End of coverage
We will end our coverage as of 31/12/2018 as the free float has dried up after the majority shareholder’s latest offer for the remaining shares. Additionally, the company will be de-listed and the untendered shares will no longer be traded. We believe it is possible that STADA will be re-floated in the years to come. Good luck and good-bye.
28 Dec 18
Strong profitability push
STADA’s Q2 figures show some of the first benefits from its transformation process, and profitability has geared up as well, which was stronger than expected. The graphic guiding from reported sales to adjusted sales still looks weird and clearly needs more explanation.
09 Aug 18
No surprise on FY17 and unchanged outlook
Stada released FY17 results. Sales reached €2,319m (+8%), EBITDA €363.8m (+1%), adj. EBITDA €433.9m (+9%), net income €85.3m (-1%), and adjusted net income €195.6m (10%). The dividend proposed will be only €0.11 (vs €0.72), the group arguing its needs to invest in R&D, new products, technologies and markets to compete. Net debt at year-end 2017 stood at €1,054.7m (vs €1,118.2m a year before and €1,066.3m in Q3. For FY18, the group expects sales of €2,495m (/-5%), adjusted for currency and portfolio effects with an adjusted EBITDA of €515-565m and adjusted net income of €260-290m. For FY19, the group anticipates the same kind of progress (i.e. +/-5%) for all three items.
08 Mar 18
Q3 17 fully in line
Q3 17 results. Revenues reached €554.8m (+9%), EBITDA €99.4m (+12%), adj. EBITDA 109.8m (+12%), operating profit €76.5m (+36%), adj. operating profit €81.7m (+20%) and net income €18.9m (+4%, +33% adjusted). Net debt at the end of Q3 was €1,066.3m (vs €1,118.2m at year-end 2016). The group confirms its FY guidance (revenues €2.28-2.35bn, adj. EBITDA €430-450m, adj. net income €195-205m). At the same time, Q4 should be lower than Q4 due to forex (UK and Russia), seasonal marketing expenses and the situation in Spain.
09 Nov 17
H1 17 results in line; waiting for the offer’s outcome
H1 revenues reached €1,143.2m (+10%), EBITDA €220.9m (+10%), adj. EBITDA 237.7m (+18%), operating profit €141.7m (+3%), adj. operating profit €185.7m (+20%) and net income €90.3m (+10%, +19% adjusted). Net debt at the end of H1 was €1,110.9m (vs €1,094.8m in Q1 and €1,118.2m at year-end 2016). The group confirmed its FY guidance (revenues €2.28-2.35bn, adj. EBITDA €430-450m, adj. net income €195-205m).
03 Aug 17
Back to square one
Nidda Healthcare Holding AG, the acquiring company of Bain Capital and Cinven, announced last night that, as of the expiry of the extended acceptance period on 22 June, 65.52% of the STADA shares outstanding have been tendered under the voluntary public takeover offer made for all the company’s outstanding shares. Consequently, the minimum acceptance threshold (which the bidder reduced from originally 75% to 67.5% on 7 June) has not been reached.
27 Jun 17
Good start to FY17
Q1 17 revenues reached €566.3m (+14%), EBITDA €108.6m (+27%), adjusted EBITDA €108.5m (+18%), operating profit €76.5m (+36%), adjusted operating profit €81.7m (+20%) and net income €49.2m (+66%, +33% adjusted). Net debt at the end of Q1 was €1,094.8m (vs €1,118.2m at year-end 2016). The group confirmed its FY guidance (revenues €2.28-2.35bn, adjusted EBITDA €430-450m, adjusted net income €195-205m). Following a close review of the offer price, the bidders’ (Cinven and Bain Capital) intentions, particularly with regard to employees as well as the conditions of the takeover offer, the Executive Board and Supervisory Board have decided to recommend the acceptance of the takeover offer to Stada’s shareholders.
11 May 17
FY16 OK; doubts on the revised mid-term guidance
Stada released FY16 results, after preliminary numbers issued on 1 March. Final numbers only marginally differ from preliminary ones. Sales reached €2,139.2m (+1%), EBITDA €361.5m (-4%), adjusted EBITDA €398m (+2%), net income €85.9m (-22%). Net debt at the end of FY16 reached €1,118.2m (vs €1,215.7m). The dividend proposed will be €0.72 (vs €0.70). For FY17, the group expects sales of between €2,280m and €2,350m, adjusted for currency and portfolio effects with an adjusted EBITDA of €430-450m and adjusted net income of €195-205m.
29 Mar 17
Q3 16 : roughly in line, despite Russia and the UK
Stada reported Q3 16 figures. Sales reached €507m (-0.1%), EBITDA €88.4m (-11%, -6% adjusted), net income €18.3m (-50%, +4% adjusted). Over 9 months, sales totalled €1,541.7m (+0.5%), EBITDA €289.1m (+3%, +2% adjusted), and net income €100.3m (+11%, +10% adjusted). Net debt at the end of Q3 was €1,187m (vs €1,211.3m at the end of H1 and €1,216m at year-end 2015. The group targets an adjusted net income of “at least €180m” for FY16 (which compares to “a slight growth on FY15” previously, keeping in mind adjusted net income reached €165.8m last year).
10 Nov 16
H1 16: well on track for FY guidance
Revenues were up +1% to 1,037.4m, reported EBITDA +11% to €200.7m (adjusted +7%), operating income +22% to €136.3m (+11% adjusted) and net income +53% to 82m (+13% adjusted). Net debt reached €1,211.3m vs €1,216m at year-end 15. Management confirmed its outlook for FY16, according to which slight growth in sales adjusted for currency and portfolio effects, adjusted EBITDA and adjusted net income is to be expected. Looking further ahead, the group anticipates sales of €2.6bn, adjusted EBITDA of €510m and adjusted net income of €250m within a +/-5% range for FY19.
04 Aug 16
Q1 16: not too bad...
Q1 16 revenues were up 2% to €497.1m (+4% lfl at CER), EBITDA up 7% to €85.2m, adjusted EBITDA down 1% to €92.1m, operating profit up 12% to €56.3m (flat on an adjusted basis) and net income up 40% to €29.6m (+6% adjusted). The group maintains its guidance for the full-year, i.e. a slight growth in sales adjusted for currency and portfolio effects, adjusted EBITDA and adjusted net income.
12 May 16
FY15 in line. Russia still a worry for FY16
Stada released FY15 results. Sales reached €2,115.1m (+3% and +4% on a constant scope and currency basis), EBITDA €377.1m (-10%), adjusted EBITDA €389.4m (-10%), operating profit €223.7m (+19%) and adjusted operating profit €283.8m (-12%), net income €110.4m (+71%) and €165.8m (-11%) on an adjusted basis. Looking into FY16, the group anticipates a slight growth in sales adjusted for currency and portfolio effects, adjusted EBITDA and adjusted net income. Net debt reached €,1215.7m at year-end 2015. Lastly, the dividend proposed will be €0.70 (vs €0.66 last year).
23 Mar 16
Preliminary FY15: no reason to get excited
Stada released preliminary FY15 numbers. Sales are expected to have reached €2,115.1m (+4% at CER and constant scope), EBITDA €377.1m (-10%), adj. EBITDA €389.4m (-10%), net income €110m (+71%) and €165.8m (-11%) on an adjusted basis. The increase in reported net income (€110.4m vs €64.6m) is mainly attributable to far higher impairments in FY14. Net debt is expected at €1,215.7m. The dividend proposed will be €0.70 (after €0.66 in FY14).
29 Feb 16
Q3 15: slowly back to normality
Stada released 9m figures. They show revenues of €1,533.5m (+3%), EBITDA of €281.2m (-4%), and a net income of €89.9m (-9%). Free-cash flow amounted to €10.6m and net debt at the end of Q3 15 reached €1.3bn. The group confirmed its outlook for FY15 ("a substantial decrease in adjusted EBITDA and net income and a net debt/EBITDA ratio of c.3x excluding acquisitions").
12 Nov 15