Tubize Financiere Model Update: We raise our TP to €135.0
Since the start of year, UCB has rallied 53.5% from €79.2 to €121.0+ thanks to positive momentum on Bimzelx' commercial uptake. UCB has entered a new growth phase as it turns the page on the loss of exclusivity of several of its mature assets. The new chapter will focus strongly on five growth drivers: Bimzelx, Rystiggo, Zilbrysq, Fintepla and Evenity. Jointly, these assets could deliver significant topline growth and margin improvements in the coming years – we updated our model and raised our UCB TP to €143.0. While Tubize has risen 31.9% during the same time period, it has lagged UCB and as a result, discount has widened to and stayed at ~50.0%+. This is much higher compared to the 2yr and 5yr average discounts, both of which are 41.5%. After having updated our model for the new UCB TP and incoming/outgoing dividends, we maintain our BUY rating and increase our TP from €102.0 to €135.0.Financiere de Tubize SA is a Belgium-based holding company. The Company holds minor capital in UCB SA. UCB is a Belgian pharmaceutical and specialty chemical company that specializes in two therapeutic areas: diseases of the central nervous system (CNS) and immunology. UCB, together with its subsidiaries, has research and development facilities in Belgium, Germany, Japan, the United Kingdom and the United States.
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