Swedish Orphan Biovitrum (Hold, TP: SEK151.00) - This will take longer than expected
Sobi’s Q1 was yet another disappointing quarter in the market’s eyes. We like the long-term story and see significant underlying value. However, given the negative sentiment and prevailing uncertainties, we struggle to find events that could trigger a revaluation of the stock. Our 2022e EBITA is below consensus, which justifies our neutral view. We have downgraded to HOLD (BUY), and have reduced our target price to SEK151 (191) based on a 2022e EV/EBITDA of c10x.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.
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