IPSEN | BUY, EUR164 | It’s Not Over Yet !]
From a two-day roadshow with the company's management team, we have extracted a fresh view on many aspects of the story. In balance at the end of the day, there are more positives than negatives for the investment case such that we are reiterating our BUY rating with a revised FV, although it is fair to say that Ipsen “wants and needs M&A to balance risks and meet its growth objectives beyond 2021†and that without this external contribution to growth, upside is now more limited.Ipsen is global biotechnology specialty care company. Co. engages in research, development, manufacture and sale of pharmaceutical products for human healthcare. Co.'s product portfolio includes pharmaceutical products marketed around the world to specialists working in its targeted therapeutic areas (oncology, endocrinology, neurology and haematology). These products are specialist care drugs. Co. also markets products in other therapeutic areas including gastroenterology, cardiovascular and cognitive disorders. These products are primary care drugs. Co.'s brand names include Decapeptyl®, Somatuline®, Dysport®, Nutropin Aq®, Smecta®, Forlax®, Nisis®,Adrovance®, Exforge® and Adenuric®.
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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