Mylan N.V. (MYL +3.3%) perks up on below-average volume on the heels of a presentation this morning at JPM20 by Executive Chairman Robert Coury that focused Viatris, its planned combination with Pfizer’s (PFE +1.3%) Upjohn unit that is expected to close mid-year. Key points:
Target leverage no greater than 2.5x.
Dividend will be at least 25% of free cash flow (2.7 – 3.9% yield).
Estimated 2020 EBITDA margin of ~40% which could translate into a share price of $37 – 50 at a 10x multiple (on par with Perrigo, Hikma and Amneal), implying a potential upside of 68 – 127%.
Expected to achieve ~$1B in cost synergies by the fourth year.
Targeting ~$3B in revenue from products launched by year 4.
#JPM20
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.