04-27-2015, 06:04 PM
I would take a good look at Sanofi (SAN in France or SNY in the US). I first started looking at them because of their strong presence in the diabetes market and ended up buying a large position. The DGR is a little weak but the yield is over 3% and the stock is a good value. They have a lot of depreciation of intangibles from past acquisitions that counts against the bottom line, but in fact their operating earnings are higher; i.e. the P/E and payout ratios are lower than they appear on a cash flow basis.