$FAE (-1,33 %)

Revenue: €200M (+31%) — beat Renta 4's estimate of €190M (+24.4%)

EBITDA: €48M (+23%)

Net profit: €30.8M (+9%)

Pharma division: €175M (+31%); Animal Nutrition: €22M (+31%)

Strategic molecules: bilastine (leader), calcifediol +19%, mesalazine +12%

Ophthalmology now ~14% of revenue

Critical Read

Growth is mostly inorganic. Edol (June 2025) + SIFI (September 2025) contributed €30M+ in Q1 alone. Underlying organic growth closer to 10–12%

Margin compression is real. Revenue +31% vs. net profit +9% reflects M&A integration and Derio plant relocation costs

Bilastine Japan patent cliff hits in 2026 — management expects other regions/molecules to offset, but this is the thesis, not yet the fact

Q1 EBITDA tracking below the +28/+31% annual guidance — margin expansion has to come in coming quarters

Strategic Plan 2025–2030

Target: double revenue to €1B and EBITDA to €240M by 2030

Implies ~10–12% revenue CAGR, ~15% EBITDA CAGR

Ophthalmology to become ~20% of revenue (Edol + SIFI)

R&D investment rising from 6% to 10% of sales by 2030

SIFI deal: €270M EV plus earn-outs tied to Akantior (orphan drug for Acanthamoeba keratitis) — the asymmetric bet

Valuation

Stock at €4.83; 52-week range €4.10–€5.44; market cap ~€1.5B

Analyst consensus target: €5.30 (~+9% upside); rating Neutral (1 buy, 1 sell)

PE ~19x TTM, dividend yield ~3.8%, payout 50%

Trades like a transition story — neither cheap nor expensive

Key Risks

Bilastine Japan patent cliff (now)

M&A execution / synergies delivery

Akantior commercial ramp in US and Europe

Net debt/EBITDA approaching the 2x ceiling

Solid quarter, not exceptional. Headline +31% flatters underlying organic ~10–12%

If 2030 plan delivers (€240M EBITDA at 12x EV/EBITDA), implied market cap ~€2.5–3B — roughly 2x current

Consensus is Neutral, upside modest in 12 months; real catalyst is multi-year execution

$FAE (-1,33 %)

My portfolio is structured around owning businesses with durable earnings power, conservative balance sheets, and the ability to reinvest capital at attractive long-term returns. $FAE (-1,33 %) fits this framework as a defensive compounder with a clear strategic growth roadmap.

The company has delivered 13 consecutive years of profit expansion, demonstrating earnings resilience across multiple macro cycles. Recent margin pressure is largely attributable to elevated capex and strategic investments, including new production capacity and acquisitions in ophthalmology aimed at scaling future revenues and improving operational leverage. Management’s 2030 targets imply meaningful top-line growth supported by international expansion and margin normalization.

From a fundamental perspective, my thesis rests on three pillars: earnings durability, disciplined capital allocation, and long-term growth visibility. Faes Farma provides portfolio stability while preserving compounding potential, complementing my higher-growth holdings and contributing to overall risk balance. My objective is not short-term price performance, but the accumulation of businesses capable of sustainably compounding intrinsic value.

$FAE (-1,33 %)

Does anyone know the reason behind the current trading suspension of Faes Farma?

The TACO Effect — Live Demo This Week (Jan 19–22, 2026)

TACO stands for "Trump Always Chickens Out" — market shorthand for a recurring pattern where aggressive policy announcements trigger sharp selloffs, followed by swift reversals when threats get diluted or postponed. Traders who recognize the cycle start fading the headline risk and buying the dip.

This week delivered a textbook case, compressed into four trading days.

Monday (Jan 19): Risk-off on tariff escalation

President Trump announced staged tariffs on eight European nations (Denmark, Norway, Sweden, France, Germany, Netherlands, Finland, UK) — 10% from Feb 1, scaling to 25% by June 1 absent bilateral deals. The reaction was immediate: STOXX 600 dropped 1.2%, S&P 500 and Nasdaq futures fell over 1.2% in overnight trading (US cash markets closed for MLK Day). Safe-haven flows pushed gold and silver to fresh highs.

Tuesday (Jan 20): Sell America pressures accelerate

When Wall Street reopened, the drawdown deepened into a broad global risk-off session. Dow closed down 1.76%, S&P 500 fell 2.06%, Nasdaq dropped 2.39% — the steepest single-day decline since October 10. STOXX 600 gave back another 0.7%. The episode reignited "Sell America" positioning across equities, Treasuries, and the dollar.

Wednesday (Jan 21): The walk-back and reversal

Markets pivoted hard when Trump announced a framework for Greenland discussions and confirmed Feb 1 tariffs would not be imposed. The rally was sharp and coordinated: Dow +1.21%, S&P 500 +1.16%, Nasdaq +1.18%.

Thursday (Jan 22): European relief rally follows through

European markets extended gains as tariff threats were formally dropped and Trump ruled out military action on Greenland. STOXX 600 rallied 1.2%. Volatility compressed modestly, though strategists noted the headline-driven whipsaw keeps uncertainty elevated and positioning defensive.

Why this reinforces my Sell America stance

Yes, the TACO pattern creates dip-buying opportunities — but the volatility itself is exhausting. Each cycle demands constant monitoring, rapid position adjustments, and tolerance for headline-driven drawdowns that can hit hard before the reversal materializes. Frankly, I'm tired of the noise.

This week's whipsaw underscores the cost of overconcentration in US assets tethered to unpredictable policy signals. My allocation has been shifting toward reduced USD exposure, lower sensitivity to Washington-driven volatility, and higher weights in Europe-focused strategies — particularly EUR-denominated funds and European small-cap exposure. Beyond geopolitics, the structural backdrop matters: US fiscal trajectories still point to sustained large deficits, which adds another layer of risk to a US-heavy portfolio.

The TACO trade might work for those willing to stay glued to the tape, but the mental bandwidth it requires isn't sustainable. This is my personal positioning logic, not advice — but I'd rather build around stability than keep chasing reversals.

I'm buying for balancing my portfolio to beta<1 and i picked up these ETF and european small caps :

$IDVY (+0,3 %)

$DTE (-0,86 %)

$EQDS (+0,22 %)

$H50E (+0,65 %)

$NVG (+2,12 %)

$CLAV (-1,62 %)

$FAE (-1,33 %)

Any advice?

#taco
#europe
#usd
#eur
#beta

Entró en mi cartera en octubre de 2023, en la zona de 3 €, como una apuesta deliberada por un laboratorio con historia, estabilidad operativa y un perfil de riesgo muy distinto al de las biotecnológicas binarias. La idea no era buscar un pelotazo puntual, sino incorporar a la cartera un activo capaz de combinar consistencia en resultados con una retribución al accionista que, con el tiempo, pesara en la rentabilidad total.

Lo que ha ocurrido desde entonces es que FAES no solo ha cumplido ese papel, sino que ha sorprendido positivamente: los últimos ejercicios han mostrado crecimientos relevantes en beneficio e ingresos, apoyados en un negocio diversificado que va más allá de unos pocos productos estrella. Esa capacidad de seguir ampliando la base de resultados refuerza la sensación de estar ante un laboratorio maduro que, sin grandes estridencias, continúa generando valor año tras año.

En paralelo, la política de dividendo se ha consolidado como uno de los pilares de la tesis. Con una rentabilidad por dividendo en torno al 3% sobre precios recientes y un pay-out que rota alrededor de la mitad del beneficio, el flujo de caja hacia el accionista es suficiente para que la acción se justifique en una estrategia de “comprar y dejar trabajar”, sin necesidad de movimientos tácticos constantes. Aquí el dividendo no es un complemento cosmético, sino una parte central del retorno esperado.

La fuerte revalorización desde tu precio de entrada introduce, inevitablemente, la tentación de recoger beneficios, más aún en un entorno donde muchas compañías del continuo han tenido trayectorias irregulares. Sin embargo, el binomio entre un negocio que sigue ejecutando, una generación de caja sólida y una retribución estable hace que reducir en exceso la posición pueda significar renunciar a una fuente de rentabilidad calmada y predecible dentro de la cartera.

Por eso, a pesar de las dudas puntuales sobre si consolidar ganancias, la decisión de mantener FAES se sostiene en algo más que la inercia: el valor sigue haciendo exactamente aquello para lo que fue comprado. Mientras el laboratorio conserve su disciplina en resultados y dividendo, la posición no es solo una historia de revalorización pasada, sino una pieza coherente de una estrategia que combina crecimiento moderado con cobros recurrentes.