Optimistic forecast for Hungarian pharma securities
2010-02-09
Two Hungarian drug manufacturers, Gedeon Richter and Egis, are considered as potential top picks for stock investors in the Central and Eastern Europe (CEE) region, according to latest analysis of Erste, a private equity group, quoted by the Hungarian News Agency Corporation (MTI).
The Erste analysts believe that the leading pharmaceutical manufacturers in CEE, including Gedeon Richter and Egis, are well placed to achieve solid financial results this year. In their opinion, the export-oriented Hungarian pharmaceutical industry will no longer depend on the weakening forint as it happened in the previous year, and the stabilisation of Hungarian currency will result in the termination of fluctuations of the financial results of the drug markers. The positive recommendation is also premised on an anticipated improvement in macroeconomic conditions in Hungary, which is to have a positive effect on the sales of pharmaceutical firms.
Thus, Gedeon Richter’s target share price has been raised by Erste to HUF 48,200 (€176) per share and Egis’s – HUF 21,755 (€79), which respectively represents growth of 5% and 4% in comparison to the previous price.
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