Merck KGaA : Q4 due 3 March – Estimating strong finish on Life Science, Electronics
>We are 4% above the consensus on adj. EBITDA, EPS for Q4 - For Q4, we forecast € 5.15bn in sales (+12% y-o-y), an adj. EBITDA of € 1.54bn (+24% y-o-y) and an adj. EPS of € 2.15 (+37% y/y). Forex tailwind should have contributed +2.7% y-o-y to sales growth in Q4. They key drivers for this performance were again Life Science and Electronics according to our model (see below). While only being slightly above the consensus (FactSet) on sales, we are 4% ahead on adj. E...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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