0624 GMT – Glenmark Pharmaceuticals ’ recent divestment of a 75% stake in Glenmark Life Sciences could pressure its Ebitda margin and cash flow, Nomura analysts say in a note. The deal’s valuation at 10.5X trailing-four-quarters Ebitda looks underwhelming to Nomura as GLS is expected to post mid-teens growth and maintain Ebitda margin ahead of most peers. The investment bank raises its FY 2024 Ebitda estimate by 19% for Glenmark Pharmaceuticals but lowers its FY 2025 estimate by 7% after factoring in higher revenue contribution from specialty product Ryaltris, exchange rate changes, the GLS divestment, one-off income generated, and lower in raw material costs.
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