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SRH AlsterResearch AG Update: Dermapharm AG - Decent ‘20; Strong outlook; PT up Remains BUY

SRH AlsterResearch AG Update: Dermapharm AG - Decent ‘20; Strong outlook; PT up Remains BUY

Nachrichtenquelle: AlsterResearch AG
15.04.2021, 11:20  |  290   |   |   

Dermapharm reported decent 2020 results, with both, top line and adjusted EBITDA meeting preliminary figures.

Dermapharm Holding SE (update)

Heatlh Care
MCap EUR 3.9bn

BUY, PT EUR 80.00 (+10% potential)
Research_update

Dermapharm reported decent 2020 results, with both, top line and adjusted EBITDA meeting preliminary figures. The group demonstrated solid flexibility amid a changing market environment by offsetting its risk in certain submarkets with opportunities in others. Thus, the ambitious revenue and EBITDA growth targets of 24% to 26% and 45% to 50% respectively in 2021 look achievable in our view. We significantly overhaul our model which results - on average – in EPS increases of 17% (2021-2023E). We maintain our “BUY” recommendation and increase our price target to EUR 80.00 (old EUR 51.00). Our PT is based on our DCF model and is supported by both our adj. FCF yield and peer group methodologies.

 

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Dermapharm Holding Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de



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Disclaimer

SRH AlsterResearch AG Update: Dermapharm AG - Decent ‘20; Strong outlook; PT up Remains BUY Dermapharm reported decent 2020 results, with both, top line and adjusted EBITDA meeting preliminary figures. The group demonstrated solid flexibility amid a changing market environment by offsetting its risk in certain submarkets with opportunities in others. Thus, the ambitious revenue and EBITDA growth targets of 24% to 26% and 45% to 50% respectively in 2021 look achievable in our view.

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