Original-Research: Clinuvel Pharmaceuticals Ltd - von Sphene Capital GmbH
Einstufung von Sphene Capital GmbH zu Clinuvel Pharmaceuticals Ltd
Unternehmen: Clinuvel Pharmaceuticals Ltd ISIN: AU000000CUV3
Anlass der Studie: Update Report Empfehlung: Buy seit: 07.09.2018 Kursziel: AUD 32,70 (bislang AUD 31,70) Kursziel auf Sicht von: 24 Monate Letzte Ratingänderung: 25.06.2018 (Rating Buy) Analyst: Peter Hasler
Strong growth in 2017/18 - more to come in 2018/19e
Clinuvel released an excellent set of figures for the FY 2017/18 (30/06) according to the preliminary final report. Revenues and EBIT were up 51.6% and 81.9%, respectively. Latest publications indicate that 1,200 implants were administered in just 57 days, indicating that Clinuvel is poised to further high (potential triple-digit) revenue and profit growth rates in the current fiscal year. Of only minor concern, in our view, is the fact that the FDA requested additional information regarding (1) the product manufacturing and (2) the European post-authorization use of Scenesse. Identifying deficiencies or concerns that appear to have been inadequately addressed in the NDA and requesting additional information in that stage of the application process is usual and should therefore be considered as another step in the review of the submission. In addition, filing review issues like these are certainly distinct from application deficiencies that serve as the basis for a Refusal-to-File (RTF). Following the strong outperformance of the shares since initiation of our research coverage (+66.4% vs. ASX +2.2%), we slightly raise our medium-term DCF entity-model based price target to AUD 32.70 from AUD 31.70 per share (base-case scenario) and confirm our buy rating. Our valuation is based solely on the treatment of EPP. Vitiligo as well as topical and neurodegenerative diseases should represent further substantial long-term upsides.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/16925.pdf
Kontakt für Rückfragen Peter Thilo Hasler, CEFA +49 (89) 74443558/ +49 (152) 31764553 peter-thilo.hasler@sphene-capital.de
-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
