Premiers signes du renouveau du pipeline à l’ASCO? - NEUTRE - OC 97€ (vs 96€)
La société publiait hier un T1 2016 solide notamment sur la franchise Performance Materials. Suite à cette publication nous rehaussons nos estimations en terme de marge en moyenne de 4% sur la période 16-18 et de +4,5% sur les BNA. Nos deux principaux changements concernent l’amélioration plus forte qu’anticipée des frais Administratifs de la franchise HealthCare ainsi que des coûts Marketing de la division Life Science. Suite à ces modifications nous ressortons dans la nouvelle fourchette de guidance émise par le groupe c’est à dire des ventes comprises entre 14,8Mds et 15,0Mds€ (15Mds€ selon Invest), un EBITDA entre 4,1 et 4,3Mds€ (vs 4,2Mds€) et un BNA core entre 5,65€ et 6,00€ (vs 5,74€). Nous ajustons notre objectif de cours de 96€ à 97€ et maintenons à ce stade 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.
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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