Recordati

Recordati-Industria Chimica e Farmaceutica is a pharmaceutical group based in Italy. Co.'s operations are divided into two operating segments: pharmaceuticals (and pharmaceutical chemicals) and orphan drugs. Co.'s products include ZANIPRESS®/ZANEXTRA®/LERCAPREL®/LERCARIL®, an antihypertensive drug; ZANIDIP®/CORIFEO®/LERCADIP® (lercanidipine), an antihypertensive drug discovered and developed in Co.'s research laboratories; UROREC® (silodosin), a new drug indicated for the treatment of benign prostatic hyperplasia; and LIVAZO®/ALIPZA® (pitavastatin), a statin for the treatment of dyslipidemia, among others.
  • TickerREC
  • ISINIT0003828271
  • SectorPharmaceuticals & Biotechnology
  • CountryItaly
Martial Descoutures ...
  • Sebastien Malafosse

Recordati : Slightly more cautious regarding H2

>A marked slowdown in Q2 but a tight rein on the margin - Recordati reported its Q2 results yesterday intraday, which were broadly in line with expectations. The top line shows a slowdown of -8% to € 331m over the period. This is logically impacted by destocking by wholesalers and a significant slowdown in medical visits. This contraction is even between the group’s international revenues and its local market. As expected, growth was mainly driven by the group’s leadi...

Martial Descoutures ...
  • Sebastien Malafosse

Recordati : Un peu plus prudent pour ce S2 2020

>Un fort ralentissement au T2 mais une marge bien contrôlée - Recordati publiait hier en séance ses résultats du T2 qui se sont révélés globalement en ligne avec les attentes. La topline montre un ralentissement à -8% à 331 M€ sur la période. Celle-ci est logiquement impactée par des effets de déstockage chez les grossistes et un ralentissement notable des visites médicales. Cette baisse est homogène entre ses revenus internationaux et issus de son marché local. Comme...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Another test of support Heightened trade tensions have caused global equities to move from resistance to support in a matter of days. Additional consolidation - i.e., no breakdowns - on the broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remains the most likely scenario. At the same time, new cracks are beginning to show and as a result we believe global equities are vulnerable to a breakdown. • New cracks emerging. Breakdowns in crude oil and new lows for the STOXX 600 Bank supersector are two recent developments which have dampened our overall outlook... see charts below. •...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Equity Strategy

Int'l Equity Strategy Global equities staged an impressive rally over the first four months of 2019. The nearly unabated advance allowed the broad major indexes (MSCI ACWI, ACWI ex-US, and EAFE) to break topside critical 14-month downtrends which began in January 2018. Heading into May, YTD uptrends were ubiquitous and market participants were generally of the belief that a US-China trade deal was a foregone conclusion. Then came Trump's May 5th tweets claiming China was attempting to renegotiate, and that tariffs would increase from 10% to 25%. The tariff escalation contributed to uptrend br...

Jérôme VINERIER

Short term view - RECORDATI IND CHI : The trend is bearish.

The trend is bearish. The bounce is gaining strength. The bounce might end at the resistance at €31.20 and prices would fall again toward €27.10. The background trend would be questioned should prices rise above €35.30.

Jérôme VINERIER

Analyse court terme - RECORDATI IND CHI : La tendance est baissière.

La tendance est baissière. Le rebond gagne en vigueur. Il est probable que cette reprise s'achève sur la résistance à 31,20 € et que les prix baissent à nouveau vers 27,10 €. La tendance de fond serait remise en cause en cas de franchissement de 35,30 €.

Jérôme VINERIER

Short term view - RECORDATI IND CHI : The trend is bullish.

The trend is bullish. Prices are making further progress. The targets are at €31.20 and then €33.00. The break of €27.10 would endanger the trend.

Martial Descoutures ...
  • Sebastien Malafosse

Recordati : Slightly more cautious regarding H2

>A marked slowdown in Q2 but a tight rein on the margin - Recordati reported its Q2 results yesterday intraday, which were broadly in line with expectations. The top line shows a slowdown of -8% to € 331m over the period. This is logically impacted by destocking by wholesalers and a significant slowdown in medical visits. This contraction is even between the group’s international revenues and its local market. As expected, growth was mainly driven by the group’s leadi...

Martial Descoutures ...
  • Sebastien Malafosse

Recordati : Un peu plus prudent pour ce S2 2020

>Un fort ralentissement au T2 mais une marge bien contrôlée - Recordati publiait hier en séance ses résultats du T2 qui se sont révélés globalement en ligne avec les attentes. La topline montre un ralentissement à -8% à 331 M€ sur la période. Celle-ci est logiquement impactée par des effets de déstockage chez les grossistes et un ralentissement notable des visites médicales. Cette baisse est homogène entre ses revenus internationaux et issus de son marché local. Comme...

Martial Descoutures ...
  • Sebastien Malafosse

Recordati : Caution is the mother of safety

>A solid start to the year - On Thursday, 7 May, the group reported its Q1 2020 results, which, as previously announced, were positively impacted by the COVID-19 effect. The top line rose by 12.1% to € 429m. It benefited from a stockpiling effect at wholesalers and pharmacies for an estimated amount of around € 20m. As expected, growth was mainly driven by the group’s leading drug Zanidip (+13.6%) and by the rare diseases franchise (+37.9%) and OTC (+15.5%). The arriv...

Martial Descoutures ...
  • Sebastien Malafosse

Recordati : Prudence est mère de sureté

>Un début d’année solide - Recordati publiait jeudi en séance ses résultats du T1 qui comme préalablement annoncés ont été positivement impactés par un effet COVID 19. La topline progresse ainsi de 12.1% à 429 M€. Celle-ci bénéficient donc d’un effet de stockage chez les grossistes et dans les officines pour un montant estimé d’environ 20 M€. Comme attendu, la croissance demeure principalement tirée par son plus important médicament Zanidip (+13.6%) ainsi que par les ...

Team Pharma

ODDO : COVID-19: a negative impact of 3% on 2020e EPS

The pharma sector is once again playing its defensive role in times of crisis with an outperformance of 20% versus the market. Although it is not entirely immune to COVID-19, we believe that the impact will be limited. Some players such as Roche (Buy vs Neutral) or Sanofi (Buy) could even take advantage of new market opportunities. Conversely, Ipsen (Neutral) and Recordati (Neutral vs Buy) are companies to steer clear of on the COVID-19 theme. - - >Certainly one of the mos...

Maxime Kogge

Recordati : Focus Emission

Rossini (B2/B), the holding company of Recordati, an Italian mid-size pharma, has announced of a new € 650m FRN to redeem the existing FRN issued in October 2018. The existing paper will therefore be redeemed at the first call date on 31 October at a premium of 1%, i.e. a cost of € 6.5m. The issuance terms are in line with the terms for the existing bond, including unchanged maturity at 30 September 2025 corresponding to a six-year maturity (including a one-year non-call period)....

Maxime Kogge

Recordati : Issuance Focus

Rossini (B2/B), the holding company of Recordati, an Italian mid-size pharma, has announced of a new € 650m FRN to redeem the existing FRN issued in October 2018. The existing paper will therefore be redeemed at the first call date on 31 October at a premium of 1%, i.e. a cost of € 6.5m. The issuance terms are in line with the terms for the existing bond, including unchanged maturity at 30 September 2025 corresponding to a six-year maturity (including a one-year non-call period)....

Recordati : Focus Emission

Rossini, the holdco set up by CVC Capital Partners for the acquisition of a controlling stake in Italian specialty pharma Recordati, is issuing an inaugural seven-year € 1.28bn bond split into fixed and floating rate tranches. We think that Recordati has a sound credit profile thanks to a much diversified portfolio of products, therapeutic areas and countries and an excellent track record of growth and margin expansion. The company is active in a variety of drugs, each present in...

Recordati : Issuance Focus

Rossini, the holdco set up by CVC Capital Partners for the acquisition of a controlling stake in Italian specialty pharma Recordati, is issuing an inaugural seven-year € 1.28bn bond split into fixed and floating rate tranches. We think that Recordati has a sound credit profile thanks to a much diversified portfolio of products, therapeutic areas and countries and an excellent track record of growth and margin expansion. The company is active in a variety of drugs, each present in...

Benoit Valleaux ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Jean Sassus
  • Martial Descoutures
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/11/2020

Like a phoenix rising from its ashes, the US shale industry weathered the 2014 crisis and even continued to gain market share. Five years on, the sector has to contend with a veritable slump in WTI prices and this time around, there will be “a problem in Houston”. This time shale output is likely to fall and drilling equipment manufacturers will not escape completely unscathed, notably because of the risk of asset impairments. Once again, resilience will be measured by the ability to ...

Benoit Valleaux ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Jean Sassus
  • Martial Descoutures
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/05/2020

Tel le phénix qui renait de ses cendres, l’industrie du schiste américain avait survécu à la crise 2014 et même continué à gagner des parts de marché. 5 années plus tard, le secteur doit faire face à un véritable crash des cours du WTI et cette fois-ci, il y aura « un problème du côté de Houston ». La production du schiste devrait baisser et les équipementiers de forage n’en sortiront pas complètement indemnes, avec notamment un risque de dépréciations d’actifs. Une nouvelle fois, la ...

Alfred Glaser ...
  • Anis Zgaya
  • Bruno Cavalier
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir
  • Philippe Ourpatian
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/17/2020

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RECORDATI INDUA.CHIMICA reduced its risk exposure resulting in an upgrade to Slightly Positive

RECORDATI INDUA.CHIMICA (IT), a company active in the Pharmaceuticals industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 2 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date March 13, 2020, the closing price was EUR 33.55 and its potential was estimated at EUR 42.97.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Expert Corporate Governance Service (ECGS)

Recordati April 11th, 2019

In item 2, shareholders are called to an advisory vote on the remuneration policy. We strongly regret that the Board resolved to increase the base salary (+44%) and the maximum bonus (from 50% to 100% of the base salary) of the CEO, without providing any clear justifications. In addition, a new termination agreement was entered into with the CEO, providing for a severance pay exceeding the equivalent of 3 years of cash remuneration (fixed plus annual bonus). Also taking into account that short-term performance conditions are not adequately disclosed, and that the vesting of stock options under...

Recordati – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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