Tubize Financiere Model Update: We Raise Our TP To €186
On 9th December 2024, we upgraded our UCB TP from €173 to €214 on the back of recent progress made on a range of innovative pipeline assets, including the Bimzelx approval for hidradenitis suppurativa, solid Phase 3 data for dapimap in lupus and the large potential of ‘UCB1381' and ‘UCB9741' in atopic dermatitis. Subsequently we updated Financière De Tubize's model to incorporate the new €214.0 TP for UCB. We currently estimate NAVps and TEVps to be €297.1 and €338.2, implying discounts (vs. close price) of 49.2% and 55.4%, much higher than the 2yr and 5yr average discounts of 45.8% and 42.8%. After having applied a discount of 45.0% to our TEVps of €338.2, we reiterate our BUY recommendation but raise our TP from €164.0 to €186.0, implying an attractive upside of >23%.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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