Guidance toujours prudente, des questions sur la R&D - ACHAT - OC 130€ (vs 129€)
Suite à la publication des résultats du T1, nous ajustons marginalement à la hausse nos attentes en 2016 et en moyenne de +2% sur la période 2017-2020. Grâce à une bonne maîtrise des dépenses opérationnelles (la marge EBITDA de chacune des divisions du groupe est significativement améliorée), nous pensons que Bayer pourrait ajuster à la hausse sa guidance lors du T2. Nous intégrons une croissance des BNA de +8% pour cette année vs +5% anticipé par la société (+4,5% par le consensus). Nous maintenons ainsi notre recommandation à ACHAT avec un objectif de cours qui passe de 129€ à 130€.Bayer is a life sciences group based in Germany. Co.'s operations are organized along three divisions: Pharmaceuticals (engaged in prescription pharmaceuticals for cardiology and women's healthcare); Consumer Health (engaged in non-prescription products in dermatology, dietary supplement, analgesic, gastrointestinal, allergy, cold and flu, foot care, sun protection and cardiovascular risk prevention categories); and CropScience (engaged in the development of seeds and plant traits; crop protection; and for gardens, the green industry and non-agricultural pest control). Co. also maintains an Animal Health business unit engaged in the development of products for farm and companion animals.
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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