STADA - 4Q17 - Good underlying trends, but still significant uncertainty regarding the shareholding structure
We have changed our recommendation to Underweight from Overweight on Stada bonds since we believe that the current pricing does not adequately reflect the risks on the credit. Despite good underlying business trends, we would highlight the uncertainties around the acquisition of the remaining minorities following the approval of the domination and profit and loss transfer (DPLP) agreement in February 2018.
Stada Arzneimittel is engaged in the development and marketing of products with off-patent active pharmaceutical ingredients in the health care and, in particular, in the pharmaceutical market. Generics is based on low pricing and/or a cross-product and cross-indication marketing concept while Branded Products focus on the specific product characteristics and, in particular, on the brand name of individual products. Co.'s business activities are divided into the four market regions of Germany, Central Europe, CIS / Eastern Europe and Asia & Pacific & Middle East / North Africa (MENA).
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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