Une bonne dynamique confirmée lors de ce T2 - NEUTRE - OC 98€ (vs 97€)
Suite à la publication du T2, nous ajustons à la baisse nos coûts Marketing de la franchise HealthCare représentant 38% des ventes de la division. Ceci conduit à rehausser nos attentes EBITDA de +3,3% pour 2016 et en moyenne de +1,2% sur la période 2017-2020. En conclusion, nous ressortons strictement en ligne avec la nouvelle guidance émise par le groupe sans pour autant différer significativement des attentes du consensus. Nous continuons de penser qu’à ce stade le titre est bien valorisé et qu’un re-rating ne se ferait que par une accélération du portefeuille clinique de la société. Nous maintenons à court terme notre recommandation à NEUTRE avec un objectif de cours qui passe de 97 à 98€.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.
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.