bioMérieux: Guidance upgrade translates strong H1 but also implies soft margin in H2
bioMérieux: (NEUTRAL, Fair Value EUR66 (-15%))Guidance upgrade translates strong H1 but also implies soft margin in H2
Following the confcall held yesterday during which more details on the upgrade of the FY2018 guidance were given, we update our ests. and increase our FV to EUR70. However, lack of upside at these levels ahead of a soft H2 in terms of profitability alongside remaining uncertainties on mid-term outlook prompts us to reiterate our Neutral rating.
Co. specializes in the field of in vitro diagnostics for clinical and industrial applications. Co. designs, develops, manufactures and markets systems used in: Clinical Applications (the diagnosis of infectious diseases such as hepatitis, HIV, tuberculosis and respiratory illnesses, as well as pathologies such as cardiovascular diseases and cancers, based on the analysis of biological samples such as blood, saliva or urine); and Industrial Applications (microbiological analysis of samples of finished or semi-finished products (or of the environment), chiefly in the food processing and biopharmaceutical industries), detecting microorganisms in agri-food, pharmaceutical and cosmetic products.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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