UCB: Very positive tone during our roadshow in Paris
BUY, Fair Value EUR59 (+31%)
After our roadshow with the company last week in Paris, we keep a very positive tone overall which reinforces our BUY rating, based on very strong growth perspectives, both short-term with recently-launched products that are adding new indications and new territories and longer-term with a maturing pipeline whose value is largely underappreciated. Leverage on margins is significant as COGS is lower, SG&A marginally increased and R&D costs stable. Thus we feel a high degree of confidence in the 30% recurrent EBITDA margin target. The recent pull-back is a clear opportunity to buy the stock.
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