Healthcare Stocks The Stock Market SIM, Professor West. Yiping Yang, Lu Yu
|
|
- Bertha Campbell
- 5 years ago
- Views:
Transcription
1 Healthcare Stocks The Stock Market SIM, Professor West Yiping Yang, Lu Yu 1
2 Agenda Sector/SIM Overview Recommendation Summary Stock Analysis of Recommendations Vote 2
3 Sector Overview 3
4 Healthcare Sector Slightly overweight King v Burwell resolved (favorable for managed care companies) Strong fundamentals, good momentum, continued upside 4
5 SIM Weight (16.16%) vs. S&P Weight (15.42%) Currently healthcare +0.74% Overweight keep the same SIM Weighting 3.13% S&P 500 Weight 2.27% 2.82% 2.88% 2.25% 3.00% SIM Weight Health Care 15.42% 16.16% Consumer Discre>onary Consumer Staples 19.63% 12.80% 20.79% 12.61% Energy Financials 10.09% 16.63% 7.78% 9.43% 9.41% 17.76% 8.39% 7.37% Industrials Informa>on Technology Materials Telecommunica>on Services 5
6 Asset Weight in SIM Aetna 4.3% Gilead Sciences 4.26% McKesson Corp 3.52% Teva 4.08% 6
7 Summary Current Price Target Price Upside / Downside Action AET % BUY GILD % BUY MCK % BUY TEVA % SELL 7
8 Summary Current Weight Target Weight BPS AET 4.3% 4.8% +50 BPS GILD 4.26% 4.76% +50 BPS MCK 3.52% 4.6% +108 BPS TEVA 4.08% 2.00% -208 BPS 8
9 Company Overview Founded 1853 Diversified health care benefits company Serves 46 Million people Among the largest U.S. insurance providers 9
10 Stock Performance Sales: $58.00B Return YTD: 44.05% Dividend Yield: 0.75% Market Cap: $44.51B 52-week Range: /22/2010 7/22/2011 7/22/2012 7/22/2013 7/22/
11 Drivers/Opportunities Merger with Humana (1 st to consolidate) $37B Deal; Medicare Advantage/National Presence Economies of Scale Synergies from 2013 acquisition of Coventry Health Health Technology Investments Consumer-centric retail model Market Share, Pricing Power, Revenue Public Health Exchanges, Dual Eligibles Accountable Care Solutions Value-based payment models, ACOs 11
12 Risks The Affordable Care Act (ACA) fees, costs, and regulations Synergies/Economies of Scale not realized Merger with Humana falls through Anti-trust, associated fees Overpay, no synergy, higher claims costs 12
13 Key Ratios - Historical AET TTM P/E P/S P/B P/CF ROE
14 Key Ratios - Competitors TTM AET UNH HUM ANTM CI Industry P/E P/S P/B P/CF ROE
15 DCF 15
16 Sensitivity Analysis 10.00% 10.25% 10.50% 10.75% 11.00% 3.00% % % % %
17 Recommendation Buy! Current Price Target Price Upside Action BPS AET % BUY 50 BPS 17
18 Company Overview Founded 1987 Researched-Based Biopharmaceuticals Focus: Life-threatening disease Liver Disease and Infectious Disease HIV/AIDS, Hepatitis, Cardiovascular, Respiratory Disrupt compounds to form a more comprehensive therapy Single-tablet regimens 18
19 Stock Performance Sales: $24.89B Return YTD: 24.67% Dividend Yield: 0.37% Market Cap: $172.06B 52-week Range: /22/2010 7/22/2011 7/22/2012 7/22/2013 7/22/
20 Key Products HIV Franchise Viread, Truvada, Complera, Stribild Hepatitis C Franchise Sovaldi, Harvoni ($12.4 B 2014 Sales) Influenza Tamiflu Oncology Zydelig treats certain leukemias & lymphomas 20
21 Pipeline Phase 1 Phase 2 Phase 3 Submitted Total HIV/AIDS Liver Disease Hematology/ Oncology Cardiovascular Inflammation/ Respiratory
22 Key Ratios - Historical GILD TTM P/E P/S P/B P/CF ROE
23 Key Ratios - Competitors TTM GILD BIIB AMGN CELG Industry P/E P/S P/B P/CF ROE
24 HIV Franchise Maintain HIV dominance; single-tablet regimens convenience/affordability Hepatitis C Franchise Patent through 2029; High efficacy/low resistance help to maintain market share in long run Rest of the world sales? Japan sign-on for Hep C (Sovaldi & Harvoni) adds to EPS growth $14.5B cash Potential Acquisitions? Pipeline Potential Oncology, etc. Strategy/Expertise Drivers/Opportunities 24
25 Risks ~61% of total revenue from HCV (hepatitis C) Revenue growth may peak soon Expiring Patents (beginning 2018) Pricing Pressures (Payors) Lower pricing but more volume Pipeline Success Maintaining superior efficacy/safety status 25
26 DCF 26
27 Sensitivity Analysis 10.00% 10.25% 10.50% 10.75% 11.00% 4.00% % % % %
28 Recommendation Buy! Current Price Target Price Upside Action BPS GILD % BUY 50 BPS 28
29 Company Overview Founded 1833 One of the largest and oldest pharmaceutical distributer Largest non-weapon contractor of U.S. government Two segments: Distribution Solution (98% sales) Technology Solution (2% sales) 29
30 Stock Performance Sales: $179.05B Return YTD: 8.53% Dividend Yield: 0.43% Market Cap: $52.06B 52-week Range: /22/2010 7/22/2011 7/22/2012 7/22/2013 7/22/
31 Key Ratios - Historical TTM P/E P/S P/B P/CF ROE
32 Key Ratios - Competitors MCK CAH ABC P/E N/A P/S P/B P/CF ROE
33 Drivers/Opportunities Good industry prospect Leading position in industry Acquisition of the largest European drug distributer Strong revenue growth Double digit growth in recent years 33
34 Risks High multiples Low margins Gross margin 6.37% Operating margin 1.66% 34
35 DCF McKesson Corp. (MCK) Analyst: Lu Yu Terminal Discount Rate = 9.50% 7/21/2015 Terminal FCF Growth = 4.0% Year 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E Revenue 12,146 13,152 14,506 15,957 17,553 19,308 21,239 23,363 25,699 28,269 31,096 % Growth 8.3% 10.3% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% Operating Income 3,511 4,085 4,941 4,787 5,266 5,792 6,372 7,009 7,710 8,481 9,329 Operating Margin 28.9% 31.1% 34.1% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% Taxes 1,053 1,226 1,482 1,436 1,580 1,738 1,911 2,103 2,313 2,544 2,799 Tax Rate 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% Net Income 2,458 2,860 3,458 3,351 3,686 4,055 4,460 4,906 5,397 5,936 6,530 % Growth 16.4% 20.9% -3.1% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% Add Depreciation/Amort 1,032 1,118 1,233 1,277 1,316 1,352 1,381 1,402 1,413 1,413 1,244 % of Sales 8.5% 8.5% 8.5% 8.0% 7.5% 7.0% 6.5% 6.0% 5.5% 5.0% 4.0% Plus/(minus) Changes WC (3,826) (503) (677) (638) (702) (772) (850) (935) (1,028) (1,131) (1,244) % of Sales -31.5% -3.8% -4.7% -4.0% -4.0% -4.0% -4.0% -4.0% -4.0% -4.0% -4.0% Subtract Cap Ex ,028 1,131 1,244 Capex % of sales 4.8% 4.5% 4.3% 4.1% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% Free Cash Flow (913) 2,883 3,398 3,335 3,598 3,862 4,142 4,439 4,754 5,088 5,286 % Growth % 17.9% -1.9% 7.9% 7.3% 7.3% 7.2% 7.1% 7.0% 3.9% NPV of Cash Flows 24,398 38% NPV of terminal value 40,335 62% Terminal Value 99,959 Projected Equity Value 64, % Free Cash Flow Yield -1.67% Free Cash Yield 5.29% Current P/E Terminal P/E 15.3 Projected P/E Current EV/EBITDA Terminal EV/EBITDA 9.5 Projected EV/EBITDA Shares Outstanding 235 Current Price $ Implied equity value/share $ Upside/(Downside) to DCF 18.5% 35
36 Sensitivity Analysis 9.25% 9.50% 9.75% 3.50% % % % %
37 Recommendation Buy! Current Price Target Price Upside Action BPS MCK % BUY 108 BPS 37
38 Company Overview Founded 1901 Largest generic drugs manufacturer in the world Two segments: Generic drugs (48% sales) Specialty drugs (42% sales) Active M&A Teva Perrigo Mylon 38
39 Stock Performance Sales: $20.27B Return YTD: 3.95% Dividend Yield: 2.14% Market Cap: $50.11B 52-week Range: /22/2010 7/22/2011 7/22/2012 7/22/2013 7/22/
40 Key Ratios - Historical TTM P/E P/S P/B P/CF ROE
41 Key Ratios - Competitors TEVA MYL PRGO AGN P/E N/A P/S P/B P/CF ROE
42 Drivers/Opportunities Cash Cow: Copaxone Prevalent drug for multiple sclerosis 21% of total revenue Shift to patent drugs Gross margin (87.1%) almost doubled than generics (43.3%) Merger success New blockbuster drug 42
43 Risks Merger failure Resistance from Mylan, antitrust concerns Copaxone patent expire September 2015, extension unlikely FX exposure Substantial European presence 43
44 DCF Teva Pharmaceutical (TEVA) Analyst: Lu Yu Terminal Discount Rate = 10.00% 7/21/2015 Terminal FCF Growth = 3.0% Year 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E Revenue 19,461 19,072 19,263 19,455 19,747 20,043 20,444 20,853 21,374 21,909 22,566 % Growth -2.0% 1.0% 1.0% 1.5% 1.5% 2.0% 2.0% 2.5% 2.5% 3.0% Operating Income 3,814 4,024 4,064 4,086 4,147 4,410 4,498 4,796 4,916 5,258 5,416 Operating Margin 19.6% 21.1% 21.1% 21.0% 21.0% 22.0% 22.0% 23.0% 23.0% 24.0% 24.0% Interest Income Interest % of Sales 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Taxes Tax Rate 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% Net Income 3,251 3,439 3,473 3,490 3,543 3,780 3,856 4,125 4,228 4,535 4,671 % Growth 5.8% 1.0% 0.5% 1.5% 6.7% 2.0% 7.0% 2.5% 7.3% 3.0% Add Depreciation/Amort 1,362 1,240 1,156 1, % of Sales 7.0% 6.5% 6.0% 5.5% 5.0% 4.5% 4.0% 3.5% 3.0% 3.0% 3.0% Plus/(minus) Changes WC (160) (162) (164) (167) (170) (173) (178) (182) (188) % of Sales 1.0% 0.2% -0.8% -0.8% -0.8% -0.8% -0.8% -0.8% -0.8% -0.8% -0.8% Subtract Cap Ex Capex % of sales 4.0% 3.5% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Free Cash Flow 4,020 4,044 3,891 3,815 3,773 3,914 3,890 4,056 4,050 4,353 4,483 % Growth 0.6% -3.8% -2.0% -1.1% 3.7% -0.6% 4.3% -0.1% 7.5% 3.0% NPV of Cash Flows 24,507 49% NPV of terminal value 25,435 51% Terminal Value 65,971 Projected Equity Value 49, % Free Cash Flow Yield 7.40% Free Cash Yield 6.80% Current P/E Terminal P/E 14.1 Projected P/E Current EV/EBITDA Terminal EV/EBITDA 10.8 Projected EV/EBITDA Shares Outstanding 858 Current Price $ Implied equity value/share $ Upside/(Downside) to DCF -8.1% 44
45 Sensitivity Analysis 9.75% 10.00% 10.25% 2.50% % % % %
46 Recommendation Sell! Current Price Target Price Upside Action BPS TEVA % SELL 208 BPS 46
47 Summary Current Price Target Price Upside / Downside Action BPS AET % BUY 50 BPS GILD % BUY 50 BPS MCK % BUY 108 BPS TEVA % SELL 208 BPS 47
48 Questions? 48
49 Thank You! 49
COMPANY PRESENTATION - HEALTHCARE. Anthony Rogers, Thomas Rosol & Dylan Seymour
COMPANY PRESENTATION - HEALTHCARE Anthony Rogers, Thomas Rosol & Dylan Seymour Agenda Overview Business Analysis Financial Analysis Valuation Analysis Company Analysis Recommendation 2 S&P 500 Sector Weight
More informationHealthcare - - SIM Company Presentations Lisa Liu Nadine Slezak Mark Venzor Rachel Wang
Healthcare - - SIM Company Presentations Lisa Liu Nadine Slezak Mark Venzor Rachel Wang Agenda Sector Overview SIM Portfolio Overview Additional Companies Assessed Stocks Recommendation Healthcare Sector:
More informationHealthcare Sector The Stock Market SIM, Professor West. Yiping Yang, Lu Yu
Healthcare Sector The Stock Market SIM, Professor West Yiping Yang, Lu Yu 1 Agenda Sector Overview Business and Economic Analysis Financial Analysis Valuation Analysis Recommendation 2 Sector Overview
More informationMaterials. stock analysis. Fisher College of Business Student Investment Management. Chris Pierce Jyotisko Sinha Colin Souza Jake Vogel Dustin Wills
Materials stock analysis Chris Pierce Jyotisko Sinha Colin Souza Jake Vogel Dustin Wills Fisher College of Business Student Investment Management Agenda Stock Monsanto () Analysis Alcoa () Analysis Freeport-McMoRan
More informationTelecom Company Presentation. Elliot Palmer Eric Richmond
Telecom Company Presentation Elliot Palmer Eric Richmond Agenda Sector Overview Company Analysis AMT AT&T NIHD (NII Holdings) Recommendation S&P Sector Breakdown Sector S&P 500 Weight SIM Weight +/- Consumer
More informationUtility Sector. Jun Liu, Ran Yan, Hongda Zhang 5/28/2012
Utility Sector Jun Liu, Ran Yan, Hongda Zhang 5/28/2012 Consumer Discretionary 10.04% Dividend Receivables 0.08% Cash 3.83% Telecommunicat ion Services 1.02% Materials 3.93% Consumer Staples 10.95% Information
More informationUtilities: Company Presentation. Xingning Xu Yingxing Ye Jing You
Utilities: Company Presentation Xingning Xu Yingxing Ye Jing You Agenda Portfolio Overview NRG Stock Pitch SO Stock Pitch AEP Stock Pitch SJI Stock Pitch Recommendation Recap Q&A Portfolio Overview Asset
More informationKatsman,Konstantin A Lee,Dong Hyun
11.30.2010 Katsman,Konstantin A Lee,Dong Hyun Agenda Introduction PSEG Xcel Energy Inc. Financial/Valuation Analysis Recommendation Q&A Utilities (PEG+XEL) Performance Overview - size as % of the S&P500(Utilities)
More informationHEALTH CARE SECTOR REPORT. Jiajun Wang Yuhao Wu Nick LiBassi
HEALTH CARE SECTOR REPORT Jiajun Wang Yuhao Wu Nick LiBassi AGENDA Overview Business Analysis Economic Analysis Financial Analysis Valuation Analysis Recommendation OVERVIEW THE SIZE OF HEALTH CARE SECTOR
More informationCONSUMER DISCRETIONARY STOCK PITCH. 4/2/2013 The Ohio State University SIM Portfolio Nolan Cox Shengyu Cao Trey Morrish Ziyang Zhong
CONSUMER DISCRETIONARY STOCK PITCH 4/2/2013 The Ohio State University SIM Portfolio Nolan Cox Shengyu Cao Trey Morrish Ziyang Zhong Overview Key Takeaways S&P 500 11.74% SIM 12.28% SIM Overweight by.54%
More informationGilead Sciences Announces Fourth Quarter and Full Year 2014 Financial Results
Gilead Sciences Announces Fourth Quarter and Full Year 2014 Financial Results February 3, 2015 4:07 PM ET - Fourth Quarter Product Sales of $7.2 billion, Up 137 percent Year over Year - - Full Year 2014
More informationInformation Technology Stock Presentation. Yijun Ge, Bret Rosenthal, Yang Shen, Chengqiao Sun, Greg Van Wagnen, Ying Zhong
Information Technology Stock Presentation Yijun Ge, Bret Rosenthal, Yang Shen, Chengqiao Sun, Greg Van Wagnen, Ying Zhong Information Technology Sector Review Recommendations Google (GOOG) Intel (INTC)
More informationQuick counterattack on rival
GILEAD SCIENCES - BUY Quick counterattack on rival This company was selected on the basis of Jyske Quant. Jyske Quant is a model that rates companies based on a string of factors. In that way, the model
More informationInformation Technology
Information Technology gy Stock Presentation By: Lauren Irwin David Klink Zach Kramer Steve Meecham Jie Meng Agenda IT Sector Overview Stock Discussion Apple pp Inc Corning Inc Google Hewlett Packard Co
More informationINFORMATION TECHNOLOGY
INFORMATION TECHNOLOGY Company Presentation Tsung-Hang (Michael) Lin, Nick Locallo, Mallory Mason, Shane McMahon, Mehdi Mirsaneh FIN 7225 4/14/15 Source: SIM Fund Appraisal -1/30/2015 Sector Recommendations
More informationGILD Gilead Sciences Inc. Sector: Healthcare HOLD
Analysts: Zachary Haller, Andrew Paley Brown and Sean Miller Washburn University Applied Portfolio Management GILD Sector: Healthcare HOLD Report Date: 4/18/2016 Market Cap (mm) $137,792 Annual Dividend
More informationSTOCK ANALYSIS - INDUSTRIALS
STOCK ANALYSIS - INDUSTRIALS Sukumar Madugula MBA 7225 Student Stock Market July 22, 2015 Overview SIM Holdings & Performance Eaton Corp (ETN) Fluor Corp (FLR) Business Analysis Economic Analysis Financial
More informationStock Recommendations in the Financial Sector Student Investment Management. Deven Suthar
Stock Recommendations in the Financial Sector Student Investment Management Deven Suthar 1 Table of Contents Sector review Review current holdings Citigroup Wells Fargo American Express Company Goldman
More informationCompany Analysis - Industrials. By: Hahn, Wesley; Hartman, Michael; Heschel, Andrew; Holzman, Joshua
Company Analysis - Industrials By: Hahn, Wesley; Hartman, Michael; Heschel, Andrew; Holzman, Joshua 1 Agenda Recap class decision to hold industrials Review SIM Holdings Recommendations Conclusion 2 3
More informationMaterials Stock Analysis. Michael Hughes Stanley The
Materials Stock Analysis Michael Hughes Stanley The Lorraine Toth Overview Summary of Sector Cyclical sector with large beta will likely perform significantly worse than the S&P 500 if it falls Some hope
More informationConsumer Discretionary
Consumer Discretionary Best Buy, Comcast, GM, Las Vegas Sands Nameer Chaudry Nick Cherry Kelsey Palmer Sector Overview Highly cyclical Currently in upswing, impending downturn? Median ratios at best Decided
More informationJuly 3, Market Cap 7.1B following reasons:
Student Investment Report: Crown Holdings Inc. Summary Crown Holdings is a leading global metal packaging Recommendation BUY producer with operations in 40 different countries. Sector Materials The company
More informationGilead Sciences Announces Fourth Quarter and Full Year 2013 Financial Results
Gilead Sciences Announces Fourth Quarter and Full Year 2013 Financial Results February 4, 2014 4:06 PM ET - Fourth Quarter Product Sales of $3.04 billion, Up 21 percent Year over Year - - Full Year 2013
More informationCompany Presentation : Financials. Edouard Sevil Manpreet Singh Shazia Sultana Rahul Verma
Company Presentation : Financials Edouard Sevil Manpreet Singh Shazia Sultana Rahul Verma Summary 1) Sector Overview 2) J.P. Morgan Chase (JPM) 3) Lincoln Financial Group (LNC) 4) Wells Fargo (WFS) 5)
More informationNafeesa Fathima, Joe Gangaram, Marshal Getz, Carl Ghandhi
Nafeesa Fathima, Joe Gangaram, Marshal Getz, Carl Ghandhi Telecommunicati on Services 4% Materials 3% Utilities 3% Cash 4% Dividend Receivables 0% Consumer Discretionary 9% Consumer Staples 12% Tech
More informationCONSUMER DISCRETIONARY. Mike Anderson & Bingqian Lu
CONSUMER DISCRETIONARY Mike Anderson & Bingqian Lu AGENDA Recommendations Industry Recap Analysis of Stocks Conclusion RECOMMENDATIONS Current Sector Weight: 12.80 Current SIM Weight: 12.61 Recommendation:
More informationAnalyst s Handbook: Health Care
Analyst s Handbook: November 17, 217 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table Of Contents Table
More informationInformation Technology Company Presentation Presented by: Benjamin Pastur, Prabha Pelluru, Brandon Plumb and Maddy Masaryk
Information Technology Company Presentation Presented by: Benjamin Pastur, Prabha Pelluru, Brandon Plumb and Maddy Masaryk 1 Overview Very briefly recap your sector recommendation. Review what stocks we
More informationPRECISION CASTPARTS CORP.
PRECISION CASTPARTS CORP. Hugh Garside MBA 7225 Student Stock Market July 8, 2014 Overview Discussion of Stocks Valuation Analysis Recommendation 2 OVERVIEW 3 Overview Sector Name S&P 500 SIM +/- Consumer
More informationAnalyst s Handbook: Health Care
Analyst s Handbook: November 16, 13 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table Of Contents Table Of
More informationBlue Sky Grey Sky Analysis
Americas/United States Equity Research Biotechnology Research Analysts Alethia Young 212 538 0640 alethia.young@credit-suisse.com Eliana Merle 212 538 0678 eliana.merle@credit-suisse.com Grant Hesser 212
More information(650) (650) GILEAD SCIENCES ANNOUNCES FOURTH QUARTER AND FULL YEAR 2018 FINANCIAL RESULTS
CONTACTS: Investors Media Robin Washington Amy Flood (650) 522-5688 (650) 522-5643 For Immediate Release Sung Lee (650) 524-7792 GILEAD SCIENCES ANNOUNCES FOURTH QUARTER AND FULL YEAR 2018 FINANCIAL RESULTS
More informationCIF Stock Recommendation Report (Spring 2014)
Date: 2/28/14 Analyst Name: Anthony Ledesma & Mason Yang CIF Stock Recommendation Report (Spring 2014) Company Name and Ticker: UnitedHealth Group (UNH) Section (A) Investment Summary Recommendation Buy:
More informationSyneos Health, Inc. Investment Research Presentation
Syneos Health, Inc. Investment Research Presentation NasdaqGS: SYNH Month Sector: Day, Healthcare 20XX Senior Analyst: Jose Grullon Junior Analysts: Garbis Chekerdjian, Ignacio Fimbres Spring 2018 1 Valuation
More informationTrailing PE Forward PE Buy 28 Analysts. 1-Year Return: -4.4% 5-Year Return: -1.0%
GILEAD SCIENCES INC (-O) Last Close 69.20 (USD) Avg Daily Vol 7.1M 52-Week High 89.54 Trailing PE 57.7 Annual Div 2.28 ROE 6.7% LTG Forecast -5.0% 1-Mo -9.3% November 16 NASDAQ Exchange Market Cap 89.5B
More information43 YEARS OF PROFITS IN BULL & BEAR MARKETS OUTRAGEOUS DRUG PROFITS
43 YEARS OF PROFITS IN BULL & BEAR MARKETS OUTRAGEOUS DRUG PROFITS Outrageous Drug Profits By Jim Pearce and the team of analysts at Investing Daily It s hard to ignore an industry that will gross at least
More informationAnalyst s Handbook: Health Care
Analyst s Handbook: ober 22, 212 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table Of Contents Table Of Contents
More informationUTILITIES LUKE FRIEDMAN & GENO FRISSORA
UTILITIES LUKE FRIEDMAN & GENO FRISSORA RECAP RECOMMENDED ADDING 23 BP TO UTILITIES Utilities 3.34% SIM Weighting Utilities 3.57% S&P Weighting Industrials 9.78% Materials 3.40% Telecom 3.53% Technology
More informationCIF Sector Recommendation Report (Spring 2013)
Date: 4/1/2013 Analyst: Jacob Allen CIF Sector Recommendation Report (Spring 2013) Sector: Healthcare Review Period: 3/13/2013 3/26/2013 Section (A) Sector Performance Review Copy/paste Sector Review Spreadsheet
More informationBrought to you by: Hl Helen Wu Kar Seng Yee Ken Chen Meghana Reddy Nicu Mihai Achihaei
Brought to you by: Hl Helen Wu Kar Seng Yee Ken Chen Meghana Reddy Nicu Mihai Achihaei What are Generics? Macro Trends in the Industry Overview of TEVA Risks Valuation Branded Medicines are Expensive Brand
More informationMylan Q EARNINGS November 5, Q Earnings All Results are Unaudited
Mylan Q3 EARNINGS November 5, Q3 Earnings All Results are Unaudited Forward-Looking Statements This presentation contains forward-looking statements. These statements are made pursuant to the safe harbor
More informationCIF Sector Recommendation Report (Fall 2012)
CIF Sector Recommendation Report (Fall 2012) Date:4/3/2013 Analyst: Trevor Boren Sector: Healthcare Review Period: 3/20/2013 4/02/2013 Section (A) Sector Performance Review Review sector performance relative
More informationFirst Cut Stock Study Report
First Cut Stock Study Report Company Name: Biogen Inc. Ticker: BIIB Date of Study: 11/15/2016 (price date 11/14/2016) Price: 321.49 Your Name: Email address: Suzi Artzberger suzia@betterinvesting.org City:
More informationMylan: Q EARNINGS August 8, Q Earnings All Results are Unaudited
Mylan: Q2 2018 EARNINGS August 8, 2018 Q2 2018 Earnings All Results are Unaudited Forward-Looking Statements This presentation contains forward-looking statements. These statements are made pursuant to
More informationOVERVIEW PROCESS SERVICES HARVONI. Simply on Your Side. Please see full Prescribing Information, including Patient Information.
HARVONI Simply on Your Side. OVERVIEW PROCESS SERVICES A breakthrough treatment with exceptional support Living with hepatitis C (Hep C) can come with a lot of uncertainty. But getting started with Hep
More informationTeva Pharmaceuticals Industries Ltd. NASDAQ: TEVA. 12/2/18 Eric Abeles, Grant Kovel, Jared Robinson, Matthew Ross, Jacob Seidenberg
Teva Pharmaceuticals Industries Ltd. NASDAQ: TEVA 12/2/18 Eric Abeles, Grant Kovel, Jared Robinson, Matthew Ross, Jacob Seidenberg Table of Contents I. Security Overview II. Situational Overview III. Company
More informationCIF Stock Recommendation Report (Spring 2015)
Date:4/11/15 Analyst Name: Christine Nordlie and Connor Phelps CIF Stock Recommendation Report (Spring 2015) Section (A) Investment Summary Recommendation Buy: Yes No Limit Buy at $111 Sector: Health Care
More informationAcadia Pharmaceuticals. Daniel Berrios, Xianming Li, Ryan Matsumoto, Sunny Huang, Kojo Osei, Ariana Bhatia
Acadia Pharmaceuticals Daniel Berrios, Xianming Li, Ryan Matsumoto, Sunny Huang, Kojo Osei, Ariana Bhatia Introduction: ACAD Acadia Pharmaceuticals ACAD Small cap, relatively young, bio pharmaceutical
More informationCIGNA CORPORATION. 37 th Annual J.P. Morgan Healthcare Conference January 7, David Cordani President and Chief Executive Officer
CIGNA CORPORATION 37 th Annual J.P. Morgan Healthcare Conference January 7, 2019 David Cordani President and Chief Executive Officer 2 Forward-looking statements and Non-GAAP measures CAUTIONARY STATEMENT
More informationGilead Sciences Announces First Quarter 2011 Financial Results
Page 1 of 9 Gilead Sciences Announces First Quarter 2011 Financial Results - Product Sales of $1.86 Billion, Up 4 Percent over First Quarter 2010 - - Antiviral Product Sales of $1.63 Billion, Up 2 Percent
More informationEnergy Sector SUMMER 2015 ANALYSTS: DANIEL J. ERIN & JONATHAN CREMEANS
Energy Sector SUMMER 2015 ANALYSTS: DANIEL J. ERIN & JONATHAN CREMEANS Agenda Overview Chevron Conoco Phillips Recommendation 2 Overview 3 Business Cycle Energy 4 Industries Energy Equipment & Services
More informationUnitedHealth Group (UNH) October 17, 2017 Health Care Managed Health Care Stock Rating Hold
The Henry Fund Henry B. Tippie School of Management Aric Jensen [aric-jensen@uiowa.edu] UnitedHealth Group (UNH) October 17, 2017 Health Care Managed Health Care Stock Rating Hold We issue a HOLD recommendation
More informationNote Important Disclosures on pages 5 and 6 Note Analyst Certification on page 5
COMPANY UPDATE / ESTIMATE CHANGE Key Metrics BMY - NYSE (as of 02/14/18) $65.35 Price Target N/A 52-Week Range $51.56 - $66.09 Shares Outstanding (mm) 1,645 Market Cap. ($mm) $106,689 1-Mo. Average Daily
More informationYamama Cement Company
Update Report- Transfer of Coverage Buy Year End Target Price SAR 62 120 110 100 90 80 70 May er 19, 27, 2014 2015 Expected Total Return Price as on May-26, 2015 49.07 Upside to Target Price 26.8% Expected
More informationNatco Pharma Ltd. BUY CMP (Rs.) 497 Target (Rs.) 599 Potential Upside 20.5%
Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16. Volume No.. I Issue No. 58. Natco Pharma Ltd. BSE Code: 524816 NSE Code: NATCOPHARM Reuters Code: NATP.NS Bloomberg
More informationCIF Sector Recommendation Report (Spring 2013)
Date: 2/19/13 Analyst: Joseph Brendel CIF Sector Recommendation Report (Spring 2013) Sector: Health Care (XLV) Review Period: February 1- February 14 Section (A) Sector Performance Review Copy/paste Sector
More informationINTRINSIC VALUE ASSESSMENT OF GILEAD SCIENCES (GILD) Introduction. The Intrinsic Value of Gilead Sciences
JANUARY 1, 2018 This article was written with David J. Flood from The Investor s Podcast Introduction Gilead Sciences is an American based Biopharmaceutical corporation whose principal business involves
More informationFund Features. Since Inception : +21.5%
Fund Features Middlefield has a proven global track record Since Inception : +21.5% ~2X Outperformance vs MSCI World Index Attractive, fully-earned 5% yield with capital appreciation potential Low MER
More informationGilead Sciences Announces Record Fourth Quarter and Full Year 2009 Financial Results
Gilead Sciences Announces Record Fourth Quarter and Full Year 2009 Financial Results - Full Year Total Revenues of $7.01 Billion, Up 31 Percent over 2008 -- Full Year Product Sales of $6.47 Billion, Up
More informationEquity Research. PBM: Changing Landscape The Focus For Q2. July 21, 2015
July 21, 2015 Equity Research PBM: Changing Landscape The Focus For Q2 Sector Rating: Pharmacy/Ancillary Benefits, Market Weight Price FY EPS FY P/E Company Name Rating 07/17/15 2015E 2016E 2015 2016 Pharmacy/Ancillary
More informationTeva Pharmaceutical Industries Ltd. Q August 2, 2018
Teva Pharmaceutical Industries Ltd. Q2 2018 August 2, 2018 Cautionary Note Regarding Forward-Looking Statements 2 This presentation contains forward-looking statements within the meaning of the Private
More information2014 E 2015 E 2016 E 2017 E
Equity Research 4 December 2014 Interpump Group Hydraulics M&A may power growth Rating BUY Target price EUR13 Interpump is up 25% since the beginning of the year, bolstered by strong interim results and
More informationHealthcare M&A Report Q3 2018
Integrity Expertise Results Overview Nationally recognized and well-established investment bank founded in 2000 Over 300 transactions completed, totaling more than $10 billion in transaction value Extensive
More informationCFA Institute Research Challenge hosted by. CFA Society of St. Louis Team A
CFA Institute Research Challenge hosted by CFA Society of St. Louis Team A Team A This report is published for educational purposes only by students competing in The CFA Institute Research Challenge Express
More informationInvestors: Gilead News Release. Gilead Sciences Announces Second Quarter 2010 Financial Results
Page 1 sur 7 Gilead Sciences Announces Second Quarter 2010 Financial Results - Total Revenues of $1.93 Billion, Up 17 Percent over Second Quarter 2009 - - Product Sales of $1.81 Billion, Up 15 Percent
More informationIR Presentation template
1 MacroGenics, Inc. IR Presentation template Healthcare [SA, JA, sector] Sector Spring 2017 Senior Analyst: Austin Gasparini Junior Analysts: Donavon Young, Anuraag Gopaluni 2 Recommendation and Company
More informationSECTOR PERFORMANCE REVIEW
SECTOR PERFORMANCE REVIEW Healthcare MELISSA CAMERON & WADE ROERSON A. Sector Performance Review A-1 Sector HC Review Period Start Date 1/12/2015 End Date 4/13/2015 Ticker Recommend CIF Current Beg. Stop-loss
More informationFidelity Fund. Investment Approach QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 FUND INFORMATION PERFORMANCE SUMMARY
QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 Fidelity Fund Investment Approach Fidelity Fund is a diversified domestic equity strategy with a large-cap core orientation. Our guiding philosophy is that
More informationFranklin Biotechnology Discovery Fund Advisor Class
Franklin Discovery Fund Advisor Class Equity Product Profile Product Details 1 Fund Assets $1,391,510,431.86 Fund Inception Date 09/15/1997 Number of Issuers 91 NASDAQ Symbol FTDZX Maximum Sales Charge
More informationA Payor and Provider s Perspective on Drug Pricing. Sharon Levine, MD Executive Vice President, The Permanente Federation
A Payor and Provider s Perspective on Drug Pricing Sharon Levine, MD Executive Vice President, The Permanente Federation National Academies of Sciences, Engineering and Medicine Stakeholder Meeting on
More informationMarket Capitalization $3.6 Billion. Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUSINESS DESCRIPTION Sarepta Therapeutics, Inc., a biopharmaceutical company, focuses on the discovery and development of R-based
More informationZACKS CONSENSUS ESTIMATES
March 06, 2015 VIVUS Inc. (VVUS-NASDAQ) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 03/06/2015 Current Price (03/05/15) $2.87 Target Price $3.00 52-Week
More informationCIF Stock Recommendation Report (Spring 2014)
Date: 27 February 2014 Analyst Name: Hayden Wieck & Connor McCulloh CIF Stock Recommendation Report (Spring 2014) Company Name and Ticker: Bristol-Myers Squibb (BMY) Section (A) Investment Summary Recommendation
More informationcontrast A closer look at how cost-share subsidized members use prescription drugs and what plan sponsors can do to manage risk and costs
DEFINING contrast A closer look at how cost-share subsidized members use prescription drugs and what plan sponsors can do to manage risk and costs The public exchange has dominated health care headlines
More informationDISCLAIMER: Stock, forex, futures, and options trading is not appropriate for everyone. There is a substantial risk of loss associated with trading
DISCLAIMER: Stock, forex, futures, and options trading is not appropriate for everyone. There is a substantial risk of loss associated with trading these markets. Losses can and will occur. No system or
More informationENERGY COMPANY PRESENTATION
NOVEMBER 30TH 2 0 10 S T U D E N T I N V E ST M E N T M A N A G E M E N T P R O G R A M T H E O H I O S T A T E U N I V E R S I T Y ENERGY COMPANY PRESENTATION David Clark-Joseph Felice Green Jiri Woschitz
More informationSUMMARY FINANCIAL DATA
Company Initiation (28513) Vaccines set to go global We reinstate coverage of at BUY with a KRW1, target. The company will likely benefit from its recent co-polyester plant capacity additions and subsequent
More informationRoche: Innovation & profitable growth Lazard Conference 15 November 2011
Roche: Innovation & profitable growth Lazard Conference 15 November 2011 Thomas Kudsk Larsen, Head of Investor Relations North America Eka Kortkhonjia, Investor Relations Officer This presentation contains
More informationDENTSPLY International Inc.
March 18, 2015 DENTSPLY International Inc. Current Recommendation Prior Recommendation NEUTRAL Outperform Date of Last Change 02/19/2012 Current Price (03/17/15) $51.13 Target Price $54.00 SUMMARY (XRAY-NASDAQ)
More informationThe hypothetical bear case for biotech
ISI INTERNATIONAL STRATEGY & INVESTMENT GROUP, LLC Healthcare Research: Biotechnology & Pharmaceuticals mschoenebaum@isigrp.com W 212-446-9493 C 646-258-8128 The hypothetical bear case for biotech Being
More informationNATCO PHARMA LTD. Result Update (PARENT BASIS): Q1 FY16
ISIN: INE987B01018 OCTOBER 15 th, 2015 STOCK DETAILS Sector NATCO PHARMA LTD. Result Update (PARENT BASIS): Q1 FY16 BSE Code 524816 Face Value 10.00 Pharmaceuticals 52wk. High / Low (Rs.) 2709.00/1245.40
More informationLast week we discussed the possibility of the S&P 500 Index rallying after comparing the Index s similar actions in late February of this year:
April 24 th 2013 In this week s Cash Cow Newsletter we are going to evaluate the current performance of the S&P 500 Index, briefly review the current performance last week s profit opportunities, and look
More informationAMCP Foundation Symposium Specialty Pharmacy and Patient Care: Are We at a Tipping Point? Disclaimer
AMCP Foundation Symposium Specialty Pharmacy and Patient Care: Are We at a Tipping Point? October 7, 2014 Boston, MA Disclaimer Organizations may not re use material presented at this AMCP session for
More informationTitas Gas Transmission and Distribution Company Limited Fair Value Estimate (Dec 14) : BDT 111 per share Sector : Fuel and Power; Rating: OUTPERFORM
Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Sep-12 Sep-12 Nov-12 Dec-12 Jan-13 Jan-13 Feb-13 Apr-13 Apr-13 May-13 Jun-13 Jul-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Price, BDT Turnover,
More informationRatios Current Industry Historical Median
[1] 51.90 Medical Devices Market Cap: 820 Mil Draegerwerk AG & Co KGaA provides medical and safety technology. The Company has two main divisions: safety division and medical division. It provides Fire
More informationMaterials. sector analysis. Kevin Bush Dustin McCann Hanyang Wei. Fisher Fisher College College of of Business Student Investment Management
Materials sector analysis Kevin Bush Dustin McCann Hanyang Wei Fisher Fisher College College of of Student Investment Management BUY S&P Sector Weights 3.66% 3.23% 2.98% 10.60% 10.42% 11.15% 18.07% 13.09%
More informationINDRA SPAIN \ TECHNOLOGY
INDRA SPAIN \ TECHNOLOGY Company Update NR (prev. Buy) Target: 14.5 (prev. 17) Risk: High STOCK DATA Price 13.97 Bloomberg Code IDR SM Market Cap. ( mn) 2,269 Free Float 59.31% Shares Out. (mn) 162 52-week
More informationCIF Stock Recommendation Report (Fall 2012)
Date: 10/11/12 Analyst Name: Matthew Landen CIF Stock Recommendation Report (Fall 2012) Company Name and Ticker: UnitedHealth Group Inc (UNH) Section (A) Summary Recommendation Buy: No Target Price: Stop-
More informationUSF SMIF Price Intrinsic Value Target Price
USF SMIF Price Intrinsic Value Target Price Recommendation BUY 656.75 754.42 840.70 Analysts: A. Nader, J. Ortiz, L. Arruda GICS Sector Healthcare Sub-Industry Health Care Equipment Summary This company
More informationDiplomat.is/more. I m Jay.
Diplomat.is/more I m Jay. I have chronic lymphocytic leukemia. I m a retired submarine commander, a father, a husband, an avid woodcarver. I bike 20 miles a day. I know the Diplomat Difference. Investor
More informationNatco Pharma. Institutional Equities. 3QFY15 Result Update
3QFY15 Result Update Institutional Equities Natco Pharma 12 February 2015 Reuters: NATP.BO; Bloomberg: NTCPH IN Weak Performance Natco Pharma s (NPL) 3QFY15 performance was below expectations with reported
More informationConsumer Discretionary
Consumer Discretionary Jonathan Barkan Chris Cameron Yixiong Chen Amanda Grant November 2, 2010 Agenda Sector Overview Economic Analysis Business Analysis Financial Analysis Valuation Analysis Recommendation
More informationOverview of Consolidated Financial Results for the 9 months ended December 31 st, 2012 and Full-term Forecasts for FY 3/2013
Overview of Consolidated Financial Results for the 9 months ended December 31 st, and Full-term s for FY 3/2013 CFO and Executive Vice President Naohiro Minami *Please be reminded that the figures shown
More informationSmall-Cap Research. Antares Pharma, Inc. May 11, 2017 John D. Vandermosten, CFA (ATRS - NASDAQ)
Small-Cap Research May 11, 2017 John D. Vandermosten, CFA 312-265-9588 / jvandermosten@zacks.com scr.zacks.com 10 S. Riverside Plaza, Suite 1600, Chicago, IL 60606 Antares Pharma, Inc. Milestones Continue
More informationYansab Better than expected results
YANSAB AB: Saudi Arabia US$6.91bn 39.8% US$23.37mn Market cap Free float Avg. daily volume RSI10 Vol th Target price n/a n/a Consensus price 56.00 21.5% over current Current price 46.10 as at 9/2/2011
More informationPrice. 12-Mo. Target Price $ (as of Dec 12, :00 PM ET) $150.00
GILD is in the S&P 500 S&P Capital IQ Recommendation S&P Capital IQ Equity Analyst Jeffrey Loo, CFA STRONG BUY Price 12-Mo. Target Price $104.13 (as of Dec 12, 2014 4:00 PM ET) $150.00 Report Currency
More informationGilead Sciences Announces Record Third Quarter 2009 Financial Results
Gilead Sciences Announces Record Third Quarter 2009 Financial Results - Record Total Revenues of $1.80 Billion, Up 31 Percent over Third Quarter 2008 - - Record Product Sales of $1.65 Billion, Up 23 Percent
More informationA Dynamic Prescription for Portfolios
JULY 2015 Health Care: A Dynamic Prescription for Portfolios A special report by the Portfolio Advisory Group Tasneem Azim-Khan, CFA U.S. Portfolio Advisor tasneem.azim-khan@rbc.com; RBC Dominion Securities
More informationHealthways Inc. OUTPERFORM ZACKS CONSENSUS ESTIMATES (HWAY-NASDAQ) SUMMARY
October 28, 2014 Healthways Inc. Current Recommendation Prior Recommendation Earnings Update SUMMARY DATA Healthways report Q3 OUTPERFORM Neutral Date of Last Change 08/06/2014 Current Price (10/27/14)
More informationINDUSTRIALS SECTOR GARRETT GANDEE, SHI TING GU, STEVEN ROEHLIG
INDUSTRIALS SECTOR GARRETT GANDEE, SHI TING GU, STEVEN ROEHLIG The Ohio State University: SIM Program AGENDA Overview Business Analysis Economic Analysis Financial Analysis Valuation Analysis Recommendation
More information