Nord Star Pharmashare EBITDA grew 52% yoy in 2009
11 February 2010
Nord Star Pharmashare / Darnitsa (FSE: 4SI1 GR) released its preliminary 2009 financial results at a meeting with investment analysts yesterday: net sales declined 10% yoy to USD 72 mln, while its EBITDA grew 52% to USD 41 mln (EBITDA margin of 56%). Nord Star’s management said the company was targeting sales of USD 90 mln in 2010 (up 25% yoy) and an EBITDA margin at no less than 50%. Andriy Gerus: The company’s net sales were 6.5% below our expectations while EBITDA was 11.4% above our forecasts. We confirm our BUY recommendation with a target price of USD 5.4 (EUR 3.6) per share. If you are interested in receiving a copy of the management presentation from yesterday, please contact our sales desk.
