Recipharm (Hold, TP: SEK95.00) - Q4 a mixed bag
Recipharm reported Q4 earnings on 22 February. We believe that the earnings were a mixed bag with sales in line with expectations, underlying EBITDA clearly better than expected but with very high one-off costs, and a skipped dividend. We reiterate our HOLD recommendation and have raised our target price to SEK95 (90) on the back of our forecast changes.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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