$2 here we come...., page-785

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