Recordati

Recordati-Industria Chimica e Farmaceutica is a pharmaceutical group based in Italy. Co.'s operations are divided into two operating segments: pharmaceuticals (and pharmaceutical chemicals) and orphan drugs. Co.'s products include ZANIPRESS®/ZANEXTRA®/LERCAPREL®/LERCARIL®, an antihypertensive drug; ZANIDIP®/CORIFEO®/LERCADIP® (lercanidipine), an antihypertensive drug discovered and developed in Co.'s research laboratories; UROREC® (silodosin), a new drug indicated for the treatment of benign prostatic hyperplasia; and LIVAZO®/ALIPZA® (pitavastatin), a statin for the treatment of dyslipidemia, among others.
  • TickerREC
  • ISINIT0003828271
  • SectorPharmaceuticals & Biotechnology
  • CountryItaly

Analysts

Team Pharma

ODDO : Dans un contexte volatil, nous privilégions AstraZeneca et Novartis

Depuis notre étude du 6 mai dernier « favoriser l’innovation et le recentrage Pharma », le Stoxx 600 Healthcare a progressé de 8.7% vs -0.4% pour le Stoxx 600. Cette performance est notamment expliquée par des publications du S1 de bonne facture. Cependant tributaire des annonces de reformes potentielles de la santé américaine, nous considérons toujours que le secteur devrait rester volatil dans ces prochains mois. Nous maintenons dans ce contexte notre préférence pour AstraZenec...

Team Pharma

ODDO : In a volatile context, we favour AstraZeneca and Novartis

Since the publication of our “Favour innovation and refocusing on pharma” report on the 6 May 2019, the Stoxx 600 Healthcare index has turned in a performance of +8.7% vs -0.4% for the Stoxx 600. This performance is notably attributable to a good set of H1 2019 results publications. However, as the pharma sector is dependent on announcements concerning the potential reforms of the US healthcare system, we think it is likely to remain volatile in the coming months. Against this ba...

RECORDATI INDUA.CHIMICA sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of RECORDATI INDUA.CHIMICA (IT), a company active in the Pharmaceuticals industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date August 16, 2019, the closing price was EUR 38.80 and its potential was estimated at EUR 42.85.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Another test of support Heightened trade tensions have caused global equities to move from resistance to support in a matter of days. Additional consolidation - i.e., no breakdowns - on the broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remains the most likely scenario. At the same time, new cracks are beginning to show and as a result we believe global equities are vulnerable to a breakdown. • New cracks emerging. Breakdowns in crude oil and new lows for the STOXX 600 Bank supersector are two recent developments which have dampened our overall outlook... see charts below. • Tes...

Oussema Denguir ...
  • Pierre Corby

Recordati : Robust Q2 2019 figures - focus on the Novartis deal in rare diseases

>Robust Q2 2019 figures - an initial large-scale deal in rare diseases - In the middle of the day yesterday, Recordati reported its Q2 2019 results but the conference call mainly focused on the latest deal announced a few days ago on the Novartis assets in rare diseases. Briefly, Q2 2019 revenues grew by 9.3% (reported) to € 360m, EBIT by 4.6% to € 117m and net income by 5.9% to € 82m. Management has upgraded its 2019 guidance for revenues (between € 1.46bn and € 1.4...

Recordati : Focus Emission

Rossini, the holdco set up by CVC Capital Partners for the acquisition of a controlling stake in Italian specialty pharma Recordati, is issuing an inaugural seven-year € 1.28bn bond split into fixed and floating rate tranches. We think that Recordati has a sound credit profile thanks to a much diversified portfolio of products, therapeutic areas and countries and an excellent track record of growth and margin expansion. The company is active in a variety of drugs, each present in...

Recordati : Issuance Focus

Rossini, the holdco set up by CVC Capital Partners for the acquisition of a controlling stake in Italian specialty pharma Recordati, is issuing an inaugural seven-year € 1.28bn bond split into fixed and floating rate tranches. We think that Recordati has a sound credit profile thanks to a much diversified portfolio of products, therapeutic areas and countries and an excellent track record of growth and margin expansion. The company is active in a variety of drugs, each present in...

Team Pharma

ODDO : Dans un contexte volatil, nous privilégions AstraZeneca et Novartis

Depuis notre étude du 6 mai dernier « favoriser l’innovation et le recentrage Pharma », le Stoxx 600 Healthcare a progressé de 8.7% vs -0.4% pour le Stoxx 600. Cette performance est notamment expliquée par des publications du S1 de bonne facture. Cependant tributaire des annonces de reformes potentielles de la santé américaine, nous considérons toujours que le secteur devrait rester volatil dans ces prochains mois. Nous maintenons dans ce contexte notre préférence pour AstraZenec...

Team Pharma

ODDO : In a volatile context, we favour AstraZeneca and Novartis

Since the publication of our “Favour innovation and refocusing on pharma” report on the 6 May 2019, the Stoxx 600 Healthcare index has turned in a performance of +8.7% vs -0.4% for the Stoxx 600. This performance is notably attributable to a good set of H1 2019 results publications. However, as the pharma sector is dependent on announcements concerning the potential reforms of the US healthcare system, we think it is likely to remain volatile in the coming months. Against this ba...

Oussema Denguir ...
  • Pierre Corby

Recordati : Robust Q2 2019 figures - focus on the Novartis deal in rare diseases

>Robust Q2 2019 figures - an initial large-scale deal in rare diseases - In the middle of the day yesterday, Recordati reported its Q2 2019 results but the conference call mainly focused on the latest deal announced a few days ago on the Novartis assets in rare diseases. Briefly, Q2 2019 revenues grew by 9.3% (reported) to € 360m, EBIT by 4.6% to € 117m and net income by 5.9% to € 82m. Management has upgraded its 2019 guidance for revenues (between € 1.46bn and € 1.4...

Oussema Denguir ...
  • Pierre Corby

Recordati : Towards more external growth… And less organic growth– Neutral vs Buy

>Feedback from CMD and Q1 2019: upward revisions to estimates expected in the long term - Recordati reported its Q1 2019 earnings on Thursday, 9 May and Capital Market Day London with the communication of its three-year business plan: 2019-2021. Q1 2019 results were therefore not a major element of the CMD’s agenda, besides the figures were not exactly remarkable: sales +4.5%, EBIT +4.5% and net profit +6.4%. The communication of the future strategy and figures foreca...

Oussema Denguir ...
  • Pierre Corby

Recordati : Vers plus de croissance externe… et moins d’organique – Neutre vs Achat

>Feedback CMD et T1 2019 : révisions en hausse attendues à LT - Recordati a publié jeudi dernier ses résultats T1 2019 et tenu son Capital Market Day à Londres avec la communication de son business plan à 3 ans : 2019-2021. Le T1 n’était donc pas l’élément majeur de cette journée et d’ailleurs, les chiffres n’étaient pas véritablement remarquables : CA +4.5%, EBIT +4.5%, RN +6.4%. La communication de la future stratégie et des chiffres attendus pour 2021 devraient con...

A director bought 16,000 shares at 30.250EUR and

A director at Recordati bought 16,000 shares at 30.250EUR and 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 showing Close periods where trading activity is restricted under listing rules. The names of board m...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Louis Boujard
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/07/2019

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Benoit Valleaux ...
  • Bruno Cavalier
  • Jean Sassus
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Samantha Jeary
  • Steven Gould
  • Valentin Pernet

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/13/2019

...

Benoit Valleaux ...
  • Bruno Cavalier
  • Jean Sassus
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Samantha Jeary
  • Steven Gould
  • Valentin Pernet

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/05/2019

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Fehmi Ben Naamane ...
  • Jerôme Bodin
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir
  • Pierre Tegner
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/12/2019

The major upheavals in the Chinese cement sector could still change the face of a moribund sector, by pushing prices upwards. A trio of Chinese cement manufacturers are serious candidates for acquiring the vestiges of the fallen cement empire, in our view. Partnership projects between Chinese and European groups could lead to cross-shareholdings. We are revising up our cement price forecasts for southeast Asia. HeidelbergCement looks like the big winner from these changes and harbours...

Fehmi Ben Naamane ...
  • Jerôme Bodin
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir
  • Pierre Tegner
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/02/2019

Après un suspense digne de ‘Borgen’, l’UE a rejeté le projet Alstom + Siemens Mobility. Toutefois Alstom seul est très solide, en croissance et rentable, et pourra rendre du cash aux actionnaires tout en participant à la consolidation du secteur. Notre valorisation du titre est désormais de 42.5 €. - ...

RECORDATI INDUA.CHIMICA sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of RECORDATI INDUA.CHIMICA (IT), a company active in the Pharmaceuticals industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date August 16, 2019, the closing price was EUR 38.80 and its potential was estimated at EUR 42.85.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Recordati April 11th, 2019

In item 2, shareholders are called to an advisory vote on the remuneration policy. We strongly regret that the Board resolved to increase the base salary (+44%) and the maximum bonus (from 50% to 100% of the base salary) of the CEO, without providing any clear justifications. In addition, a new termination agreement was entered into with the CEO, providing for a severance pay exceeding the equivalent of 3 years of cash remuneration (fixed plus annual bonus). Also taking into account that short-term performance conditions are not adequately disclosed, and that the vesting of stock options under...

Recordati – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Another test of support Heightened trade tensions have caused global equities to move from resistance to support in a matter of days. Additional consolidation - i.e., no breakdowns - on the broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remains the most likely scenario. At the same time, new cracks are beginning to show and as a result we believe global equities are vulnerable to a breakdown. • New cracks emerging. Breakdowns in crude oil and new lows for the STOXX 600 Bank supersector are two recent developments which have dampened our overall outlook... see charts below. • Tes...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Equity Strategy

Int'l Equity Strategy Global equities staged an impressive rally over the first four months of 2019. The nearly unabated advance allowed the broad major indexes (MSCI ACWI, ACWI ex-US, and EAFE) to break topside critical 14-month downtrends which began in January 2018. Heading into May, YTD uptrends were ubiquitous and market participants were generally of the belief that a US-China trade deal was a foregone conclusion. Then came Trump's May 5th tweets claiming China was attempting to renegotiate, and that tariffs would increase from 10% to 25%. The tariff escalation contributed to uptrend br...

Jérôme VINERIER

Short term view - RECORDATI IND CHI : The trend is bearish.

The trend is bearish. The bounce is gaining strength. The bounce might end at the resistance at €31.20 and prices would fall again toward €27.10. The background trend would be questioned should prices rise above €35.30.

Jérôme VINERIER

Analyse court terme - RECORDATI IND CHI : La tendance est baissière.

La tendance est baissière. Le rebond gagne en vigueur. Il est probable que cette reprise s'achève sur la résistance à 31,20 € et que les prix baissent à nouveau vers 27,10 €. La tendance de fond serait remise en cause en cas de franchissement de 35,30 €.

Jérôme VINERIER

Short term view - RECORDATI IND CHI : The trend is bullish.

The trend is bullish. Prices are making further progress. The targets are at €31.20 and then €33.00. The break of €27.10 would endanger the trend.

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