Recipharm (Buy, TP: SEK175.00) - IFRS16 set to help Q1 EBITDA
We expect solid Q1 results (due at 08:30 CET on 3 May), albeit with an IFRS16 boost to EBITDA, although we see the underlying performance continuing to support our positive view on the stock. Investments in growth should continue to be converted from projects into real business opportunities, we believe. As always there are many moving parts in Recipharm, making it likely there will also be some negative factors, but on balance should be positive overall we believe. We reiterate our BUY and SEK75 target price.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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