Swedish Orphan Biovitrum Minor model adjustments
We have updated our estimates following the Q3 results. We do not consider these changes to be material, and we have not changed our HOLD recommendation. We are broadly in line with 2021–2023 consensus on revenues and EBITA and our forecast is at the upper end of the full-year 2021 guidance (revenues of SEK14.5bn–15bn and EBITA margin of 33–35%). We reiterate our SEK235 target price, in line with Advent’s cash offer. We still see a high likelihood of a successful takeover at – or slightly above – the offer. The acceptance period for the offer expired yesterday and Advent has not yet issued a statement on the outcome.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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