Changes of recommendationsIK “ the Renaissance the Capital “ has renewed illumination “ the Chemist`s network 36,6 “ having raised the recommendation with to hold to to buy with recommended by $53,8 (earlier - $40). A number of factors, first of all expansion to a new segment of the market - medical services which will promote a diversification of incomes and growth consolidated EBITDA became the reason of revision of the recommendation. It became possible after acquisition of the European medical centre (EMC) which indicators join in the reporting of the company since July, 2006. By data “ 36,6 “ it will increase incomes following the results of a year by $20 million and EBITDA - on $4 million Besides, in September “ 36,6 “ declared purchase of four regional pharmaceutical networks (162 drugstores) which can increase a gain by $95 million
Analyst IK “ the Three Dialogue “ Michael Terentyev ( to buy , $56,06) notices that the company is the obvious leader in pharmaceutical sector, however “ fast growth badly affects profitableness of the company “. In its opinion, “ before new shops will start to make due profit, it is necessary for them rastorgovatsja “. Besides, he marks fears “ delays of rates of increase of consumption in pharmaceutical sector “ which will occur “ not tomorrow, but it is fast “. However, “ the Chemist`s network 36,6 “ remains rather attractive, as “ a number of the foreign companies declared desire to get at us similar actives, and we consider this company as the most probable applicant for absorption “.
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