Report
Martial Descoutures

Une cotation à 24€ pour Covestro - ACHAT - OC 147€

Vendredi dernier Bayer a annoncé la réussite de son opération d’IPO sur Covestro. Après quelques rebondissement dus à la volatilité des marchés, la franchise Material Sciences sera bien une entité indépendante. Le prix de l’offre ressort finalement en haut de la seconde fourchette permettant une augmentation de capital de 1,5Md€. Au final Covestro aura une capitalisation boursière de 4,9Mds€ et débutera sa cotation le 6 Octobre prochain. Nous maintenons à ce stade notre recommandation à ACHAT sur BAYER.
Underlying
Bayer AG

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.

Provider
Invest Securities
Invest Securities

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.

Analysts
Martial Descoutures

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