INVEST SECURITIES - Valneva : Peu de newsflow significatif en 2018 - NEUTRE ; OC 3,6 € vs 3,8€
Suite à la publication des résultats 2017, nous actualisons notre modèle. Les différentes modifications apportées (ajustement à la hausse des dépenses R&D notamment) nous conduisent à ajuster notre OC de 3,8€ à 3,6€. Nous ressortons aujourd'hui en bas de fourchette de la guidance 2018. En effet, bien que la tendance positive observée en fin d'année (EBITDA positif) soit confirmée cette année (6m€ att vs guidance entre 5/10m€), nous maintenons à ce stade notre recommandation à NEUTRE.Valneva, together with its subsidiaries, is focused on vaccine development and antibody discovery. Co. generates revenue from both its marketed product, a vaccine for the prevention of Japanese encephalitis (IXIARO®/JESPECT®), commercial partnerships around a portfolio of product candidates and licensed technology platforms (EB66® cell line, VIVA,Screen antibody discovery technology, and the IC31® adjuvant) developed by Co. Related business activities include product research and development, regulatory and clinical activities, manufacturing of commercial product and advanced clinical product candidates, as well as administrative, corporate development, and marketing and sales activities.
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Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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