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

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...

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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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...

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...

Paola Saglietti

RECORDATI - FY 18 results met guidance and FY 19 guidance confirmed

Oussema Denguir ...
  • Pierre Corby

Recordati : Back in the rare diseases game in 2019?

>2018 results in line with expectations - Recordati reported its preliminary FY 2018 results midday yesterday. Contract fulfilled for management which reported figures in line with and even slightly better than guidance. The reported figures are in line with our expectations and those of the consensus: sales of € 1,352m (+5%), EBITDA of € 499m (+10%), EBIT of € 442m (+9%) and net profit of € 312m (+8%). Net debt reached € 588m, up € 200m (€ 382m at end-December 2017) ...

Oussema Denguir ...
  • Pierre Corby

Recordati : Back in the rare diseases game in 2019 ?

>Résultats 2018 en ligne avec les attentes - Hier à la mi-journée, Recordati a publié ses résultats préliminaires FY 2018. Contrat rempli pour le management qui publie des chiffres conformes à la guidance voire légèrement mieux que cette dernière. Les chiffres publiés ressortent en ligne avec nos attentes et celles du consensus : des ventes de 1 352 M€ (+5%), un EBITDA de 499 M€ (+10%), un EBIT de 442 M€ (+9%) et un RN de 312 M€ (+8%). La dette nette ressort à 588 M€ ...

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...

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

...

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 €. - ...

Ahmed Ben Salem ...
  • Jean-Baptiste Rouphael
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Pierre Corby
  • Stephane Houri
  • Sven Edelfelt
  • Team Pharma
  • Valentin Pernet
  • Veysel Taze
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/14/2018

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RECORDATI INDUA.CHIMICA sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of RECORDATI INDUA.CHIMICA (IT), active in the Pharmaceuticals industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date May 3, 2019, the closing price was EUR 36.19 and its target price was estimated at EUR 30.27.

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

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.

Jérôme VINERIER

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

La tendance est haussière. La progression des cours se poursuit. Les objectifs sont à 31,20 € puis 33,00 €. La rupture de 27,10 € mettrait la tendance en danger.

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