Lundbeck (Buy, TP: DKK48.00) - Focus on Vyepti sales

We forecast Q1 sales c0.5% above consensus and an adj. EBITDA margin of 31.3%. We expect the strategic brands sales to rise by 18.3% YOY, including Vyepti sales of DKK913m (c2.2% above consensus). We forecast unchanged 2025 guidance for CER figures. From the pipeline, the FDA AdCom for Rexulti in PTSD is still unscheduled and the PROCEED trial has recently been expanded to additional IV doses. We reiterate our BUY, but have cut our target price to 48 (56).

Large US exposure turns into a headwind

Lundin Mining Corporation: 1 director

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Securitas (Buy, TP: SEK192.00) - More of the same in Q1e

We expect Q1 to show similar trends to the most recent quarters, but negative FX translation effects (strengthening SEK) still result in cuts to our 2025–2027e EPS of 4–5%. We continue to see a robust transformation case, as the journey towards the 8% profit margin target by end-2025 continues, with our H2 2025e EBITA margin now at 7.8–7.9%. We reiterate our BUY, but have lowered our target price to SEK192 (200).

Galleon Gold Corp - Company Profile and SWOT Analysis

Summary Galleon Gold Corp - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Galleon Gold Corp (Galleon Gold), formerly Pure Nickel Inc, is a mineral exploration company. It undertakes the exploration of nickel, platinum group elements (PGEs), copper, gold, silver, and associa...

2025 targets within reach

Securitas (Buy, TP: SEK200.00) - Strength continues into 2025

The Q4 results were strong, with Europe and Ibero-America improving and the US still sound. FCF remained strong, returning the balance sheet to a solid investment-grade level. We have tweaked our forecasts post-Q4, and continue to see a robust transformation case, as the journey towards the 8% profit margin target by end-2025 (LTM 6.9%) continues. We reiterate our BUY and have raised our target price to SEK200 (175).

Lundbeck (Buy, TP: DKK56.00) - PTSD decision getting closer

Lundbeck reached the high-end of its full-year guidance, with Q4 sales of DKK5,541m and an adj. EBITDA margin of 20.8%. Strategic brands’ Q4 sales were slightly below our forecast and consensus, with only Brintellix beating our estimate. The 2025 guidance is for sales growth of 7–10% at constant exchange rates (CER) and adj. EBITDA growth of 5–11% at CER. We view the upcoming Rexulti PTSD FDA Advisory Committee Meeting (due in H1) as the next share-price catalyst. We reiterate our BUY and DKK56 ...

Solid end to 2024

Focus on Europe profitability after Q3 beat

Pure Nickel Inc. - Mergers & Acquisitions (M&A), Partnerships & Allian...

Summary Marketline's Pure Nickel Inc. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Pure Nickel Inc. - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments r...

Lundbeck (Buy, TP: DKK56.00) - Solid Q4e; PTSD decision ahead

We forecast Q4 sales of DKK5,631m (consensus DKK5,629m) and adj. EBITDA of DKK1,155m (consensus DKK1,147m). For strategic brands, we estimate sales of DKK4,493m (c1.1% above consensus). We expect 2025 guidance for growth of CER sales of 3–6% and adj. EBITDA of 3–7%. We believe investor focus will be on the upcoming Rexulti PTSD FDA Advisory Committee Meeting (ADCOM), due in H1. We reiterate our BUY and DKK56 target price.

Lundbeck (Buy, TP: DKK56.00) - Focusing on strategic brands

The Q3 sales beat reflected a strong result in strategic brands, leading to an outperformance on adj. EBITDA. We expect continued momentum in strategic brands, with Q4e sales growth of 17.4% YOY. The 2024 guidance was narrowed for CER revenue growth of 12–14% (previously 11–14%) and CER adj. EBITDA growth of 17–20% (15–20%) and we find the top end of the guidance reachable. We reiterate our BUY and DKK56 target price.

Financial target looks more achievable now

Securitas (Buy, TP: SEK175.00) - Another step in the right direction

Securitas’s Q3 was strong, with Europe and IberoAmerica improving and the US remaining solid. FCF generation was much-improved, accelerating the balance sheet de-gearing. We have tweaked our forecasts post-Q3. We still see a solid transformation case, as the journey towards the 8% profit margin target by end-2025 (LTM 6.8%) continues. We reiterate our BUY and have raised our target price to SEK175 (160).

Europe drives Q3 beat

Lundbeck (Buy, TP: DKK56.00) - Strategic brands in focus

Lundbeck recently released company consensus for Q3. Our revenue forecast of DKK5,502m is c0.5% above, driven by strategic brands (we estimate 21.6% revenue growth YOY), and we forecast an adj. EBITDA margin of 29.4% (consensus 28.9%). We expect the 2024 guidance for 11–14% revenue growth and 15–20% adj. EBITDA growth at CER to be unchanged. We reiterate our BUY and DKK56 target price.

Lundbeck (Buy, TP: DKK56.00) - New adj. EBITDA margin target

At its CMD, Lundbeck extended its financial targets to include 2027, revised its adj. EBITDA margin target to 30%+, and guided for peak sales of cDKK9bn for Vyepti and USD1.3bn+ for Rexulti. Lundbeck provided an update on its proposed acquisition of Longboard Pharmaceuticals and R&D. We reiterate our BUY and have raised our target price to DKK56 (55).

Lundbeck (Buy, TP: DKK55.00) - Executing on M&A agenda

Ahead of the CMD due on 23 October, Lundbeck today announced the intention to acquire Longboard Pharmaceuticals for USD2.5bn, and its late-stage asset bexicaserin for the treatment of Developmental and Epileptic Encephalopathies (DEEs). We view the proposed acquisition as neutral, but believe Lundbeck’s M&A track record is better than the market perceives. We reiterate our BUY, but have raised our target price to DKK55 (52) on a greater Vyepti sales potential.

Down to HOLD after strong run

Report due 6 November, we expect 3% EBITA growth y-o-y. Provision and FX behind revisions, '24-'25e EPS down 10-3%. We downgrade to HOLD (Buy) with unchanged TP of SEK 135.