Une incertitude de moins - NEUTRE - OC 106€
Après 4 mois de discussions, Monsanto et Bayer sont tombés d’accord pour une offre à 128$ par action (+21% sur le dernier cours). Cette acquisition valorise Monsanto à 66Mds$ en valeur d’entreprise, ce qui équivaut à un multiple de 18,6x l’EBITDA 2016e. Les synergies sont attendues aux alentours de 1,5Md$ (avant impôts). En considérant que 100% des synergies seront atteintes en année 3, nous ressortons avec une relution des BPA en 2018 de +1%, +8% en 2019 et 10% en 2020. La création de valeur interviendrait en 2022 dans notre modèle. La clôture de l’opération est attendue pour fin 2017. Nous maintenons notre recommandation à NEUTRE avec un objectif de cours de 106€ en attendant l’investor day prévu le 21 septembre.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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