A quick summary:
Bell Potter Buy $1.32 (steady)
Outlook is growing stronger, Margin growth in specialtybrands division impressive compared to industry peers.
Operating expenses impacted results negatively and pendingcompetition in a key generic drug are reasons for concern. Outlook remainsencouraging on many levels.
Credit Suisse Outperform $1 (down from $1.30)
Specialty brands performing very well up 190%. With that divisiona key driver of growth, a higher multiple for the company is warranted. Generic revenue down 10%.
Downgraded forecasts by 30% across all forecast periods.
Macquarie - Underperform $0.75 (down from $0.86)
First half results were in line with Macquarie'sexpectations. Higher future cost assumptions caused a reduction in futuregrowth estimates. Specialty brands =good but competitive pressure emerging in specialty brands = bad. Generic division in line with expectations.
Citigroup Buy $0.95 (steady)
Costs higher than expected, operations in line withexpectations. Higher level of stability in generics is encouraging. There is abalance between opportunities and threats to revenues. This warrants a cautiousoutlook but at current prices the stock is undervalued.
UBS Neutral $0.78 (down from $0.83)
MYX's 1H19 earnings improved materially on a weak pcp with grossprofit up +25% but this was FX assisted.
Operating costs up +35% - linked to a new marketing teambeing built out (marketing costs up 26%) and higher admin costs (up 31%) .
Greenville site expansion, reallocation from R&D and aone-off customer settlement all contributed to higher costs.
MYX is trading on 12-mth forward EV/EBITDA of ~9x below peer group average of 9.1x; That said, on their estimates, MYX's 12-mth forward EBITDA growth of ~12% is less than the average peer group of ~14
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