Merck KGaA: A Good Start, but Still a Show-Me Story

研报英文原文证据摘录

Merck KGaA: A Good Start, but Still a Show-Me Story

Deutsche Bank

Research

Rating Company Date

Hold Merck KGaA 18 May 2026

Forecast Change

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 15 May 2026 (EUR) 117.35

MRCG.DE MRK GR GER MRCG

Price Target (EUR) 125.00

Healthcare

Life Sciences Tools & ADR ISIN 52-week range (EUR) 131.25102.80-

MKGAY US5893391004

Diagnostics

A Good Start, but Still a Show-Me Story

Valuation & Risks

Falko Friedrichs

Takeaway Summary Research Analyst

The Q1 results represented a good start for new CEO Kai Beckmann. However, one +49-69-910-36270

quarter does not make a trend, and management must now demonstrate that

Jan Koch, CFA

consensus earnings—which should move up slightly following the Q1 beat—can Research Analyst

be stabilized and grown without the setbacks that have so often prevented the stock +49-69-910-47428

from outperforming in recent years. For this to happen, the Life Sciences and

Fynn Scherzler

Electronics businesses will need to carry the weight, as the Pharma business is

Research Analyst

likely to continue underperforming and is in strong need of external strengthening.

+49-69-910-40764

Awaiting more clarity on this progress and viewing the current valuation of 15x

2027E P/E as not particularly cheap in a sector context, we maintain our Hold rating. Sachin Gadilingappa

Research Associate

Forecast Changes & Valuation

We have increased our adjusted EPS estimates by 4% for 2026 and 1% for 2027, but Key changes

have cautiously reduced our forecasts for the outer years by 2-3%. Despite these DB EPS (EUR) 7.60 to 7.92 ↑ 4.2%

mixed revisions, our target price remains unchanged at €125, and we maintain our

20,607 to

Hold rating. We value Merck on a sum-of-the-parts (SOTP) basis, which we believe Revenue (EURm) 21,005 ↑ 1.9%