Swedish Orphan Biovitrum (Hold, TP: SEK181.00) - Bid falls short – uncertainties remain
On Friday, the Advent-led offer was withdrawn, having fallen short of the acceptance level of at least 90%. The stock tumbled 24% and is back at pre-offer levels. The offer has likely not mitigated the market’s previous lack of confidence in Sobi; if anything, it has added to it as the commitment of the BoD and main owners may come into question. We have reverted to multiples-based valuation, now based on a 2023e EV/EBITDA of c8.5x, have cut our target price to SEK181 (235), and reiterate our HOLD.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.