Medartis: Strong H1 FY18 sales guidance in-line while profitability slightly behind on investments
Medartis: (NEUTRAL, Fair Value CHF73 vs. CHF67 (+1%))Strong H1 FY18 sales guidance in-line while profitability slightly behind on investments
Medartis released strong H1 results with sales up 23% and EBITDA margin of 14.8% (down 250bp despite hefty investments). Geographical sales mix points to strong APAC and LatAm while US is slightly behind. FY 2018 sales growth guidance in the “high teens†falls in-line with consensus. EBITDA margin guidance a touch below consensus is not a concern in our view as continuous investments are needed not to starve future top-line growth. Multiples expansion in the space increases our peers multiple valuation while our DCF remains unchanged. FV up to CHF67. Neutral rating reiterated.
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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