Almirall to negatively surprise in 1H17e results. Downgrade to Sell
Almirall will report its first half 2017 results on 24th July before the opening. A webcast will follow.
The first half results will be a negative surprise and will highlight the extent of the damage outlined in the profit warning and cast doubts as to the whether the 2017 guidance is feasible.
We saw the recent fall in the share price as an opportunity to buy, but now believe that a negative surprise on the 1H17e results will further erode confidence and that it will take time to be restored. We downgrade Almirall to Sell (from Hold) and put our €11.25 target price under review.
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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