Morningstar - Sigma Healthcare Ltd (SIG) Sigma Not Keen on Marrying API at First Sight

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Morningstar

Brian Han

EUR 100.00 For Business Accounts Only

Sigma Not Keen on Marrying API at First Sight

Sigma's rejection of Australian Pharmaceutical Industries', or API's, merger proposal is not surprising to us. Having unveiled last month what it believes to be its sustainable "post-Chemist Warehouse" earnings base, narrow-moat Sigma was never going to meekly accept API's initial merger terms without some haggling.
Granted, at our AUD 1.80 fair value estimate for API, the 0.31 API shares plus AUD 0.23 cash offer values Sigma at AUD 0.79 per share, 29% higher than the AUD 0.61 Sigma price before...

13/03/2019 13 EN

Underlying

Sigma Healthcare Ltd

Sigma Healthcare is a pharmaceutical wholesale and distribution business in Australia, delivering to pharmacies Australia wide.Co.'s pharmacy-led network includes over 700 retail brand members representing the brands Amcal, Guardian, PharmaSave, Chemist King and Discount Drugstores. Co. also manages and promotes a range of Over the Counter private label products made available to brand member customers, as well as a generic range of private label products under the Pharmacy Care range. In addition, Co., through its subsidiary, Central Healthcare Services, has a presence in the hospital pharmaceutical distribution market.

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AU000000SIG5 Australian Securities Exchange Australia

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Brian Han

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TheScreener

SIGMA HEALTHCARE suffers a double requalification, which weighs heavily on its rating, now at Neutral.

The independent financial analyst theScreener just downgraded the general evaluation of SIGMA HEALTHCARE (AU), active in the Drug Retailers industry. As regards its fundamental valuation, the title loses a star(s) and now shows 1 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as moderately risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Neutral. As of the analysis date February 8, 2022, the closing price was AUD 0.47 and its target price was estimated at AUD 0.39.

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February 9, 2022 February 9, 2022 1 EN

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Sigma Not Keen on Marrying API at First Sight

SIGMA HEALTHCARE suffers a double requalification, which weighs heavily on its rating, now at Neutral.

Monthly LMI Update Independent Investment Research

Feasibility Study Results in December to be a Catalyst for this Junior

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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