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Subject:  Re: VRX - Some notes from recent news Date:  1/14/2019  8:39 PM
Author:  NajdorfSicilian Number:  26213 of 26255

BHC trading at 7.8x ebitda estimates, ebitda estimated to trough this year.

BHC likely to show LSD organic growth this year. They paid down $1bn of debt last year but still 6.7x net debt which is still very high but unsecured 2025 debt trading at $88-89. [Intermediate debt would be 4-5x]

They replaced some senior sec debt which unsecured debt.

By 2022 their 'Significant Seven' should grow to anywhere from $800m to $1bn in sales.

There is now a new IR slide deck for their JPM conference participation last week.

JPM has an underweight with target of $21, stock is 22.

Execs put in around $6.7m of stock buys at these levels 4 months ago. Stock sold off with everything else in Dec and has rebounded nicely since then.

Bausch Health CEO on eye-care business

Novartis' spin-off of Alcon may bring fresh competition to the eye-care space, but Bausch Health Companies BHC-CA is still its undisputed leader, CEO Joseph Papa argued in a Monday interview with Cramer.

"We think we have the most integrated eye-care company in the world, even including Alcon, because we have the surgical business, we have the prescription business, we have the over-the-counter consumer business and, clearly, we have the Rx business," Papa said.

The CEO said the Alcon deal could even help the stock of Bausch, which changed its name from Valeant Pharmaceuticals to one closer to its leading franchise, Bausch + Lomb, last May.

The resulting company is "going to probably trade at a very high EBITDA multiple, which I actually think is going to be good for the Bausch stock because people will reevaluate the sum of the parts," Papa said.

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