Wedbush Morning Call - Aug 13 2025 7:00AM

Morning Notes : DECB BB, SHUR BB, AUTL US, PHVS US

: DECB BB, SHUR BB, AUTL US, PHVS US

Ascencio 3Q25 trading update: results bang in line

Ascencio reports its 3Q25 trading update (June-end) in line with our estimates. The dividend guidance of at least €4.30 is repeated. We believe an increase to €4.40 over the FY25 result is likely. In 1H25, Ascencio flagged a tougher retail market with the Casa and Cora restructuring. There are also some recent headlines on Krefel which represents 1.9% of the contractual rents (no direct impact). The fair value of the portfolio is flat which is in contrast with other quoted retail RE peers. We don't believe there is a risk for the dividend given the low payout ratio and EPRA earnings above our ...

Autolus 2Q25 confirms the strong Aucatzyl US launch, EU launch put on hold

Yesterday before US market open, Autolus reported 2Q25 Aucatzyl sales of $20.9m, coming in above expectations (CSS: $13.4m). 1H25 sales of $29.9m implies 66 infused patients (i.e. approx. 6% market share), and points to a stronger than anticipated launch, which means our KBCS FY25 sales estimate of $43m is looking on the low end. Despite the strong US performance, the stock took a hit, likely due to the EU launch being put on hold, though we think this could protect the US business from an MFN perspective until there is more clarity. We reiterate our $10 TP and Buy rating.