Fin. de Tubize - H1 2023: Showing confidence in FDA approval UCB
H1 NAV came in at EUR 126.8 p/s, up 10% YTD (FY22: EUR 115.2)Fin. de Tubize bought ~650k UCB shares over H1 at an average price of EUR 79.96Main driver of share price in H2 will be news regarding FDA approval of BimeWe estimate today's NAV to be EUR 124.5 p/s, implying a discount of 42.9%. Investors trying to make a short term play on UCB regarding Bime should better invest in UCB directly whereas long term investors are better off investing in TubizeOur TP moves to EUR 94.6 (vs. EUR 92.9 before) which is based on our EUR 93.1Financiere de Tubize SA is a Belgium-based holding company. The Company holds minor capital in UCB SA. UCB is a Belgian pharmaceutical and specialty chemical company that specializes in two therapeutic areas: diseases of the central nervous system (CNS) and immunology. UCB, together with its subsidiaries, has research and development facilities in Belgium, Germany, Japan, the United Kingdom and the United States.
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