BICO GROUP Initiation of coverage BUY, SEK254 Breaking Eroom’s law
We are initiating BICO (STO: BICO) with a BUY rating and a target price (TP) of SEK 254. BICO is a commercial MedTech company (SEK1.26Bn revenue, 44% organic growth, 2021) with a SEK 11Bn market cap within the attractive Bioconvergence sector. BICO’s strategy revolves around bringing bioprinting, biosciences, industrial solutions, software, and services to the biopharma industry, which needs to i) reduce organ/tissue shortages, ii) streamline the drug development process by enhancing R&D productivity, and iii) solve drug shortages. BICO aims to address this by focusing on four core markets i) tissue engineering (bioprinting; e.g., Cellink), 2) diagnostic, 3) multi-omics, and 4) Cell-line development. In our view, BICO could grow to be one of the preeminent service providers in the healthcare value chain, offering a broad variety of novel and workflow-oriented processes for every lab.
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