Stada Arzneimittel AG

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).
  • Ticker725180
  • ISINDE0007251803
  • CountryGermany

Analysts

Maxime Kogge

Stada Arzneimittel : From ugly duckling to market darling

Last year's € 250m subordinated bond issue was coolly received as investors reproached financial sponsors for their aggressiveness. The issue served indeed to fund a repurchase offer on minorities, together with € 705m of term loans with no equity contribution. Still, investors who bought into the issue have gained more than 13 pts thanks to the 7.25% of carry and 6% of price appreciation. - This time, the new € 760m senior issue (split between term loans and bonds) aimed at finan...

Maxime Kogge

Stada Arzneimittel : From ugly duckling to market darling

Last year's € 250m subordinated bond issue was coolly received as investors reproached financial sponsors for their aggressiveness. The issue served indeed to fund a repurchase offer on minorities, together with € 705m of term loans with no equity contribution. Still, investors who bought into the issue have gained more than 13 pts thanks to the 7.25% of carry and 6% of price appreciation. - This time, the new € 760m senior issue (split between term loans and bonds) aimed at finan...

Remi Ramadou

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.

Maxime Kogge

Stada Arzneimittel : Focus Emission

Stada (B2/B+/B+), the German generics and OTC pharmaceutical, undertakes to issue a 7NC3 EUR 485m secured bond (B2/B+/BB-) and an 8NC3 EUR 340m unsecured bond (Caa1/B-/B-). The transaction will be used to refinance a portion of the bridge financing set up to finance Cinven and Bain Capital's public offer on Stada's capital. Following this transaction which had been extended until 1 September and securities purchases on the market, the two sponsors hold a 65% stake in Stada. They are planning to launch a second offer to own at least 75% of the capital and establish a domination agreement that w...

Maxime Kogge

Stada Arzneimittel : Focus Emission

Stada (B2/B+/B+), the German generics and OTC pharmaceutical, undertakes to issue a 7NC3 EUR 485m secured bond (B2/B+/BB-) and an 8NC3 EUR 340m unsecured bond (Caa1/B-/B-). The transaction will be used to refinance a portion of the bridge financing set up to finance Cinven and Bain Capital's public offer on Stada's capital. Following this transaction which had been extended until 1 September and securities purchases on the market, the two sponsors hold a 65% stake in Stada. They are planning to launch a second offer to own at least 75% of the capital and establish a domination agreement that w...

Nurhayati Wan

Stada Arzneimittel AG

Nurhayati Wan

Stada Arzneimittel AG

Nurhayati Wan

Stada Arzneimittel AG

Nurhayati Wan

Stada Arzneimittel AG

Nurhayati Wan

Stada Arzneimittel AG

A director sold 300 shares at 78.195EUR and

A director at Stada Arzneimittel Ag sold 300 shares at 78.195EUR and the significance rating of the trade was 52/100. 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 showing Close periods where trading activity is restricted under listing rules. The name...

Nurhayati Wan

Stada Arzneimittel AG

Nurhayati Wan

Stada Arzneimittel AG

Nurhayati Wan

Stada Arzneimittel AG

Nurhayati Wan

Stada Arzneimittel AG

Nurhayati Wan

Stada Arzneimittel AG

Maxime Kogge

Stada Arzneimittel : From ugly duckling to market darling

Last year's € 250m subordinated bond issue was coolly received as investors reproached financial sponsors for their aggressiveness. The issue served indeed to fund a repurchase offer on minorities, together with € 705m of term loans with no equity contribution. Still, investors who bought into the issue have gained more than 13 pts thanks to the 7.25% of carry and 6% of price appreciation. - This time, the new € 760m senior issue (split between term loans and bonds) aimed at finan...

Maxime Kogge

Stada Arzneimittel : From ugly duckling to market darling

Last year's € 250m subordinated bond issue was coolly received as investors reproached financial sponsors for their aggressiveness. The issue served indeed to fund a repurchase offer on minorities, together with € 705m of term loans with no equity contribution. Still, investors who bought into the issue have gained more than 13 pts thanks to the 7.25% of carry and 6% of price appreciation. - This time, the new € 760m senior issue (split between term loans and bonds) aimed at finan...

Maxime Kogge

Stada Arzneimittel : Pump up the leverage

The recent delisting offer was very aggressive as it was entirely debt-funded. It therefore forced up net leverage instantly by 2.5x to 6.7x (excluding synergies). While sponsors and management see the current level as a cap, their track record does not plead in favour of conservatism. Further moves such as minority buyouts and mid- or large-scale acquisitions could slow down deleveraging going forward. - That said, we recognise that the new deal has a very limited impact on cash f...

Maxime Kogge

Stada Arzneimittel : Pump up the leverage

The recent delisting offer was very aggressive as it was entirely debt-funded. It therefore forced up net leverage instantly by 2.5x to 6.7x (excluding synergies). While sponsors and management see the current level as a cap, their track record does not plead in favour of conservatism. Further moves such as minority buyouts and mid- or large-scale acquisitions could slow down deleveraging going forward. - That said, we recognise that the new deal has a very limited impact on cash f...

Maxime Kogge

Stada Arzneimittel : Stada as she goes

After just one year at the helm of Stada, Claudio Albrecht left on 1 September to be replaced by Peter Goldschmidt, former head of Novartis' US generics arm Sandoz. Little is known about his intentions as head of Stada but we think that he will essentially follow the same roadmap, focusing on more sophisticated products and cost savings. - Despite some episodes of volatility, bonds have outperformed the high-yield compartment since September's issuance and we believe they will cont...

MarketLine Department

STADA Arzneimittel AG - Strategy, SWOT and Corporate Finance Report

Synopsis STADA Arzneimittel AG - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Summary - Detailed information on STADA Arzneimittel AG required for business and competitor intelligence needs - A study of the major internal and external factors affecting STADA Arzneimittel AG in the form of a SWOT analysis - An in-depth view of the business model of STADA Arzneimittel AG includ...

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