Tubize Financiere We Raise Our Target Price To €150
UCB has had a spectacular run, returning upwards of ~100.0% on a YTD basis. This was due to investor confidence in the launch of flagship product ‘Bimzelx' and UCB successfully launching Rystiggo and Zilbrysq for the neuromuscular disease myasthenia gravis. Both these advancements mark the start of a new growth phase for UCB and we upgraded our UCB TP to €159.0. On the back of favourable results at UCB, Tubize rallied as well and has returned ~70.0% on a YTD basis. After updating our model for 1H FY24 results and our new UCB TP, we arrive at a NAVps and TEVps of €248.6 and €251.1 respectively; thus implying a discount upwards of 50.0% which is higher that the 2yr and 5yr discounts of 42.7% and 41.9%. After applying a 40.0% discount to our TEVps, we raise our TP from €135.0 to €150.0 and maintain 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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