Recipharm (Buy, TP: SEK175.00) - A messy quarter expected
We expect a messy Q4 for Recipharm with Holmes Chapel consolidated and the likelihood of some takeover costs during the initial integration. At the same time, the company is terminating its operation in Ashton-under-Lyne in the UK and will take SEK122m in costs for this. Comments on serialisation will be eagerly awaited by investors, we believe. We keep our BUY recommendation and SEK175 target price ahead of the Q4 report.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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