Swedish Orphan Biovitrum (Buy, TP: SEK264.00) - Slow and steady wins the race
We expect negative sales and EBITA growth YOY in Q4, as the pandemic’s effects continue to bite. Besides Elocta performance, we believe focus will be on the new 2021 guidance. We have cut our 2021–2022e EPS by c17–29% to reflect investments that should lay the foundation of future growth. We have now included the two most recent acquisitions in our valuation, and believe 2021 could be a turnaround year for the stock. We reiterate our BUY and have raised our target price to SEK264 (259).Swedish Orphan Biovitrum AB is a healthcare company focused on rare diseases. Co. develops, manufactures and commercializes treatments with a particular focus on four therapeutic areas: Inflammation, Genetics & Metabolism, Haemophilia and Neonatology. Co. also markets a portfolio of rare disease products for partner companies. Co.'s pipeline programmes include research and development focused on recombinant protein drugs in late preclinical and clinical phase for indications.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.