INVEST SECURITIES - Merck : Attendu mais mal digéré - NEUTRE, OC : 94€ vs 101€
Suite à la publication des résultats annuels nous ajustons notre OC 94€ (vs 101€). Alors que nous ressortions initialement déjà en-dessous des attentes, nous révisons de nouveaux à la baisse (en moyenne -1,1%) nos estimations sous l'effet d'une pression plus accrue sur la franchise Performance Materials compensée en partie par la franchise Life Science. Le principal élément impactant notre valorisation reste la mise à jour du WACC qui passe de 5,9% à 6,25%. Malgré un potentiel de hausse significatif, nous ne voyons pas de rebond à CT avant le T1, date à laquelle sera formulée une guidance qualitative (non chiffrée). Nous maintenons notre recommandation à NEUTRE.Merck is a global science and technology company based in Germany. Co. diversifies its activities into four business divisions: Merck Serono, Consumer Health, Performance Materials and Merck Millipore. The Merck Serono develops, manufactures and markets prescription drugs to treat cancer, multiple sclerosis, infertility, growth disorders, and selected cardiovascular and metabolic diseases. The Consumer Health manufactures and markets over-the-counter drugs addressing health themes such as mobility, women's and children's health, cough and cold. Performance Materials is a specialty chemicals business. The Merck Millipore is the supplier of products and services for the life science industry.
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