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Perrigo Company Public Limited Company Message Board

imho_dyodd 144 posts  |  Last Activity: 15 hours ago Member since: Jul 19, 2012
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  • Reply to

    CDN $

    by freezing_in_toronto Jul 29, 2015 1:44 PM
    imho_dyodd imho_dyodd 15 hours ago Flag

    have checked taro's web site on at least 5 occasions if they answered the "EU market" question...didn't find anywhere any answer.

  • I just hope Mr. Shanghvi is mindful of the significant contribution of TARO in SUN 's unprecedent expansion (and coincidentally, his net worth) in recent years; TARO has been a significant part of SUN's EBITDA for the last 4 years and Taro's cash boosts Sun's Balance sheet . In many ways acquiring controlling stake in TARO has been game changing for SUN. Sun has been able to make 6-7 acquisitions in the last 3-4 years including 2 dermatology assets

  • Reply to

    CDN $

    by freezing_in_toronto Jul 29, 2015 1:44 PM
    imho_dyodd imho_dyodd 16 hours ago Flag

    attend investor conferences, conduct annual shareholder day, get coverage from 5 diverse analyst firms.

    3. EU market needs to be exploited
    4. Why the bitter fight to retain Iliana and Biran when ISS and Glass lewis had recommended vote against them and many shareholders including me said they have lost their trust to serve us.
    5. Finally you need to morally answer the question asked by some shareholders. Just provide the real identification of the very altruistic people that voted for Iliana and Biran.

    Pls stop obsessing on "how the heck can sun increase its ownership in taro". Intentions are everything...ultimately your actions just follow intentions.

    Do the right thing for shareholders. And shareholders will appreciate you and thank you in public from their hearts.

  • Reply to

    CDN $

    by freezing_in_toronto Jul 29, 2015 1:44 PM
    imho_dyodd imho_dyodd 16 hours ago Flag

    When cash accumulation questions is asked by shareholders.
    Kal says buyback is the most efficient to return money to shareholders. Kal you can also say buyback is the only purpose since Sun wants to increase ownership at taro.

    Also When shareholders ask this question on idle cash, kal is quick to point out since took controlling stake in Taro,
    Taro share price has gone up approximately 10X from $14 to $140. Indeed it has; However my question to Kal-Shanghvi is the following: Can Taro management & board morally take credit for the Share price increase from 2010 until 2013 considering the persistent (year long ) attempts by SUN to relieve TARO's public shareholders from their shares by offering what many have opined highly inadequate prices ? In fact the Board had at one point even approved the 2nd "offer" recommending shareholders to take cash of $39.5.
    Isn't hypocritical and shameless (besides immoral) to point out that since Sun took over share price has gone up 10 times considering your attempts to relieve public shareholders of the upside in this premium and scarce asset? You at Sun-taro approved the low-ball valuation which was based on low-ball Ms consulting estimates that was already wrong pro-rata considering 6 months results were known on Oct 2012 when you immorally said "this is the best shareholders can get and you recommend them to give up shares for $39.5 cash". During this testing time of well over a year, many may have sold their shares.
    How the heck can you morally take credit for share price increase ?

    Since Sun called off those "offers" in Feb 2013 , Mr. Shanghvi took over as TARO Chairman and has taken stock price from $55 to $140 which TARO's Board/Management can morally take credit.
    I urge Taro to do the right thing for all shareholders, this would mean
    1. Proper use of cash and debt for inorganic growth. Buy 3 phase 2 completed assets each with $1 billion markets
    2. Have proper investor relations just like market peers.

  • Reply to

    CDN $

    by freezing_in_toronto Jul 29, 2015 1:44 PM
    imho_dyodd imho_dyodd 16 hours ago Flag

    1) Use of cash and debt at Taro vs Use of cash and debt at Sun
    - It was said that taro will remain disciplined and not buy overvalued companies (which on the face of it is valid). However, when you look at the acquisition spree of Sun over the last 3-4 years, this argument does not make sense. Sun continues to find fairly valued dermatology assets in the market and has made 6-7 acquisitions during this period. Sun continues to take on debt. Taro continues to be negative leverage and the only use of cash is buyback (increasing ownership of Taro by sun).
    Shanghvi said Mrk2022 was out of reach of taro's profitabilty. Does this make any sense ? Isn't it hypocritical justification ? Why ? because in the public domain it is known that Sun paid upfront $200m cash and the trial funding costs (lets say it is $200m). Taro at the time had more than $650m cash and little to nothing debt. Taro could have easily borrowed $500m from the bank. Taro is a dermatology leader and MRK2022 would have been a perfect fit. I wonder if SUN used any taro services at the time of M&A as well as now. Hello "independent" dirs iliana and biran , do you know ?

  • Reply to

    One new NDA

    by masirr 18 hours ago
    imho_dyodd imho_dyodd 18 hours ago Flag

    Good luck asking IR. Kal and Shanghvi will know. Unfair for Shanghvi to know more information than other shareholders. However Shanghvi will announce to public "taro has not disclosed this info". F

  • Reply to

    CDN $

    by freezing_in_toronto Jul 29, 2015 1:44 PM
    imho_dyodd imho_dyodd Jul 29, 2015 9:28 PM Flag

    Again
    ---This is a $250-$280 stock right now if they do all the right things for ALL (not 1) shareholders...1) Optimal Use of cash and Debt to grow 2) Good investor relations.

    ----This is $350 stock if they put the whole company on the auction block. Many buyers would be interested in this unique and scarce asset. Just see Gavin transaction

  • Is this being done to make another attempt to railroad taro shareholders to give away their shares ? only Shanghvi will know.

    Sun already has around $1.1 billion debt. So it is going to have $2.1b debt.
    WHy the heck Taro is operating negative leverage balance sheet for so many years ???
    Why cannot Taro take on debt and use idle cash meaningfully when Sun can do it ???

  • Wondering if the plan is to use the $1b cash and Sun to take some debt, to make another attempt to buy out all of taro minority ? In that case all the upside of multi-year Cash hoard, zero leveraged balancesheet, 35 complex ANDA, the improvement in pipeline filing rate, Novexatin all will go to 1 shareholder, EU and ROW market potential.

    I have personally asked for more information sharing on outlook, conducting annual Shareholder day, attending investment conferences, quarterly earnings call as opposed to every 6 months. All of these items are nothing extraordinary and done by market peers.

  • Gavis sales was $96m
    Gavis EBITDA was $34.56m

    So txn happened at 25.4 TTM EBITDA.
    Goes to highlight how scarce an asset like Taro is and many buyers would be interested in an asset like Taro. Goes to show undervalued TARO is. Taro share price using Gavis-lupin EBITDA multiple is $347 per share.

  • imho_dyodd by imho_dyodd Jul 21, 2015 10:01 PM Flag

    "We believe that there could be similar opportunities going forward also. The key option in the near term is MK3222. In its commentary, the management was very positive on the drug and expected significant benefit going forward. It has formed a dedicated team for the product in US and we believe it is looking for a late FY17 launch," the report said."
    ?

    Wonder if SUN used (or uses) TARO services , TARO's deep experts, for developing this product that SUN acquired ?
    This is a multi-billion opportunity and the reason provided for TARO the leading derma company not acquiring was the following "Taro's profitability was not enough to acquire"

    Taro at the time I think had over $700m making robust free cashflow of over $200m. How does that explanation for taro not making use of its cash to acquire this asset make any sense ?

  • No earnings call every quarter (only once in 6 months)
    No attendance in investment conferences
    No investor day
    No coverage from a diverse set of analyst firms. 1 mumbai based analyst covers it.
    good luck getting fair value based on other comparable market assets .

  • imho_dyodd by imho_dyodd Jul 21, 2015 11:24 AM Flag

    "Sun has one of the strongest product portfolios and pipelines among Indian companies. Over the past few years, the portfolio has provided significant short and medium-term opportunities like Lipodox and Taro, the report said.

    "We believe that there could be similar opportunities going forward also. The key option in the near term is MK3222. In its commentary, the management was very positive on the drug and expected significant benefit going forward. It has formed a dedicated team for the product in US and we believe it is looking for a late FY17 launch," the report said.

    -----
    i think MK3222 is the phase 3 derma product SUN bought (yes not taro the leading derma company flush with $1b cash and almost no debt).

  • imho_dyodd imho_dyodd Jul 20, 2015 12:56 AM Flag

    anacor mcap has now exceeded taro's mcap (6.36 vs 6.16). Its laughable and this goes to show inefficient the market really is.

    taro has decades of operational execution and profitability
    anac has not even year of operations

  • AKORN like TARO is mostly into specialty generics (opthamology,injec tions, sprays,etc). It does have a few branded prods.
    its market cap is around $5.5b

    Would have suggested merger bw AKORN and TARO if AKORN wasn't trading at such lofty multiple

    BTW look at their FANTASTIC DISCLOSURE on future in their Investor presentation. This is the kind of stuff investors want to hear..This is what is information sharing so then markets can do its job.

  • imho_dyodd imho_dyodd Jul 13, 2015 9:58 AM Flag

    Anac goes to every investor conf on earth
    And conducts investor conf calls at the drop of a hat.

    Here we a call once in 6 months. Not much info is disclosed anyway

  • Stockstoshort - what do you think ?

  • - For ANAC - Kerydin is the only comm prod. (kerydin is for onychomycosis . it seems inferior to novexatin if you trust novexatin phase 1/2a trials)
    - ANAC pipeline has 2-3 products

    and then you have TARO
    - 200 difficult to make products
    - 35 Complex ANDA in pipeline
    - 1 NDA in pipeline
    - Novexatin in phase 2 addressing $6b/year
    - EU market potential & ROW market potential for future prods
    - and $1b cash
    - cash growing at $250-$300m/year

    Here is the key difference:
    ANAC management have STOCK incentives. They want HIGHER stock valuation and stock price. They go to investment conferences and present it to market participants including mutual funds

    Here we know ?!

  • Mylan is awaiting Food and Drug Administration approval for its own generic version of glatiramer acetate. “We continue to remain very confident in our application for our generic version of Copaxone and look forward to bringing our product to market upon approval from the U.S. Food and Drug Administration,” Bresch said in a statement.

  • Reply to

    No updates since a long time...

    by iome70 Jun 18, 2015 7:23 AM
    imho_dyodd imho_dyodd Jun 18, 2015 11:54 AM Flag

    didnt armstice say he was paid something like $20m in the last 3 years ?

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