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CR Bard Inc. Message Board

  • chickbull chickbull Aug 4, 2005 11:48 PM Flag

    Comments from McDonald Investments

    We spoke to BCR management and we believe this a non-issue for the Company for the following two reasons:
    � There were no citations of any field problem with the use of BCR�s product, Fluency. Therefore, any problems in the field relate to competitors� products.
    � We estimate that BCR�s sales of Fluency for the indication mentioned are under $5 million annually, out of total company sales of about $1.8 billion.
    We reiterate our AGGRESSIVE BUY (1) rating. Our $85 price target is based on a 40% premium P/E to the S&P 500 based on forward 12-month EPS. This is below the 10-year historic P/E premium of 50% of a market basket of medical device companies, including MDT, BSX, GDT and IART.
    The primary risk that could impede the stock from reaching our price target is product development. In order for BCR to maintain or expand its P/E, the Company will need to successfully move forward its development projects. This is a generic risk for all medical technology companies; nevertheless, many of the products� technology and regulatory intensity are in excess of those products now marketed by BCR. The development risks are thus higher, as would be the commiserate rewards should the products reach market. � Robert Goldman

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