2016 First read: slightly better than expected, but weak guidance
Almirall 2016 results were somehow better than expected by us, showing higher operating results but lower earnings at the net profit level. Sales were €764 mn (+11.6%), total income €859mn (+11.7%), gross margin €537 mn (+14.1), EBITDA €228mn (+10.6%), Net profit €75.5mn (-42.7%) and normalized net €83mn (+0.6%). Operating margins stayed unchanged from a year ago. The decline in the net profit reflects lower extraordinary results from disposals in 2016 from 2016. The DPS for 2016 stays unchanged at €0.19.
2017 guidance: company expects and total income growth of lower to mid single-digit and mid single digit for EBITDA.
Almirall is engaged in the acquisition, manufacture, storage, sale and mediation in the sale of pharmaceutical specialties and products and all manner of raw materials used to prepare pharmaceutical specialties and products. Also, Co. acquires, manufactures, storages, sales and mediates in the sale of cosmetics, chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food-industry use, as well as all manner of utensils, complements and accessories for the chemical, pharmaceutical and clinical industries. In addition, Co. is engaged in the acquisition, sale, lease, subdivision and development of land lots, land and properties of all kinds.
Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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