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High course target – Straumann crossover ahead of another course? | News

Wednesday, September 6th, 2017 | Economy

With a Kursplus of 55 percent since the beginning of the year, the dental implants manufacturer Straumann on the Swiss stock exchange is high on the list of winners. This figure does not include the dividend paid to the shareholders in mid-April. This means that the share is far behind the 13 percent higher Swiss Performance Index.
With a price-earnings ratio (KVG) of 35 on the basis of the next-year consensus maintenance, the stock is no longer a bargain. Double-digit growth rates, as regularly achieved by the company from Basel in the last few years, have just been paid by the investor.
However, the author of a company study by Bank of America Merrill Lynch does not refrain from making a 180-degree turnaround. After having recommended the Straumann stock since July last year with "Underperform", she graded it surprisingly by two steps on "Buy".
Entry into the orthodontic orthodontics awakens growth fantasies
There is also a strong upward trend for the price target. After an increase in future profit estimates of up to 18 percent, it is now 715 (previously 393) francs.

Impressive high-flying of the Straumann share since September 2012 (Source: www.cash.ch)
The analyst, who is active for the American investment bank, is particularly optimistic about the recently announced move into the orthodontics market. Straumann is able to make this step of $ 150 million.
A clumsy, considering that experts estimate the market volume to 8 billion dollars annually. If Straumann is able to chase market shares of up to 20 percent over the next two years, the shares of the Bank of America Merrill Lynch are even likely to make a move up to CHF 1,000.
Earlier major shareholders have a look
The company would then be valued not only with a P / E ratio of 35 but more than fifty times the expected profit for the coming year.
Whether these very optimistic assumptions arrive or not: Previous major shareholders already have quite clearly the look.
Key figures at a glance:
2017 *
2018 *
Org. Sales growth
14.7 percent
11.8 percent
Operating margin (EBIT)
25.9 percent
26.9 percent
Price-earnings ratio
dividend yield
0.7 percent
0.7 percent
(Source: Bank of America Merrill Lynch, estimates)
For example, Straumann finances the strategic acquisitions in orthodontics (ClearCorrect) and in digital dental medicine (DentalWings, RapidShape) with the sale of 432'665 titles from its own stock. In August 2016, Straumann had acquired a total of 376 Swiss francs in the course of a reduction in the share capital by the GIC.
As has been known for a few hours, these stocks were placed at 600 francs each by new investors from Tuesday to Wednesday.
In 2012, GIC entered the Basler Group with a 14 percent stake, which was then taken over by a company founder Thomas Straumann. If the Straumann share then cost just under 100 francs, today it is more than 600 francs.


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