Solid Quarters at Takeda and Shire; Both Firms Remain Slightly Undervalued
Following separate quarterly earnings announcements from Takeda and Shire, where management reiterated their outlooks for the full fiscal year, we maintain our JPY 5,100 per share fair value estimate for Takeda, where we still assume that the firm acquires Shire toward the end of its fiscal 2018 (early calendar 2019). Given recent share price appreciation for Takeda, we're increasing our fair value estimate for Shire to GBX 4,990 (from GBX 4,890); we assume a 100% probability of the acquisition ...
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