Almirall 9M17 results point at the bottom of the guidance
Almirall 9M17 results point at the bottom of the guidance
- Weak nine month results
- Skilarence is doing well, no so Thermi
- Guidance is now at the bottom of the range
- We recently cut our TP to €10.60
We recently reduced our sum-of the parts (we use a DCF to value the pharma portfolio, royalties and income from milestones) target price to €10.60 from €11.00 in anticipation of the weak results. We are also fine tuning our estimates to accommodate the guidance, this has no effect on the target price. 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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