Publication timorée, guidance décevante - ACHAT - OC 65€
Après la publication 2016 légèrement en-dessous des attentes, nous ajustons notre modèle de valorisation sur deux principaux points : (i) la croissance lfl des franchises CLIA et Focus et (ii) la dynamique de marge d’EBITDA à MT considérant que l’accroissement des ventes CLIA, mieux margées, nécessitera plus de temps pour contrebalancer la pression sur les prix de tests de vitamine D aux US, le poids de la Chine dans la croissance (prix moindres) et l’intégration en année pleine de Focus (moins bien margé). Après mise à jour du modèle de valorisation (DCF : 65€ vs 67€ préc. et Comparables : 64€ vs 62€ préc.), nous conservons notre opinion ACHAT avec un objectif de 65€ (+11%).Diasorin is engaged in the market for in vitro diagnostics. Co. is developing, producing and commercializing diagnostic tests that are designed for hospital and private testing laboratories for use in different clinical areas in the market of immunodiagnostics and molecular diagnostics. In the immunodiagnostics market segment, Co. develops, produces and markets immunoreagent kits based on three different detection techniques. In the molecular diagnostics segment, Co. supplies end laboratories with an automated solution to perform the three steps required for the final diagnostic result.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.