Une amélioration de la marge plus tardive qu’anticipée - ACHAT - OC 129€ (vs 139€)
Dans la continuité des publications du secteur, les résultats de BAYER présentés jeudi dernier se sont révélés plutôt décevants conduisant à une guidance 2016 prudente. Notre thèse d’investissement basée sur une forte croissance (amélioration significative de la marge Pharma) accompagnée d’une valorisation attractive est un peu détérioré à court terme. Nous abaissons nos estimations de BNA 2016-20 de 9% en moyenne et notre objectif de cours à 129€ vs 139€ préc. Nous réitérons notre recommandation à ACHAT: même s’il n’y a peu de catalyseurs spécifiques à CT, la valorisation semble attractive aujourd’hui, BAYER affichant un PE2016e de 13,1x post révisions, ce qui fait ressortir une décote de 13% par rapport au secteur.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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