Lincoln Pharmaceuticals Ltd

Lincoln Pharmaceuticals Limited (LPL) is engaged in the business of manufacturing, marketing and distribution of pharmaceutical products.

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Pros:

Company has reduced debt.

Company is virtually debt free.

Stock is trading at 1.04 times its book value

Company has good consistent profit growth of 32.34% over 5 years

Cons:

The company has delivered a poor growth of 11.11% over past five years.

Promoter holding is low: 32.36%

Peer comparison Sector: Pharmaceuticals // Industry: Pharmaceuticals - Indian - Formulations

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Detailed Comparison with:

	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019
	88	87	86	76	72	97	98	81	77	95	111	96
	82	81	73	61	64	75	82	68	68	77	88	84
Operating Profit	6	6	13	15	8	22	16	13	10	17	23	12
OPM %	7%	7%	15%	19%	12%	22%	16%	16%	12%	18%	20%	12%
Other Income	0	3	3	3	2	2	4	1	-1	2	3	2
Interest	1	1	1	1	1	1	1	1	1	1	1	0
Depreciation	1	1	1	1	1	1	1	1	1	1	1	1
Profit before tax	4	6	14	16	8	22	18	11	7	17	24	12
Tax %	5%	28%	26%	28%	8%	29%	20%	16%	-3%	28%	24%	16%
Net Profit	4	4	10	11	7	16	14	9	7	12	18	10
EPS in Rs	1.93	2.25	4.97	5.57	3.59	7.80	7.20	4.73	3.59	6.08	8.99	5.09
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	89	114	121	165	175	192	208	223	311	304	325	353	378
	79	104	111	156	161	176	190	200	278	261	279	292	317
Operating Profit	9	10	11	9	13	16	19	23	33	43	46	61	61
OPM %	11%	9%	9%	6%	8%	8%	9%	10%	11%	14%	14%	17%	16%
Other Income	-0	-1	1	3	3	5	1	5	6	2	6	6	6
Interest	2	2	3	5	8	7	5	6	6	5	4	4	2
Depreciation	1	1	1	2	2	2	2	3	3	4	4	5	5
Profit before tax	7	7	8	6	7	11	13	19	30	36	43	58	60
Tax %	29%	35%	28%	32%	31%	13%	9%	23%	28%	23%	24%	20%
Net Profit	5	4	6	4	5	10	11	15	22	27	33	47	48
EPS in Rs			4.90	2.37	2.95	5.91	6.90	8.85	13.13	13.70	16.38	23.32	23.75
Dividend Payout %	20%	21%	24%	24%	20%	10%	9%	11%	8%	9%	9%	6%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Sep 2019
	8	9	11	16	16	16	16	16	16	20	20	20	20
Reserves	25	28	42	60	64	73	83	95	115	170	200	243	269
Borrowings	13	16	27	45	57	61	51	48	61	53	56	34	36
	16	22	30	42	60	61	70	32	50	39	50	51	74
Total Liabilities	61	73	110	164	197	211	220	192	242	282	326	347	399
	11	17	21	28	33	33	32	33	63	68	83	88	88
CWIP	0	0	1	4	2	2	2	3	3	7	0	2	3
Investments	4	0	0	0	11	11	11	13	20	36	39	46	59
	46	56	88	132	151	164	174	143	156	171	204	211	250
Total Assets	61	73	110	164	197	211	220	192	242	282	326	347	399

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	10	2	-12	-34	10	4	9	9	29	18	21	51
	-8	-4	-6	-11	-17	-1	3	-5	-40	-26	-14	-22
	-1	3	26	45	3	-1	-17	-5	11	8	-4	-30
Net Cash Flow	1	1	8	1	-4	2	-5	-1	-0	-0	4	-1

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %	20%	19%	16%	10%	10%	12%	12%	16%	21%	19%	18%	22%
Debtor Days	69	74	94	88	136	139	152	135	88	95	108	117
Inventory Turnover	7.18	8.59	6.50	6.88	7.54	9.86	10.87	11.13	14.14	10.76	9.51	10.70