2 out of the 3 business units are "challenged".
Guidance well under the ~15% NPATA growth I can see in some consensus forecasts.
ROIC has collapsed on account of the Vifor acquisition and the debt costs associates are significant.
Despite the company saying synergies are going great, the actual business fundamentals they purchased are not.
There is an argument they purchased an imperfect business for a reduced price, but it is increasingly looking like they overpaid. Not least that interest rates are up significantly since the purchase. I shudder to think what Vifor would be trading at had it remained a public company.
The flu business is less of a worry and that feels like a covid hangover and will recover.
The IG business is the vast majority of the value of the company and at least that has good upside from organic growth and margin recovery.
Anyone want to takes bets on the next CEO doing a "strategic review" in a few years and divesting Vifor?
Ann: Results Announcement, page-34
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$281.62 |
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-5.330(1.86%) |
Mkt cap ! $136.3B | |||
| Open | High | Low | Value | Volume |
| $284.41 | $285.00 | $281.62 | $174.0M | 612.5K |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 997 | $281.61 |
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| Price($) | Vol. | No. |
|---|---|---|
| $282.64 | 997 | 1 |
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