Recipharm (Buy, TP: SEK175.00) - Strong broad-based performance
Overall, the Q2 results beat our forecasts on all key lines. Sales were c8% above our forecast, while adj. EBITDA also outperformed our estimate by c8% and consensus by c13%. Investments in growth in the past few years appear to be paying off, and we expect these and further initiatives to bear more fruit in H2 2018 and early-2019. We have raised our target price to SEK175 (155) on the back of our forecast adjustments and reiterate our BUY recommendation.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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