bioMérieux: Undisputed fundamentals but valuation and margin profile uninspiring

NEUTRAL, Fair Value EUR66 (-14%)

News published on March Wednesday 13, 2013
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bioMérieux released full-year results with recurring operating income at EUR260m (16.6% of sales, 17.1% ex-FX effects) in line with expectations driven by higher R&D expenses due to investments in the product pipeline. Free cash flow remained strong at EUR134m and net income is EUR134m impacted by bioTheranostics’ impairment (EUR21m). Guidance for 2013, i.e. EUR255m to EUR270m for recurring EBIT (cons : EUR274m) as well as the revaluation of the Phillips agreement in Point of Care could represent a slight disappointment. We continue to believe in bioMérieux’s undisputed leadership in Microbiology and Emerging but still find the valuation and margin profile uninspiring over the next 2 years. Hence, we remain neutral looking for a better entry point.

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