Rankings Pharma & medtech Recordati
Recordati
76
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Tender offer and delisting−6
- Peers−3
- Price above the takeover offer−3
Strengths
- Confirmed guidance and rising margin+2
- Buybacks+1
How the score is built
From 100 to 76, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 52.95 EUR
- Median analyst target
- 56.00 EUR
- Upside to median
- +5.8%
- Analysts
- 8
- Target range
- 51.30 – 71.00 EUR
- 52-week change
- +3%
- P/E (trailing)
- 22.2
- Forward P/E
- 19.3
- PEG
- 1.49
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−5 of −30
- −2ROICROIC 15.4% (TTM) vs 19.5% in 2021 and 16.5% in 2022; the acquisitions of EUSA Pharma and Enjaymo were paid for with debt and have lowered the return on invested capital, though it is still well above the WACC of 6.5%.
- −2Quality of growthSpecialty & Primary Care (about 56% of revenue) grew only about 0.6% organically in H1 2026 and lost the Cardicor licence; the segment's TTM revenue (€1,502m) is lower than in 2025 (€1,537m). All growth comes from rare diseases.
- −1Capital allocationNet debt has risen from €0.76bn (2021) to €1.92bn at 30/6-2026 after acquisitions of product rights for €0.81bn in 2024 and €0.67bn in 2022; net debt/EBITDA 1.9 vs 1.3 in 2021.
Price
Today's multiples against the company's own history and its peers. · 3 findings−7 of −35
- −1Multiples vs own historyForward P/E 19.4 and EV/EBITDA 12.5 are at the bottom of its own history (20.5–28.6 and 12.3–20.9 in 2021–2025); P/FCF 18.2 vs 17.8–24.8. Cheap vs its own history, but the history is a high starting point.
- −3PeersForward P/E 19.4 and EV/EBITDA 12.5 are almost double those of France's Ipsen (forward P/E 9.9, EV/EBITDA 7.1), which also has a large portfolio in rare diseases and specialty medicine.
- −3Price above the takeover offerThe price of €53.00 is 3.3% above the offer price of €51.29 and about 17% above the undisturbed price before the bid (about €45.4 on 25/3/2026); the buyer is today paying for a raise that the consortium has not promised.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−10 of −35
- −6Tender offer and delistingRespighi BidCo (CVC Fund IX and GBL) is bidding 51.29 € with a view to delisting; Rossini (46.82%) has committed to tender its shares, and the offer period ends 15/10-2026. If the bid succeeds, the stock disappears from the exchange at a price below today's share price; if it fails (below 66.67%), there is a risk of a fall towards the unaffected price.
- −2US price regulation and tariffs2026 guidance and the 2027 targets explicitly exclude the effect of US tariffs and MFN pricing, while growth is now driven by the US (Isturisa +58% due to new patients in the US).
- −2Product concentrationIsturisa (€178.8m in H1, +58%) and Enjaymo (€91.0m, +31%) account for most of the group's growth; Isturisa alone is about 13% of revenue, and the peak sales target has been doubled to €1.2bn, so expectations rest on one product.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Confirmed guidance and rising marginEBITDA rose 8.8% in H1 2026, and the EBITDA margin rose from 37.5% to 38.3%; guidance for 2026 (revenue €2.73–2.80bn) and the 2027 targets (revenue €3.0–3.2bn) were confirmed despite about 3.5% currency headwind.
- +1BuybacksDividend (€273m) and buybacks (€120m) are below FCF of €600m (TTM); the dividend has been raised 13 years in a row, and the share count has fallen 0.14% over a year.
Caveats
What the score does not capture, or where the data is weak.
The price is driven by the CVC/GBL consortium's (Respighi BidCo) voluntary tender offer at €51.29 per share with a view to delisting; the offer period runs 31/8–15/10/2026 with payment on 23/10, and the price (€53.00) reflects the offer and speculation in a raise rather than fundamentals. The stock may be delisted before the score is used. Reported EPS (€2.38 TTM) is markedly below adjusted EPS (about €3.1–3.2) due to amortisation of intangibles from acquisitions; stockanalysis' forward P/E 19.4 and the forecast's 2026 P/E 16.6 are based on different EPS bases. Price targets were last updated 31/7 and partly predate the offer's final terms – not used as a finding. Guidance for 2026 and targets for 2027 exclude the effect of US tariffs and MFN pricing. Isturisa's patent expiry has not been examined. Insider trading not examined beyond the consortium's own purchases.
Also in Pharma & medtech
The highest scores in the same industry.
