Tubize Financiere Model Update: We raise our TP to €164
We updated our model to incorporate our new €173.0 TP for UCB (vs. €161.0 previously) post a capital markets call held by the company on 30th September'24. Both UCB and Tubize have experienced a spectacular rally during 2024 and, on a YTD basis, have returned ~110.0% and ~86.0% respectively. The rally was mainly driven by the investor confidence in the launch of flagship product ‘Bimzelx' and UCB successfully launching Rystiggo and Zilbrysq for the neuromuscular disease myasthenia gravis. We believe that both these advancements mark the start of a new growth phase for UCB. Currently, we estimate NAVps and TEVps to be €260.9 and €273.3 respectively, implying discounts of 49.4% and 51.7% respectively. After having applied a 40.0% discount to our TEVps of €273.3, we raise our TP to €164.0 and keep our BUY rating.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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