Rastreando Valor

viernes, 8 de agosto de 2025

jueves, 7 de agosto de 2025

Ozempic vs Wegovy (Novo Nordisk)

Dividendos de Novo Nordisk ⬇️⬇️

According to Nordnet (Denmark’s largest online broker), $NVO remains the most actively traded stock among Danes, even after losing over DKK 450 B in market value following a profit warning and CEO change.

Instead of selling, Danish investors turned it into a buying opportunity:

• On July 29, there were 10 buyers for every seller

• Over 19,700 new Novo investors joined on Nordnet in just one week, bringing the total to 248,617

domingo, 27 de julio de 2025

United Health by JP Morgan

JP Morgan on $UNH

Investment Thesis

UNH occupies a unique position within the U.S. healthcare delivery system, not only as a dominant payor of scale (in commercial, Medicare, and Medicaid markets), but also as a large and growing presence in local care delivery (physicians and ambulatory via OptumHealth), scale in pharmacy benefits management (OptumRx), and a fast-growing HCIT/consulting/ RCM business leveraging its own data warehouse (Optuminsight).

Despite its large size, we believe UNH can deliver double-digit earnings growth while returning capital to shareholders over the next three to five years.

Perhaps more importantly, we believe the movement under way to shift the U.S. healthcare reimbursement model away from fee-for-service will disproportionately benefit payors over providers.

Valuation

We are establishing a December 2026 price target of $418, which is based on a 16.5x P/E multiple (unchanged versus our previous December 2025 price target) applied to our 2027e adj. EPS of $25.35.

We appreciate that 16.5x reflects a premium to UNH's current valuation; however, we continue to believe that UNH's unique scale and offering warrant a premium to the broader MCO group and we believe that as the company progresses through 2025/2026 some of the uncertainty around cost trend should subside.

We believe over time UNH should trade at a premium due to attractive top- and bottom-line growth profiles, along with reduced variability of its earnings vs. the SPX.