We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
BUSINESS ACCOUNT
Access reports individually or via Subscription
Receive monthly invoices with payment via CSA or hard dollars
Analyst access
Free Trial Subscriptions
Team account with shared subscriptions
Advanced analytics to track research consumption and performance
Whitestone's NAV almost tripled in size over H1 from EUR 34.4m to EUR 99.7m at June 30.The majority of the immense growth is thanks to two capital raises with in total EUR 59.7m raised.The remainder of the growth comes from the solid performance in the portfolio (+EUR 6m).The company still has more than EUR 20m in cash available to deploy, even after its most recent investment in Lambda X Ophtalmics.We estimate today's NAV at EUR 14.5 p/s implying a discount of 16.5%. Our TP moves to E...
*OPM reported the final results of its Ph1 study with RIPK2 inhibitor ‘OPM-101'. Ph1b/2a expected to launch early 2025.*While results look highly encouraging, with strong safety data and no cardiac toxicity, we await clarity on the Ph1b/2a trial protocol and pursued indication.*Our rNPV-based valuation takes into account estimates related to OPM-101 and OPM-201 and does not factor in the potential dilutive impact of any future capital raises. Discovery/preclinical-stage programs are conside...
Encouraging underlying trend in H1-24Cabka's H1 results showed encouraging underlying trends, despite headwinds from declining raw material prices and clearly weaker demand in two segments. Management confirmed its guidance for an EBITDA-margin of 13-15% (2023: 12%), with ongoing growth in the strategic segments. Buy with EUR 4.60 target priceBased on the peer group comparison (EUR 4.40) and DCF (EUR 4.80), we come to a target price of EUR 4.60. We also apply a rating to Cabka for the first...
*Recently, OPM provided an H1 update, most notably confirming Ph1b/2a commencement with OPM-101 end of 2024/early 2025. *Furthermore, the company indicated that the Ph1 for Parkinson's disease with OPM-201 is wrapping up soon - we expect results in H1 2025 (10% TP upside) – with Servier preparing for a follow-up Ph1b/2a study which is likely to trigger a milestone payment and consequently strengthen OPM's cash position (which stood at close to EUR 10m end of June).*Based on an updated ...
