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    600196   CNE000000X38

SHANGHAI FOSUN PHARMACEUTICAL (GROUP) CO., LTD.

(600196)
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Shanghai Fosun Pharmaceutical : Stada lifts forecasts after telling suitors to raise bids

03/17/2017 | 06:48am EDT
Logo of the pharmaceutical company Stada Arzneimittel AG is pictured at its headquarters in Bad Vilbel

FRANKFURT (Reuters) - German drugmaker Stada (>> STADA Arzneimittel AG), at the centre of a takeover battle between two private equity consortia, has raised its medium-term forecasts, pressing for a higher valuation after telling suitors their 4.7 billion euro (4.04 billion pounds) bids were too low.

FRANKFURT (Reuters) - German drugmaker Stada (>> STADA Arzneimittel AG), at the centre of a takeover battle between two private equity consortia, has raised its medium-term forecasts, pressing for a higher valuation after telling suitors their 4.7 billion euro (4.04 billion pounds) bids were too low.

Anticipating growth in its core generics business and additional cost savings the company now expects adjusted earnings before interest tax, depreciation and amortisation (EBITDA) to come in at between 570 million euros and 590 million in 2019.

Previously the company had said it expected adjusted EBITDA to reach about 510 million euros by then.

The takeover battle for Stada pits a combination of Advent and Permira against Bain and Cinven. Both have now made takeover offers at 58 euros per share, valuing the company at 4.7 billion euros including debt, according to people familiar with the matter.

However, Stada abruptly postponed the bidding process on Thursday evening to give the rival suitors a chance to improve their offers.

It denied reports that it wanted give a potential third consortium comprising a buyout group and a strategic investor time to enter the process.

Reuters has also reported that China's Shanghai Fosun Pharmaceutical (>> Shanghai Fosun Pharmaceutical (Group)) is looking into entering the bidding tussle, potentially siding with an investor such as CVC.

Stada shares traded 0.6 percent lower at 56.5 euros by 1135 GMT and analysts warned of a risk of the bidding fizzling out.

"Stada is playing a risky game in our view... In a worst case scenario, even as it is unlikely in our view, the bidders could withdraw from the bidding process," brokerage Warburg said in a research note.

Increasing bids further without tying up with a strategic investor, who would be able to realise potential synergies, is seen as challenging for the buyout groups, analysts said.

"The indicative offers, which are said to amount to 58 euros plus dividend, are likely to already widely reflect the increased targets. Therefore, we would not expect the bids to be increased substantially," said Thomas Maul, analyst at DZ Bank.

Stada also said that it expects 2019 adjusted group sales of between 2.65 billion euros and 2.7 billion, up from a previous outlook of about 2.6 billion euros, and adjusted net income at between 250 million euros and 270 million.

($1 = 0.9284 euros)

(Reporting by Arno Schuetze and Harro ten Wolde; Editing by Keith Weir)


ę Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
SHANGHAI FOSUN PHARMACEUTICAL (GROUP) CO., LTD. 6.25% 74.75 End-of-day quote.38.45%
STADA ARZNEIMITTEL 0.00%End-of-day quote.-8.87%
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Financials
Sales 2021 40 257 M 6 236 M 6 236 M
Net income 2021 4 253 M 659 M 659 M
Net Debt 2021 15 917 M 2 466 M 2 466 M
P/E ratio 2021 44,1x
Yield 2021 0,70%
Capitalization 181 B 28 023 M 28 026 M
EV / Sales 2021 4,89x
EV / Sales 2022 4,33x
Nbr of Employees 32 258
Free-Float 58,8%
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Shanghai Fosun Pharmaceutical (Group) Co., Ltd. Technical Analysis Chart | 600196 | CNE000000X38 | MarketScreener
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Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 74,75 CNY
Average target price 57,08 CNY
Spread / Average Target -23,6%
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Managers and Directors
Xiao Hui Guan Executive President & Chief Financial Officer
Yu Qing Chen Co-President
Ke Xin Wang Co-President
Dong Ming Li Co-President
Yi Fang Wu Chairman