The profit warning provides an opportunity to Buy

Almirall announced today a profit warning. New guidance is of a low double-digit decline in 2017 sales and total income (versus prior guidance of mid-single digit growth) and a 2017 EBITDA of €140-170mn that compares against €228mn in 2016 and a prior 2017 guidance of mid-single digit growth. Difficulties in the US prompted this revision. We are trimming our estimates and cut our target price to €11.25 (from €17.72). The shares have lost –37% in the last month, we see good value at current pri...