President, Vision Research

Robert C Prather Jr

Vision Research LLC (founded in 2011) is an independent equity research firm using fundamental analysis to help investors avoid risk & profit from structurally challenged equities. The research is focused on US & European equities. Primary sectors include consumer, TMT and industrials.  Team background includes 3 CFA Charter holders, 2 Certified Public Accountants, global L/S experience, TMT credit experience, management consulting, software engineer, and long biased international equities.

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

Equity Bottom-Up

<p>Galenica is facing annual pricing pressure from regulatory measures surrounding drug prices, increasing competition in retail pharmacy from online entrants (some of which have also started adding a physical presence), and headwinds in beauty and personal care categories from online retailers.  Despite these headwinds, short interest is less than 1% and shares are trading in line with historical averages at more than 20x Fwd P/E.</p>

Galenica is facing annual pricing pressure from regulatory measures surrounding drug prices, increasing competition in retail pharmacy from online entrants (some of which have also started adding a physical presence), and headwinds in beauty and personal care categories from online retailers.  Despite these headwinds, short interest is less than 1% and shares are trading in line with historical averages at more than 20x Fwd P/E.

Galenica AG(GALE SW):Limited Growth Prospects & Structural Headwinds For This Wholesaler/Retailer