Bankinter S.A. - PANGAEA ONCOLOGY: Focusing of what is important (Bankinter Securities)

Report

Bankinter S.A.

Javier Hombria

EUR 10.00 For Business Accounts Only

PANGAEA ONCOLOGY: Focusing of what is important (Bankinter Securities)

Price target changed after capital increase.
We have updated our target price from €3.58 / share (pre-capital increase) to €2.63 / share. This reduction comes on the back of lower estimates and the increased number of shares. We maintain our Buy recommendation with an upside potential of 10%. There are two main risks 1) the positive impact on the P&L of the measures undertaken will not be seen until later in the year, as the increase of key performance indicators translates into P&L performance, and 2) investors could prefer to “wait and see” for these results to effectively asses that management is on the right track.

12/09/2018 15 EN

Provider

Bankinter S.A.

Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.

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Analysts

Javier Hombria

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PANGAEA ONCOLOGY: Focusing of what is important (Bankinter Securities)

Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies

Reig Jofre: EBITDA increased +43% in 1Q20 fuelled by sales (+26%) and a higher EBITDA margin

Reig Jofre: EBITDA (adj.) +17% in 2019 and guidance is 2x in a five-year plan

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