Buy Neogen Chemicals; target of Rs 1515: ICICI Direct

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ICICI Direct’s research report on Neogen Chemicals

Commencing operations in 1991, Neogen Chemicals manufactures specialty organic bromine-based chemical compounds as well as specialty inorganic lithium-based chemicals compounds. • The company’s products find application in pharmaceutical intermediates, agrochemical intermediates, engineering fluids, polymers additives and water treatment chemicals to name a few • Neogen has two segments viz. (i) organic chemicals, (ii) inorganic chemicals of which organic chemical constitute ~80% of overall revenue while the rest comes from inorganic chemicals.

Outlook

We value Neogen Chemicals at 40x P/E FY24E EPS to arrive at a revised target price of Rs 1515/share (earlier Rs 1095/share).


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