and soft comps at Kabi.
IIValuation is undemanding at 20x 18E P/E, in line with ... positive catalysts to come.
— New product launches at Kabi should surprise to the upside.
—
Qironsalud
integration is progressing smoothly
— Helios Capital Markets Day should be reassuring.
Related DB Research:
European ... adequately covered by
reimbursement (e.g.
for dialysis in the US), M&A integration (e.g.
Qironsalud
, Care Coordination
deals)
and/or overpaying for potential future acquisitions, more-than-expected
easing of
drug