bioMérieux: BioMérieux still offers compelling growth profileBUY, Fair Value EUR118 vs. EUR121 (+17%)
BioMérieux reported FY2015 results yesterday which disappointed in terms of profitability for 2016, coming 10% below consensus expectations at mid-range. We have adjusted our estimates accordingly which translate into a EUR3 decrease of our fair value to EUR118. However, we still view yesterday’s sell-off as excessive as investments around BioFire are necessary to 1/ take advantage of the window of opportunity left by GenMark, 2/ accelerate growth in international markets, and 3/ increase visibility on long term profitability. We reiterate our BUY rating.
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