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Merck KGaA

  MRK GR

Smaller Pharma, Chemicals-Specialty...
 /  Germany 
2010 turns to good account
Updates
09/08/2010Target Change
Change in Target Price€ 73.3 vs 76.1-3.76 %

Target price is lifted due to higher earnings estimates (see separate comment) and higher SOTP calculation (see separate comment). DCF has dropped due to a change in the valuation of minorities' fair value (see separate comment).

2010 turns to good account
09/08/2010EPS change
Change in EPS2010 : € 5.06 vs 4.12+22.7 %
2011 : € 5.94 vs 4.46+33.0 %

After the finalising of the Millipore acquisition we have adjusted our estimates. Also, core Merck's Q2 figures exceeded our cautious expectations.
2010 turns to good account
30/07/2010Earnings/sales releases
Guidance increase – Known for its cau...
28/04/2010Earnings/sales releases
Merck’s Q1 figures were dominated by...
02/03/2010Latest
Merck announced the acquisition of U...
24/02/2010Earnings/sales releases
Merck reported 2% higher FY 2009 sa...
27/10/2009Earnings/sales releases
Merck reported 3% higher sales of €1,...
24/07/2009Latest
Merck’s R&D pipeline was severely hit...
Summary Key Data
Updated :
  12/08A
12/09A
12/10E
12/11E
12/12E
AlphaValue P/E (x) 14.3 19.9
Dividend yield (%) 1.93 1.51
EV/EBITDA (x) 9.07 9.17
AlphaValue EPS (€) 5.44 3.33
Dividend (€) 1.50 1.00
Sales (€M) 7,558 7,747
EBITDA (€M) 2,597 2,047
Attributable net profit (€M) 367 214
ROE (after tax) (%) 4.04 2.26
ROCE (%) 9.82 6.04
Gearing (%) 4.38 3.79
Next Div. Indic € 1.25 payment
Target
Price (€) 70.6
Target Price (€)
Market Cap (€M) 15,356
Perf. 1W: 2.70 %
Perf. 1M: 3.58 %
Perf. 3M: 18.1 %
Perf Ytd: 8.51 %
Rating
  • Strong momentum corresponding to a continuous and overall positive moving average trend confirmed by volumes
  • Relatively good momentum corresponding to a positively-oriented moving average, but offset by an overbought pattern or lack of confirmation from volumes
  • Relatively unfavorable momentum with a neutral or negative moving average trend, but offset by an oversold pattern or lack of confirmation from volumes
  • Strongly negative momentum corresponding to a continuous and overall negative moving average trend confirmed by volumes
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Businesses & Trends
Merck is a chemical and pharmaceutical company with its headquarters in Darmstadt near Frankfurt/Main, Germany. In recent year... Read More
Money Making
Financial mechanics will change due to the integration of Millipore’s activities and the fact that Performance Materials is the most cy... Read More
Valuation
Merck pursues a multi-industry strategy, focusing on high-margin businesses, whereas the pharma division and Merck Millipore div... Read More
Analyst: Martin Schnee
Concepts
Business concepts
  • R&D driven
  • Government driven busi...
  • Family controls/influence
  • Margins on paying third ...
  • Regulation & tax drivers
Investment Concepts
  • One share, no vote
  • Acquisition based growth
  • Free cash flow story
Story Trigger
  • Pending product annou...
  • Execution hiccup
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