reports
- Michael Waterhouse
Mallinckrodt's unfocused acquisition strategy increases uncertainty ab...
Although growth in Inomax, Ofirmev, and Therakos helped offset another quarter of weakness in Acthar Gel, we’re lowering our fair value estimate for Mallinckrodt to $16 as Acthar Gel’s sales continue to fall below our expectations. Acthar Gel’s weakness also had more prounounced effects on profitability due to the product’s high margin. The earnings contribution from the generics segment, now in discontinued operations, also seems likely to fall below our year-end expectations. Additiona...
- Valens Research
Valens Equity Insights and Inflections - 2018 03 07
PLNT currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 15.6x Uniform P/E. At these levels, the market is pricing in expectations for Uniform ROA to decline from 82% in 2016 to 65% in 2021, accompanied by 8% Uniform Asset growth going forward. However, analysts have bullish expectations, projecting Uniform ROA to increase to 102% by 2018, accompanied by 39% Uniform Asset growth. At current valuations, the market is pricing the company to see profitabilit...
SLB.N SCHLUMBERGER NV
VRX BAUSCH HEALTH COMPANIES
TPC TUTOR PERINI CORPORATION
THRM GENTHERM INCORPORATED
MO ALTRIA GROUP INC
LGIH LGI HOMES INC.
PLNT PLANET FITNESS INC. CLASS A
FB FACEBOOK INC. CLASS A
DIS WALT DISNEY COMPANY
CHTR CHARTER COMMUNICATIONS INC. CLASS A
BMY BRISTOL-MYERS SQUIBB COMPANY
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
ALB ALBEMARLE CORPORATION
UNP UNION PACIFIC CORPORATION
DHI D.R. HORTON INC.
FSLR FIRST SOLAR INC.
MNK MALLINCKRODT PLC
PM PHILIP MORRIS INTERNATIONAL INC.
MSFT MICROSOFT CORPORATION
GEY GARMIN LTD.
- Valens Research
MNK - Embedded Expectations Analysis - 2018 03 05
ï€ Mallinckrodt Public Limited Company (MNK:USA) currently trades near historical lows relative to UAFRS-based (Uniform) Earnings, with a 5.2x Uniform P/E, implying bearish expectations for the firm. However, management is confident in their Acthar and INOMAX targets, pipeline, and interest expense ï€ Specifically, management is confident in their ability to deliver against their Acthar and INOMAX targets, and in their pipeline assets coming out of the Sucampo acquisition. Additionally, they ...
- Michael Waterhouse
Mallinckrodt Continues Transition to Branded Firm With Planned Generic...
We don’t anticipate a change to our fair value estimate for Mallinckrodt as we make a number of adjustments to our model, largely based on management’s plan to divest its generics business as well as some non-promoted brands. While management’s guidance incorporates a number of additional factors--including the acquisition of Sucampo, the divestiture of hemostasis products to Baxter, and a tax benefit from recent U.S. legislation--the underlying implied performance seems slightly ahead of ...
- Jonathan Moreland
- Jonathan Moreland
- Jonathan Moreland
- Michael Waterhouse
Mallinckrodt's unfocused acquisition strategy increases uncertainty ab...
While the 10.5% decline in Mallinckrodt’s third-quarter sales may have stemmed partially from fewer selling days during the period compared with last year, the declines in Acthar Gel and generics segment sales were worse than we anticipated at 5.6% and 21.1%, respectively. This led to further erosion in adjusted gross margin to 72.4% from 75.3% last year. We have long modeled sales pressure for Acthar in our model because of the lack of visibility around this product, a primary reason for our ...
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