Analyse Recordati SpA

Fundamentele Analyse : Q1 2018

Fundamentele Analyse : FY 2017

Management Comments :


“During the year just ended significant results were obtained and important transactions concluded for the growth and the reinforcement of our group” declared Andrea Recordati, Vice Chairman and Chief Executive Officer. “In January the European Union Commission granted the European marketing authorization for our orphan medicinal product Cystadrops®. In February we signed an exclusive worldwide licensing agreement with the Meyer Hospital in Florence (Italy) for the development of a treatment for pre-term babies affected by retinopathy of prematurity (ROP). In July we concluded the agreement with AstraZeneca for the acquisition of the European rights to Seloken®/Seloken® ZOK and Logimax®, metoprolol based cardiovascular treatments. This important transaction will enable us to reinforce our product portfolios in a number of our European subsidiaries and will provide the base to enter new markets and thus complete our European geographical footprint. In June we signed an exclusive license agreement with MimeTech, an Italian development stage company founded by scientists from the University in Florence, for the development and subsequent commercialization on a global basis of an innovative treatment for neurotrophic keratitis, a rare degenerative corneal disease. During July Gedeon Richter Plc. was granted marketing authorization from the European Commission for Reagila® (cariprazine), a novel antipsychotic for which Recordati has the Western European marketing rights. Finally, in December three gastroenterological consumer health brands were acquired from Bayer for the French market” continued Andrea Recordati. “We are very pleased with the success and excellent results obtained in 2017. Going forward we will continue to develop the business, both organically as well as through a focused acquisition strategy, with the objective of strengthening our local product portfolios, entering new markets and further reinforcing our pipeline, especially in the rare disease business segment. In 2018 the objective is to to achieve sales ranging from € 1,350 million to € 1,370 million, EBITDA of between € 490 and € 500 million, EBIT of between € 430 and € 440 million and net income of between € 310 and € 315 million.”


Source : News Release Recordati SpA, Milan, February 8, 2018

Fundamentele Analyse : Q1 2017

Management Comments :


“The financial results obtained in the first quarter of the year testify to the continued growth of the group also in 2017, with revenues and profitability increasing significantly”, declared Andrea Recordati, Vice Chairman and CEO. “Furthermore, we received marketing approval for Cystadrops®, an innovative original product, and an important agreement was finalized with the Meyer Hospital in Florence, one of the most important neonatology and pediatric centers in Italy, which will contribute to reinforce our product development pipeline. The group’s business continued to perform very well during April and for the full year 2017 we are increasing our objectives and expect to achieve sales of around € 1,250 million, EBITDA of around € 425 million, EBIT of around € 380 million and net income of around € 275 million.”


Source : News Release Recordati SpA, Milan, May 4, 2017

Fundamentele Analyse : FY 2016

Management Comments :


“During the year just ended significant results were obtained and important transactions concluded for the growth and the reinforcement of our group” declared Andrea Recordati, Vice Chairman and Chief Executive Officer. “In May we acquired the Italian pharmaceutical company Italchimici, which, with its interesting portfolio of well-known products represents an excellent opportunity to accelerate growth, in particular in the Italian market. In July we acquired the Swiss pharmaceutical company Pro Farma which represents an excellent base on which to develop our operations in Switzerland where Recordati has recently started to sell its product portfolio directly to the market. Regarding the enrichment of our product portfolio, an agreement was finalized in France for the development and subsequent marketing of a treatment for maple syrup urine disease, a severe invalidating condition, and an important exclusive license agreement was signed with Gedeon Richter for the commercialization of cariprazine, a novel atypical antipsychotic drug. More recently, marketing approval was received from the European Commission for Cystadrops®, a treatment for patients suffering from cystinosis, a rare metabolic disease” continued Andrea Recordati. “My priority will be to proceed along the lines of the development strategy outlined by Giovanni Recordati with the objective of continuing the internationalization and growth of the group through the organic development of our business, the reinforcement of our pipeline and a focused policy of acquisitions of companies and/or products. The 2017-2019 business plan reflects the execution of this strategy and poses ambitious targets which we are confident can be delivered.”


Source : News Release Recordati SpA, Milan, February 9, 2017


Technische Analyse

13 - 5 De koers van Recordati is na de publicatie van de kwartaalcijfers van 5 - 5 tot boven het oplopende trendkanaal uitgebroken. Vandaag sluit de koers op 24.18 EUR, net boven de hoogste koers van 6 januari van dit jaar. De stochast is na de opeenvolgende koersstijgingen strong overbought.


Op 11 maart is het aandeel verkocht @ 21.53 EUR. Op 18 april is het aandeel 0.30 EUR ex-dividend gegaan. 



1- 6 Op 31 - 5 werd de overname van de Italiaanse pharmaceutical Italchimici bekend gemaakt. Vandaag stijgt de koers van Recordati verder (+1.66%)

13 - 6 Met 2 forse rode candles dreigt het aandeel terug te vallen in het oplopende trend kanaal (zie 13 - 5). 

12 - 7 De vogel heet Recordati en hij is gevlogen. In de euforie van de laatste handelsdagen stijgt het mee omhoog naar nieuwe record hoogte. Het aandeel is al geruime tijd 'strong overbought'.

18 - 11 De koers is vandaag voor de 3e achtereenvolgende handelsdag hoger gesloten. De slotkoers is 25.73 EUR. Een eventuele terugkeer naar de mediaan de komende week geeft kansen voor een instap en verder herstel. Hiervoor moet de koers wel eerst terug naar 24.70 EUR. Deze koers valt de komende week samen met de onderkant van het dalende trendkanaal, hetgeen extra steun geeft.


22 - 11 De lijnen in de grafiek zijn aangepast aan de ex-dividend notering  van afgelopen maandag (0.35 EUR).

 Het koersdoel ligt binnen handbereik. Bij een slotkoers van 24.69 EUR bedraagt het verschil nog ca. 1.5 %. Bij het bereiken van het steunniveau nemen de kansen op een herstel beweging toe. Het aandeel is 'strong oversold'. 


8 - 2 De mediaan ligt op gelijke afstand van de weerstands- en steunlijn. Hij grenst aan de onderkant van de wolk van sept/ okt afgelopen jaar en ligt net iets boven die van afgelopen dec/ jan.


De komende dagen maakt de onderkant van het korte termijn oplopende trendkanaal een opwaartse beweging door de middenlijn. Het samen komen van beide lijnen geeft extra steun voor een mogelijk vervolg omhoog. 


Morgen worden de preliminary resultaten over 2016 bekend gemaakt.