ALMIRALL: A SLOWER RECOVERY (ANÁLISIS BANCO SABADELL)
A slower recovery. BUYWe cut our estimates for the 2021-23 period by -13% in EBITDA and -25% in Net Profit. As a result, our T.P. falls by -9% to € 15.50/sh. (+23% upside). Thus, we adjust our estimates to ALM’s 2021 guidance (between € 215 M and 235 M of EBITDA), assuming a more conservative scenario in margins going forward (29.1% on average vs. 30.7% previously) due to its operating leverage. Notwithstanding, we maintain our BUY recommendation, as we do not see a structural impact from Covid-19 on the demand for its products, which we expect to recover with the progress of vaccination, or on its pipeline (18% T.P.), to which the market is apparently not assigning full value. Furthermore, its robust financial position (around 1.3x NFD/EBITDA ex pension plans) keeps its M&A capacity unchanged (Bolt-on in dermatology BS(e)).
Almirall is engaged in the acquisition, manufacture, storage, sale and mediation in the sale of pharmaceutical specialties and products and all manner of raw materials used to prepare pharmaceutical specialties and products. Also, Co. acquires, manufactures, storages, sales and mediates in the sale of cosmetics, chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food-industry use, as well as all manner of utensils, complements and accessories for the chemical, pharmaceutical and clinical industries. In addition, Co. is engaged in the acquisition, sale, lease, subdivision and development of land lots, land and properties of all kinds.
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