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Equity research : Sanofi SA
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Sanofi SA (“SAN.PA”) é uma empresa francesa líder global no setor da Saúde, envolvida na investigação e desenvolvimento, fabrico e venda de uma gama de produtos no segmento Biofarma, com foco em áreas-chave como: Imunologia & Inflamação, Doenças Raras, Neurologia, Oncologia e Vacinas. A estratégia empresarial da empresa “Play to Win” assenta em quatro pilares: Crescimento, Inovação, Eficiência e Transformação. Sanofi SA tem uma recomendação de COMPRA com risco elevado, com um preço alvo de €142.45/ação no final de 2026, utilizando o método de Fluxo de Caixa Descontado (FCD), representando um potencial de valorização de 47.7% (ou 26.3% anualizado) face ao preço de fecho de €96.54/ação, a 30 de abril de 2025. Outros métodos de avaliação como o Fluxo para o Capital Próprio (FTE), Modelo de Desconto de Dividendos (DDM), Valor Atual Ajustado (APV) e Avaliação Relativa também foram aplicados. Foi ainda realizada uma análise mais aprofundada sobre um múltiplo de avaliação específico (EV/I&D), onde foi efetuada uma análise de regressão. Os principais fatores que sustentam a recomendação de COMPRA são: (1) aumento dos investimentos no pipeline de I&D, com um portefólio diversificado, (2) liderança em imunologia devido ao medicamento blockbuster Dupixent e (3) foco em medidas de sustentabilidade através da estratégia AIR. Os principais riscos considerados são: (1) Riscos Regulatório/Legais/Políticos, (2) Risco de Mercado, (3) Riscos Operacionais, (4) Riscos Ambientais e (5) Riscos Financeiros. O relatório também inclui uma análise de sensibilidade e análise de cenários para avaliar o impacto desses riscos na recomendação e investimento. Este relatório considera toda a informação pública até 30 de abril de 2025.
Sanofi SA (“SAN.PA”) is a French global Healthcare leader, engaged in the research and development, manufacture, and sale of a range of products in Biopharma segment, focusing on key areas such as: Immunology & Inflammation, Rare diseases, Neurology, Oncology and Vaccines. The company’s business strategy “Play to Win” is built on four pillars: Growth, Innovation, Efficiency and Transformation. Sanofi SA has a BUY recommendation with high risk, with a 2026YE PT of €142.45/Share, using a Discounted Cash Flow Method (DCF), representing an upside potential of 47.7% (or 26.3% annualized) against the closing price of €96.54/Share on April 30th, 2025. Other valuation methods such as the Flow to Equity (FTE), Dividend Discount Model (DDM), Adjusted Present (APV) and Relative Valuation were also applied. A further and more in-depth analysis was conducted on a specific valuation multiple (EV/R&D), where a regression analysis was performed. Main drivers behind the BUY recommendation are: (1) increase investments in R&D pipeline, with a diversified portfolio (2) leadership in immunology due to the blockbuster Dupixent and (3) focus on sustainability measures through the AIR strategy. The main risks considered are (1) Regulatory/Legal/Political Risks, (2) Market Risk (3) Operational Risks, (4) Environmental Risks and (5) Financial Risks. The report also includes considerations about the risks that can affect valuation, as well as a sensitivity analysis and scenario analysis to assess the impact of those risks in the investment recommendation. This report considers all the public information available until April 30th, 2025.
Sanofi SA (“SAN.PA”) is a French global Healthcare leader, engaged in the research and development, manufacture, and sale of a range of products in Biopharma segment, focusing on key areas such as: Immunology & Inflammation, Rare diseases, Neurology, Oncology and Vaccines. The company’s business strategy “Play to Win” is built on four pillars: Growth, Innovation, Efficiency and Transformation. Sanofi SA has a BUY recommendation with high risk, with a 2026YE PT of €142.45/Share, using a Discounted Cash Flow Method (DCF), representing an upside potential of 47.7% (or 26.3% annualized) against the closing price of €96.54/Share on April 30th, 2025. Other valuation methods such as the Flow to Equity (FTE), Dividend Discount Model (DDM), Adjusted Present (APV) and Relative Valuation were also applied. A further and more in-depth analysis was conducted on a specific valuation multiple (EV/R&D), where a regression analysis was performed. Main drivers behind the BUY recommendation are: (1) increase investments in R&D pipeline, with a diversified portfolio (2) leadership in immunology due to the blockbuster Dupixent and (3) focus on sustainability measures through the AIR strategy. The main risks considered are (1) Regulatory/Legal/Political Risks, (2) Market Risk (3) Operational Risks, (4) Environmental Risks and (5) Financial Risks. The report also includes considerations about the risks that can affect valuation, as well as a sensitivity analysis and scenario analysis to assess the impact of those risks in the investment recommendation. This report considers all the public information available until April 30th, 2025.
Descrição
Trabalho Final de Mestrado, Finance, ISEG, 2025.
Palavras-chave
Equity Research Valuation; Big Pharma Sanofi SA Equity Research Avaliação de Empresas Grande Indústria Farmacêutica Sanofi SA