Sanofi - The Re-Rating is Coming (BUY, TP EUR 135, 23 pgs)
Whilst Sanofi has one of the strongest growth profiles in EU Pharma, it trades on the lowest PE, on our numbers. In conversations with investors, it is clear that a lack of pipeline is driving this disconnect. Consequently, we have conducted a deep-dive into the near-term P2 pipeline to assess the potential of a burgeoning P3 pipeline in the coming months. We conclude that Sanofi could have a number of exciting high-potential progressions into P3 which would drive a re-rating to more fairly reflect the 5yr EPS profile. Sanofi has a 4% dividend yield, trades on 12x 2023 EPS (limited potential to de-rate), 10% EPS CAGR 2022-27 & the strongest re-rating potential in EU Pharma. SAN is our top pick with >40% upside.For access to the full note, please contact Naresh Chouhan ( )
Sanofi is an integrated, global healthcare company focused on patient needs and engaged in the research, development, manufacture and marketing of healthcare products. Two segments make up Co.'s business: Pharmaceuticals and Vaccines. The Pharmaceuticals segment covers research, development, production and marketing of medicines, consisting of flagship products, plus a broad range of prescription medicines, generic medicines, and consumer health products. The Vaccines segment includes research, development, production and marketing of vaccines in five areas: pediatric vaccines, influenza vaccines, adult and adolescent booster vaccines, meningitis vaccines, and travel and endemic vaccines.
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
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.