Recipharm (No_rec, TP: SEK) - Comments from CMD
Recipharm hosted a CMD in Stockholm yesterday at which it issued new long-term financial targets. It later announced the acquisition of the UK company, Consort Medical. We have not included the proposed acquisition in our forecasts, as the deal (if it proceeds) would be consolidated in Q1 2020 at the earliest. In our view, the new financial targets appear more focussed on margins and profitability rather than top-line growth, as in the past. Due to DNB Markets’ role in the transaction, we now have no recommendation (previously BUY) or target price (previously SEK175) on the stock.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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