BerGenBio (Sell, TP: NOK0.05) - Our concerns remain

While opex fell sharply in 2023 and YOY in Q4, and management maintained the timeline for its BGBC016 study, we remain concerned about a lack of major share-price catalysts ahead of the next needed capital raise. We reiterate our SELL and NOK0.05 target price.

Northern Lights

BerGenBio (Sell, TP: NOK0.05) - Too little before it’s too late

Following the recent rights issue and detrimental terms for the stock, we remain concerned about the company’s ability to produce substantial share-price catalysts during its financial runway (we estimate until 2024e). We struggle to see the current phase Ib/IIa study producing results considered attractive enough for investors ahead of the next needed capital raise. We reiterate our SELL and have cut our target price to NOK0.05 (0.11).

AUSTRIACARD - Acquiring data analytics expertise

AUSTRIACARD has acquired a UK-based specialist in data analytics for €1.6m. This should bolster the group’s digital transformation technologies (DTT) practice and provide a route for LSTech to commercialise its technology. As LSTech is focused on similar verticals as AUSTRIACARD’s DTT business, the deal provides the potential for cross-selling as well as the enhancement of existing AUSTRIACARD solutions.

Brighton Pier Group - Sweating the assets

The popularity of Brighton Pier Group’s (BPG’s) diversified low-ticket leisure offer underpins confidence in a significant bounce back from its FY23 ‘annus horribilis’ as well as in potential benefits from new initiatives, notably a £1 admission fee to the Palace Pier (annually over four million visitors as a free attraction) during key summer trading for non-residents of Brighton. The coincidence in FY23 of harsh weather, train strikes and protracted disruption from a fire near the company’s most important site, the Pier, is surely exceptional and it is testimony to BPG’s resilience that H223...

Borussia Dortmund - London calling

Borussia Dortmund’s Q324 results demonstrated some phasing but it has made good progress year-to-date. The focus of attention now is the team’s progress to the Champions League final for the first time since 2013, having beaten more-favoured (by the bookmakers) and higher-funded teams along the way. Despite being less successful than usual in the Bundesliga, the club will take part in the Champions League next season as well as the revamped FIFA Club World Cup in the summer of 2025, which are all helpful in increasing the club’s global exposure and appeal.