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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Aryzta AG    ARYN   CH0043238366

ARYZTA AG

(ARYN)
  Report
Delayed Quote. Delayed Swiss Exchange - 12/01 07:04:08 am
0.666 CHF   +0.91%
01:00aARYZTA : Q1 Revenue Update
AQ
11/24ARYZTA : New Chief Restructuring Officer and Chief Transformation Officer appointed
AQ
11/24ARYZTA : Elliott Advisors Letter
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SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

Novartis's Alcon spinoff ousts Baer from Swiss benchmark SMI

04/03/2019 | 05:46am EST
FILE PHOTO: Logo of Swiss pharmaceutical company Novartis is seen in Hueninge, France

ZURICH (Reuters) - Novartis's spinoff of its eyecare division Alcon, set for Tuesday April 9, marks the largest Swiss stock deal in a decade and forces a reshuffle of the benchmark Swiss Market Index (SMI) as private bank Julius Baer gets booted out.

Novartis has estimated Alcon's value at around 25 billion Swiss francs (19.06 billion pounds), while some analysts predict an initial market capitalisation of 21 billion francs ($21 billion) to 23 billion, implying shares worth from 43 to 47 francs.

By contrast Baer's value has tumbled by a third in a year to 9.3 billion francs. It will instead be included in the SMIM index, replacing Aryzta, SIX Swiss Exchange said after Tuesday's market close.

Dominated by Nestle, Novartis and Roche, the SMI is Switzerland's most important index. Membership is based on market capitalisation, adjusted for the free float of readily tradable shares in its constituents.

Alcon is being spun off in a one-for-five share deal announced by Novartis last June as it focuses on new drugs rather than the surgical devices and contact lenses Alcon makes.

Joining the SMI may boost demand from funds focusing on the top Swiss companies. Yet Alcon's inclusion means healthcare and medical technology will weigh even more heavily on the SMI.

Novartis's weighting had been capped 18 percent, but with Alcon the two will account for up to 21.5 percent of the SMI, Zuercher Kantonalbank analysts estimated on Wednesday.

Novartis's biggest owners - BlackRock, the Sandoz family, Capital Research Global Investors and Vanguard Group - will have similar holdings in Alcon, between 2.5 percent and 4.5 percent.

"We anticipate incremental buying of Alcon shares by some funds seeking to build a full-size position, offset by others not wanting to own a non-pharma eyecare company," Jefferies analyst Peter Welford said.

Novartis bought Alcon's eye surgery and contact lens portfolio in stages through 2010 for $52 billion from Nestle, only to see it lose ground to competitors as sales and profitability slipped.

In surgical equipment, Alcon competes against Johnson & Johnson, Germany's Zeiss and Bausch in a $9 billion per year market. Rivals in vision care, worth $14 billion annually, include J&J, Cooper and Bausch.

In 2016, a new Alcon head, Mike Ball from Hospira, redoubled research and marketing spending to resurrect revenue, before Novartis chief Vas Narasimhan decided to shed the division.

The last comparable-sized Swiss listing was in 2010, when oil driller Transocean floated on the same day its Deepwater Horizon rig exploded in the Gulf of Mexico.

(Editing by David Holmes)

By John Miller and Paul Arnold


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
ALCON INC. -0.07% 57.86 Delayed Quote.5.80%
ARYZTA AG -4.00% 0.666 Delayed Quote.-39.00%
BAUSCH HEALTH COMPANIES INC. -4.78% 24.11 Delayed Quote.-37.97%
DEERE & COMPANY -0.13% 261.62 Delayed Quote.51.19%
JOHNSON & JOHNSON 0.47% 144.68 Delayed Quote.-0.82%
JULIUS BÄR GRUPPE AG 0.61% 52.76 Delayed Quote.5.03%
JUST GROUP PLC 0.44% 56.6975 Delayed Quote.-29.11%
LETS HOLDINGS GROUP CO., LTD. -1.52% 9.08 End-of-day quote.50.33%
LOOK HOLDINGS INCORPORATED -6.51% 976 End-of-day quote.-22.04%
NOVARTIS AG 1.49% 81.38 Delayed Quote.-10.48%
SGS AG 0.04% 2574 Delayed Quote.-2.34%
SMI -0.24% 10457.87 Delayed Quote.-1.32%
SWISS RE LTD -0.86% 83.96 Delayed Quote.-23.62%
THE GLOBAL LTD. 6.25% 289 End-of-day quote.-38.64%
VISION INC. -1.62% 1156 End-of-day quote.-36.20%
WILL GROUP, INC. -3.36% 979 End-of-day quote.-21.81%
All news about ARYZTA AG
01:00aARYZTA : Q1 Revenue Update
AQ
11/24ARYZTA : New Chief Restructuring Officer and Chief Transformation Officer appoin..
AQ
11/24ARYZTA : Elliott Advisors Letter
AQ
11/24ARYZTA : 2020 AGM Invitation
AQ
11/23ARYZTA : notes the statement by Elliott Advisors
AQ
11/23Elliott Advisors proposes to acquire Aryzta for 0.80 Sfr per share
RE
11/19ARYZTA : Leadership Changes at ARYZTA
AQ
11/12ARYZTA : Board of Directors appoints financial advisers
AQ
11/11ARYZTA : Board of Directors proposes election of three additional candidates at ..
AQ
11/06ARYZTA : announcement regarding AGM
AQ
More news
Financials
Sales 2021 2 863 M 3 429 M 3 429 M
Net income 2021 -113 M -135 M -135 M
Net Debt 2021 1 320 M 1 580 M 1 580 M
P/E ratio 2021 -5,54x
Yield 2021 -
Capitalization 603 M 722 M 722 M
EV / Sales 2021 0,67x
EV / Sales 2022 0,49x
Nbr of Employees 15 213
Free-Float 99,7%
Chart ARYZTA AG
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Aryzta AG Technical Analysis Chart | ARYN | CH0043238366 | MarketScreener
Technical analysis trends ARYZTA AG
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 0,59 €
Last Close Price 0,61 €
Spread / Highest target 36,6%
Spread / Average Target -3,01%
Spread / Lowest Target -53,1%
EPS Revisions
Managers
NameTitle
Kevin E. Toland Chief Executive Officer
Irishman John Heffernan President & Chief Commercial Officer
Urs Jordi Non-Executive Chairman
Frédéric Pflanz Chief Financial Officer
James B. Leighton Independent Non-Executive Director
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