Sanofi: A matter of short-term sequence but medium-term perspectives are unaffected

BUY, Fair Value EUR79 vs. EUR84 (+19%)
News published on February Friday 8, 2013
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We advocate a slight change in the sequence for Sanofi but no change in the story as we digest 2013 guidance. After restating for the tax rate improvement, 2012 was indeed slightly below estimates, which was not sufficient to form a bullish 2013 guidance. However, this was somewhat disappointing as the middle of the range drives towards a EUR6.00 Core EPS somewhat below estimates prior to any currency impact. Now since medium-term guidance for at least 5% revenue growth by 2015 with even higher Core EPS growth remains intact, excluding both acquisitions and share buy-backs, this implies that either 2013 is conservative and/or 2014 and 2015 will accelerate strongly.

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