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

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

...

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...

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 : 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...

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...

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€ ...

Oussema Denguir ...
  • Pierre Corby

Recordati : Negative forex effect on Turkey but record margins anticipated for 2018

>Q3 publication: 4% organic growth - Recordati published its Q3 / 9M results yesterday at the beginning of the afternoon. The publication confirms that Recordati’s business is growing (+4% organic in Q3) despite a number of one-off elements (forex in Turkey, generic competition on Zanipress and Cosmegen). Q3 sales were € 317.3m, up 4.0% at constant scope (vs 2.8% and 4.0% for Q2 and Q1 respectively, no consensus available) and 1.4% on a reported basis / 9M sales were ...

Oussema Denguir ...
  • Pierre Corby

Recordati : Un FX négatif sur la Turquie mais des marges record pour 2018e

>Publication T3 : 4% croissance organique - Recordati a publié ses résultats T3 / 9 mois hier en début d’après-midi. Une publication qui confirme la croissance du business de Recordati (+4% en organique au T3) malgré quelques éléments one off (FX en Turquie, compétition générique pour Zanipress et Cosmegen). Le CA T3 s’élève à 317.3 M€ en progression de 4.0% à périmètre constant (vs 2.8% et 4.0% sur le T2 et T1 respectivement ; Cs non disponible) et de 1.4% en publié ...

Paola Saglietti

RECORDATI - Everything must change so that nothing changes

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

...

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

...

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 – COMMENTAIRES DETAILLES 14/12/2018

...

Ahmed Ben Salem ...
  • Alex Koagne
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/31/2018

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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...

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.

Valérie GASTALDY

Analyse moyen terme - RECORDATI IND CHI : Stochastiques en zone de surachat.

La tendance est incertaine. Les Stochastiques sont en zone de surachat. Les cours pourraient se replier jusqu'à 27,71 €.

Jérôme VINERIER

Analyse court terme - RECORDATI IND CHI : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 27,10 €, puis 25,60 €. Le franchissement de 35,30 € remettrait en cause la suite de la baisse.

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