Sandoz - World Leading Pure-Play Generics (BUY, TP CHF37, 30 pgs)
We initiated on Sandoz on 26th Sept and today issue a BUY rec after yesterday’s listing. Our CHF37 PT implies Sandoz trades on 9x our 2025 EBITDA. In our early conversations with investors, we have received consistent feedback that for Sandoz to achieve this premium generics multiple, management will have to show investors that the guidance they have set is truly achievable. We have identified the key milestones investors should look for to show that the path to 2028 guidance is realistic. We believe that with good execution, Sandoz will trade at a premium to Hikma given we forecast 12% EBITDA CAGR 2023-28, which is >2x Hikma.For access to the full note, please contact Naresh Chouhan ( )
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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