Almirall 1Q18 results: flat sales but lower costs drive earnings
Almirall 1Q18 results: flat sales but lower costs drive earnings
- Flat sales and lower total income
- Lower R&D and SG&A costs drove the results
- Debt rose on negative free cash flow
- Scrip dividend and a 5% share buy back
- A lower 2018e NFD estimate increases our target price to €9.77 /share from €9.58 /share. Our Hold recommendation is unchanged.
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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