Modifications maginales - NEUTRE - OC 97€ (vs 96€)
Suite à la publication de ses résultats annuels 2016, nous ajustons marginalement nos BNA sur la période 2017-2020 (environ -1%). Malgré une pression sur le titre hier, nous ne considérons pas la guidance 2017 émise par la société comme une véritable surprise. La contraction de la marge HealthCare en 2017 était anticipée du fait du futur lancement d’avelumab, d’une augmentation des coûts de R&D et d’une pression concurrentielle du business existant (Rebif, Erbitux et Gonal-F). Nous voyons deux principaux catalyseurs qui pourraient dynamiser le titre : des synergies topline significatives pour Life Science et une amélioration de Perf Materials. Recommandation 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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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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