Recipharm (Buy, TP: SEK155.00) - Focus set to be on operations
We believe market focus in Recipharm’s Q2 results (due at 07:45 CET on 25 July) will be on the underlying operations and the restructuring programme in Sweden. In addition, we will look for clear signs of a positive contribution from the growth investments; we saw some early signs in Q1 that these are starting to pay off, and for Q2 the signs should be even clearer. We would also welcome more comments on the carve-out announced in Q2. We reiterate our BUY recommendation and SEK155 target price ahead of the results.Recipharm AB and its subsidiaries is engaged as a manufacture pharmaceuticals and perform contract development services for pharmaceutical companies. Co.'s segment are Manufacturing Solids & Others, Manufacturing Steriles, Development & Technology and Other. The manufacturing segments consist of contract manufacturing of pharmaceuticals. The Development & Technology segment provides services to pharmaceutical companies in the drug development phase for new pharmaceuticals.
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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