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Benoit Valleaux ... (+5)
  • Benoit Valleaux
  • Roland Pfaender
  • MBA
  • CFA
  • CCRA
Dominic Rose ... (+2)
  • Dominic Rose
  • Naresh Chouhan

Merck KGaA - INITIATION - Springing to Life (BUY, TP EUR150, 54pgs)

We initiate with a BUY as we show why the SpringWorks deal transforms the outlook for Merck KGaA. We show it could be 17% accretive to group EPS by 2030, driven by our ~50% above consensus sales for Gomekli & Ogsiveo and we assume significant synergies. Moreover, we show that Healthcare sales now grow 5% CAGR to 2030 & EBITDA grows 8%. This is highly likely to drive a re-rating in the Merck KGaA shares in our view. There is upside potential from label expansions. Our view on the Life Science too...

Oliver Metzger
  • Oliver Metzger
Benoit Valleaux ... (+5)
  • Benoit Valleaux
  • Roland Pfaender
  • MBA
  • CFA
  • CCRA

Merck Kgaa: 4 directors

Four Directors at Merck Kgaa bought 12,756 shares at 130.607EUR. The significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...

Oliver Metzger
  • Oliver Metzger
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