Original-Research

Clinuvel Pharmaceuticals Ltd (von Sphene Capital GmbH): Buy

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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: 01.03.2019
Kursziel: AUD 58,40 (bislang AUD 32,70)
Kursziel auf Sicht von: 24 Monate
Letzte Ratingänderung: -
Analyst: Peter Hasler

There is so much more than the FDA approval

Clinuvel reported its H1/2018/19 report (30/06) this week. Revenues (AUD 9.0 million, +27.0% YoY) came in below our expectations despite positive currency effects. Since total expenses (AUD 5.7 million) were below last year's level mainly due to lower costs from general operations, operating profit almost tripled to AUD 3.3 million from AUD 1.2 million in H1/2017/18, and EBIT margin more than doubled to 36.7% from 16.7%. During the following months we expect a steady positive news flow from Clinuvel. Following the strong outperformance of the shares since initiation of our research coverage (+197.6% vs. ASX 200 +1.1% and DAX -13.8%), we have adjusted our valuation methodology. Contrary to our previous method, we have now included additional medical indications, even with the lowest possible penetration rates. We therefore consider our valuation a worst- case scenario. Notwithstanding our rather conservative approach, we calculate a base-case scenario equity value of AUD 2,788.7 million or AUD 58.40 (previous AUD 32.70) per share; a Monte Carlo simulation calculates bear and bull case scenario equity values of AUD 84.80 and AUD 32.10 per share, respectively. In light of an expected 24 months price potential of 126.9%, we reiterate our buy rating for the shares of Clinuvel.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/17623.pdf

Kontakt für Rückfragen
Peter Thilo Hasler, CEFA
[phone]/ [phone]
[e-mail]

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.

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Rating: Buy
Analyst: Sphene Capital
Kursziel: 58,40 Euro