Europe   [Feb-08-17 08:22AM  PR Newswire]
▶ BioMarin sues to stop generic version of its $90K-a-year drug   [Feb-07-17 01:24PM  at bizjournals.com]
▶ BioMarin sues to stop generic version of its $90K-a-year drug   [01:24PM  American City Business Journals]
▶ Dr. Reddys Q3 and 9M FY17 Financial Results   [Feb-04-17 09:52AM  Business Wire]
▶ Top 10 Pharmaceutical Companies In India   [Jan-31-17 12:08PM  at Insider Monkey]
▶ Dr. Reddy's to Release Q3 FY17 Results on Feb 4, 2017   [Jan-23-17 01:49AM  Business Wire]
▶ Should You Buy Vedanta Ltd (ADR) (VEDL)?   [Dec-13-16 04:13PM  at Insider Monkey]
▶ Do Hedge Funds Love Atmos Energy Corporation (ATO)?   [Dec-09-16 05:46AM  at Insider Monkey]
▶ Is Newfield Exploration Co. (NFX) A Good Stock To Buy Right Now?   [Dec-01-16 09:13AM  at Insider Monkey]
▶ Is Coty Inc (COTY) a Good Stock To Buy?   [Nov-29-16 02:00PM  at Insider Monkey]
▶ Dr. Reddys Labs Launches New Drug (RDY)   [Nov-14-16 11:00AM  at Investopedia]
▶ India Stocks Rally On Rupee Reform   [Nov-09-16 02:20PM  at Barrons.com]
▶ What Gives? Dr. Reddy's Shares Jump 6% Despite Earnings Miss   [Oct-25-16 01:56PM  at Barrons.com]
▶ Dr. Reddys Q2 and H1 FY17 Financial Results   [06:37AM  Business Wire]
▶ Are toxic lakes the cost of cheap drugs?   [Oct-17-16 10:01PM  AAP]
▶ Amgen Expands New Drugs Into Indian Market (AMGN, RDY)   [Oct-03-16 09:33AM  at Investopedia]
▶ Dr. Reddys Listed on Dow Jones Sustainability Indices 2016   [Sep-13-16 05:35AM  Business Wire]
Stock chart of RDY Financial statements of RDY
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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