Point d'inflexion en 2018, consensus bien averti - ACHAT vs NEUTRE - OC 108€ (vs 96€)
Jeudi dernier se tenait le « Capital Market Day » de Merck qui a permis selon nous, i) de rassurer le marché sur la capacité du groupe à renouer avec la croissance sur sa franchise Performance Materials post 2018 (et ceci malgré un impact EUR/USD qui devrait fortement pénaliser le groupe cette année) mais aussi (ii) de souligner l’attrait de son pipeline Pharma dont le potentiel de ventes ajusté a été confirmé à 2Mds€ dès 2022. Sur ce dernier aspect, il y a un abîme entre les attentes du marché et celles de la société. Suite à ce discours, nous sommes aujourd’hui plus agressifs dans nos attentes, ce qui nous conduit à relever de NEUTRE à ACHAT et notre OC de 96€ à 108€.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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