Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
No-moat Sirtex Medical has announced that it has received approval from the Federal Court of Australia for the scheme of arrangement under which China-based CDH Genetech Ltd and China Grand Pharmaceutical and Healthcare Holdings Ltd, or CDH-CGP, will fully acquire the business. Sirtex’s shares will be suspended from close of trading on Sept. 13. We maintain our AUD 33.60 per share fair value estimate, matching the acquisition offer from CDH-CGP. Sirtex shareholders on the share register as at...
No-moat Sirtex Medical has announced that it has received approval from the Federal Court of Australia for the scheme of arrangement under which China-based CDH Genetech Ltd and China Grand Pharmaceutical and Healthcare Holdings Ltd, or CDH-CGP, will fully acquire the business. Sirtex’s shares will be suspended from close of trading on Sept. 13. We maintain our AUD 33.60 per share fair value estimate, matching the acquisition offer from CDH-CGP. Sirtex shareholders on the share register as at ...
No-moat-rated Sirtex fell well short of our expectations in its fiscal-year results, with net profit after tax of AUD 41.5 million on revenue of AUD 218.8 million, compared with our forecast AUD 57 million and AUD 258 million, respectively, with management citing distractions associated with the various takeover bids in the second half for its underperformance. On a positive note, cash on the balance sheet grew a healthy 39% to AUD 69.9 million and no debt, reflecting disciplined control of cost...
No-moat-rated Sirtex fell well short of our expectations in its fiscal-year results, with net profit after tax of AUD 41.5 million on revenue of AUD 218.8 million, compared with our forecast AUD 57 million and AUD 258 million, respectively, with management citing distractions associated with the various takeover bids in the second half for its underperformance. On a positive note, cash on the balance sheet grew a healthy 39% to AUD 69.9 million and no debt, reflecting disciplined control of cost...
Growth stocks are outperforming Value stock as we expected this year. BSL, SFR, SRX, and BPT are a scarce group of stocks that have made the top 30, remain cheap and have a strong earnings outlook. Our screening suggests investors should remain cautious of XRO. Investors should also be cautious of RWC, GWA, WEB, BAP and MYX. Value investors may find GEM, TLS, PTM, SGR, API, EXC, MIN, RHC, IFL and BLD appealing turnaround-stories based on their earnings outlook. SIG, PTM, MND and MIN ma...
After weeks of deliberation, the board of Sirtex has finally decided to enter a binding scheme implementation deed with China-based CDH Genetech Ltd and China Grand Pharmaceutical and Healthcare Holdings Ltd, or CDH-CGP, at AUD 33.60 per share, valuing the company at around AUD 1.87 billion. This represents a 20% premium to the unchanged AUD 28 per share offer by U.S.-based Varian Medical, announced on Jan. 30, and according to management, follows specialist advice mitigating potential regulator...
In a surprise move, Sirtex has received an unsolicited nonbinding offer of a AUD 1.87 billion bid from China-based alternative asset fund manager CDH Investments. This equates to AUD 33 per share and comes ahead of next week’s shareholder meeting which was to vote on accepting the AUD 28 per share offer made by Varian Medical Systems, Inc. on Jan. 30, 2018. According to Sirtex management, the indicative proposal is subject to a number of conditions including approval by CDH's Investment Commit...
We think Varian Medical System’s takeover proposal of Sirtex at AUD 28 per share in cash is an attractive offer given the significant premium to both the current market price and our fair value estimate for Sirtex. We are raising our fair value estimate for Sirtex to match the offer price as we anticipate the deal will close as expected. Although tangential to current product offerings in radiation oncology, we think Varian Medical Systems will be able to extract moderate cost synergies given ...
With the acquisition of Sirtex, Varian is expanding in tangential areas of oncology treatments, but we hold a rather restrained opinion of Sirtex's product portfolio and future potential. Varian is paying $1.29 billion for Sirtex, a significant premium to both the current market price and our fair value estimate for Sirtex, but we don't view this deal as particularly impactful to our valuation. This transaction is the first major deal Varian has carried out in recent history (excluding the dispo...
We maintain our AUD 15.50 fair value estimate for no-moat Sirtex Medical despite management’s positive trading update, with first-half fiscal 2018 EBITDA of approximately AUD 34 million expected, up 16% on the previous corresponding period. or PCP. Full-year fiscal 2018 EBITDA guidance is within a wide range of AUD 75 million-AUD 81 million, versus underlying EBITDA of AUD 61.5 million for fiscal 2017. Worldwide dose sales of SIR-Spheres were flat in first-half fiscal 2018 versus the PCP. We t...
We are increasing our fair value estimate for no-moat Sirtex to AUD 15.50, largely driven by time-value-of-money considerations. The adjustment is in conjunction with news of brand-specific national reimbursement for SIR-Spheres being granted in Spain for patients with liver metastases from colorectal cancer, unresponsive or intolerant to other treatments. Although positive, this is largely factored into our base case for Sirtex with respect to the European market. Our key European market ass...
We are increasing our fair value estimate for no-moat Sirtex to AUD 15.50, largely driven by time-value-of-money considerations. The adjustment is in conjunction with news of brand-specific national reimbursement for SIR-Spheres being granted in Spain for patients with liver metastases from colorectal cancer, unresponsive or intolerant to other treatments. Although positive, this is largely factored into our base case for Sirtex with respect to the European market. Our key European market ass...
A director at Sirtex Medical Limited bought 2,000 shares at 14.650AUD and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two y...
We reiterate our AUD 15 per share fair value estimate for no-moat Sirtex. The full-year result was in line with recent guidance on a constant-currency basis. Excluding almost AUD 98 million in write-downs and restructuring costs, underlying net profit after tax was AUD 42 million. This was below our forecast of AUD 51 million, with the difference attributed to various additional expenses recognised after the strategic review following unfavourable survival data for SIR-Spheres. Notwithstanding c...
We reduce our fair value estimate for no-moat Sirtex Medical to AUD 15 per share, from AUD 28, following the abbreviated release of long-awaited overall survival, or OS, data rendered by the combined Sirflox/Foxfire/Foxfire Global studies, ahead of the American Society of Clinical Oncology, or ASCO, annual meeting in Chicago next month. The read-out showed no overall survival benefit in adding SIR-Spheres to chemotherapy versus chemotherapy alone in first-line treatment settings for metastatic c...
We reduce our fair value estimate for no-moat Sirtex Medical to AUD 15 per share, from AUD 28, following the abbreviated release of long-awaited overall survival, or OS, data rendered by the combined Sirflox/Foxfire/Foxfire Global studies, ahead of the American Society of Clinical Oncology, or ASCO, annual meeting in Chicago next month. The read-out showed no overall survival benefit in adding SIR-Spheres to chemotherapy versus chemotherapy alone in first-line treatment settings for metastatic c...
WOBURN, Mass.--(BUSINESS WIRE)-- Sirtex Medical Inc., a subsidiary of Sirtex Medical Limited (ASX:SRX), a leading manufacturer of targeted liver cancer therapies, today announced the Combined FOXFIRE Analysis that evaluated SIR-Spheres Y-90 resin microspheres in combination with chemotherapy in patients with mCRC did not improve overall survival compared to chemotherapy alone. The Combined FOXFIRE Analysis is comprised of data from the SIRFLOX study first presented in 2015 and data from two new studies – FOXFIRE and FOXFIRE-Glo...
We maintain our AUD 28 per share fair value estimate for Sirtex Medical and propose that at current levels, the shares are undervalued. This follows the disappointing first glimpse of the Sarah trial results showing no superiority or statistical difference in overall survival benefit, the trial’s primary endpoint. The findings from the France-based Sarah study comparing the benefit of Sirtex’s SIR-Spheres microspheres versus the current standard of care, sorafenib (Nexavar) in advanced hepat...
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