Un recentrage stratégique qui fait sens - ACHAT - OC 122€
Hier, suite à des rumeurs publiées dans le « Wall Street Journal Allemagne », BAYER a confirmé sa volonté de se refocaliser sur son activité Life Science, c’est-à -dire sur sa franchise HealthCare et CropScience. Le business Chimie pure, nommé Material Science (MS), deviendrait une société indépendante côtée. Une sortie complète conduirait à une amélioration de la marge EBITDA du groupe passant de 23.3% à 27.3% en 2016. Cela entrainerait également à une amélioration de la croissance moyenne des BNA sur la période 2016-20 d’environ 1% selon nos estimations. Nous maintenons notre recommandationà l’ACHAT et notre objectif de 122€.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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