Edison Investment Research - Abzena (ABZA) - Disappointing trading update but outlook positive

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Edison Investment Research

Dr Linda Pomeroy

- Disappointing trading update but outlook positive

Abzena announced a disappointing business update, indicating revenues for each of its service lines have been below expectations. This has an impact on H118 revenues, which the company now expects to be broadly in line with H117. Abzena has, however, indicated that there is good order cover and high engagement for new business and therefore expects H2 to be significantly stronger. We have reduced our forecasts and valuation to £110m (vs £160m) or 52p/share (vs 75p) following a review. A solid update at the interims (in November) is important in order to give confidence in its growth strategy and route to profitability.

20/09/2017 3 EN

Underlying

Abzena

Abzena is providing a range of complementary services and technologies for the selection, development and manufacture of biopharmaceuticals.

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GB00BN65QN46 United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Dr Linda Pomeroy

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