Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on REGENEUS LTD. We currently have 6 research reports from 2 professional analysts.
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23 Mar 17
Has Donald Trump’s luck finally started to run out? Just at the time when the populist revolution that threatened to engulf Europe appears to be fading? That’s the question investors are now asking, pointing at the enormous valuation gulf that has opening between the two trading blocks. Based on forward earnings multiples, the spread between S&P 500 and the Stoxx Europe 600 is near to its widest point in five years. It would only take a signal from the President that some of his ambitious reflationary proposals, ranging across tax, policy and budget, could have to be watered down in order to have a chance of being pushed past Congresses’ arch-conservatives, and the French electorate to convincingly reject Maine le Pen’s candidacy in the presidential polls that take place one month today, to reverse the tide of money that has flowed due west for so long now. Sure, it requires a brave asset manager to take the plunge right now, but background data is certainly supporting a more positive scenario for Europe. In February, for example, IHS Markit's eurozone composite purchasing managers index hit a near six-year high; even Mario Draghi from the ECB has started to sound more confident that the threat of deflation is passing; fourth quarter results from the region’s blue-chip corporates showed a net 20% of the 450 companies tracked by UBS beating earnings expectations, the best result for six years! Meanwhile, as bourses around the world have been setting new record highs, the European blue-chip index still sits 10% below its 2015 peak. Perhaps these thoughts were occupying trader’s minds yesterday, as the principal US indices once again closed softly mixed ahead of today’s key healthcare reform vote in the House of Representatives. Being seen as a barometer of Trump’s administration, the passing of his bill designed to trim departmental costs that accounted for a giant 16.9% GDP in 2016 would most certainly be taken as a big positive by the markets. Asian equities this morning simply reflected US sentiment, with the principal Chinese indices both down, the Nikkei recovering modestly from the previous day’s sharp fall inspired by Yen weakeness, while the ASX enjoyed a modest rebound in its minerals and financials stocks. Crude futures also rebounded during the Far Eastern session after new data showed U.S. gasoline and distillates stocks declined in the latest reporting week, signalling that US refiners’ crude demand is set to rise. UK macro data due for release today includes the sensitive February Retail Sales figures and the CBI Distributive Trades Survey, while the US provides a batch of statistics including Initial Jobless Claims and February New Homes Sales, which will be followed mid-afternoon by the EU releasing its March preliminary Consumer Confidence figures. Coming shortly after the FOMC meeting, the markets do not anticipate any particular fireworks being provided by the Fed Chair, Janet Yellen, when she addresses a meeting in Washington, although the FOMC’s Neal Kashkari is also due to speak at 18:00hrs GMT, which could add some flavour to last week’s less hawkish tone, particularly given suggestions in the overnight press that the Fed may be willing to allow inflation to trend higher before responding with discount rate moves. UK corporates due to release earnings or trading updates include Next (NXT.L), Curtis Banks Group (CBP.L), Sopheon (SPE.L), Ted Baker (TED.L) and Futura Medical (FUM.L). Investors will also be keen to receive any further updates regarding the supposed terrorist attack that took place in Westminster yesterday afternoon.The FTSE-100 was trading down 13 points at 8:15 this morning.
Japan collaboration validates Progenza
29 Jan 17
Regeneus has entered into a US$16.5m collaboration with AGC Asahi Glass (AGC) for manufacture of Progenza for the Japanese market. Regeneus and AGC have formed a 50:50 JV for clinical development and commercialisation of Progenza in Japan – we expect the JV to sub-license one or more partners to undertake clinical trials in a number of indications in Japan. We welcome the deal, which strengthens Regeneus’s balance sheet and provides significant validation for the Progenza technology and IP. Our valuation of Regeneus increases to A$120m or A$0.57/share, with the AGC cash and larger addressable market in Japan partly offset by longer timelines and revised assumptions for CryoShot and Kvax.
Japan licence deal close to finalisation
14 Sep 16
Regeneus anticipates entering a binding arrangement with a manufacturing and commercialisation partner for its Progenza mesenchymal stem cell therapy technology in Japan by the end of the current quarter. Following on from the positive safety review of its STEP Phase I trial of Progenza in patients with knee osteoarthritis, it has already begun procuring donor material in preparation for manufacturing Progenza for a Phase II trial in Japan. Our valuation is virtually unchanged at A$108m (A$0.52/share) ahead of this potential re-rating catalyst.
Potential Japan licence deal a STEP closer
19 May 16
Regeneus reported that its STEP Phase I trial of Progenza in patients with knee osteoarthritis has completed recruitment and that a review of safety data did not identify any safety concerns. The study will complete in H117 when all patients have completed 12 months follow-up. We believe the positive safety review augurs well for the company’s plan to secure a manufacturing and commercial partner for its Progenza mesenchymal stem cell therapy technology in Japan in the current quarter, which may prompt a re-rating of the stock. We leave our valuation unchanged at A$106m (A$0.51/share) ahead of this potential re-rating catalyst.
Partner for CryoShot a vote of confidence
02 Dec 15
The agreement with one of the top five veterinary pharma companies to collaborate on the development of CryoShot Canine is recognition of the good progress that Regeneus has made developing its regenerative medicine products and cancer vaccines. At its recent AGM, Regeneus confirmed that it anticipates winning the much bigger prize of a manufacturing and development partner in Japan for its Progenza off-the-shelf human stem cell product by Q116. We maintain our valuation of A$106m (A$0.51/share) ahead of this potential re-rating catalyst.
Potentially two partnering deals in H215
09 Sep 15
Regeneus has sharpened its focus on its area of expertise in early-stage development of regenerative medicine products and cancer vaccines. This strategy appears to be bearing fruit, with partnering arrangements for both its human and veterinary off-the-shelf stem cell therapies expected to be finalised before the end of CY15. A partnering deal for Progenza in Japan is likely to be a re-rating catalyst. Our valuation is A$106m (A$0.51/share).
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - EKF Diagnostics - Final results & potential buy back
20 Mar 17
FY16 prelims are slightly ahead of our latest expectations, those having been increased materially over the course of H2’16 as the strength of the recovery in trading became apparent. In order to maximise shareholder value, the directors are currently examining a potential break up of the group. This would also involve a delisting from AIM. A buy back offer at 21.5p would therefore be made to those investors that wish to exit now rather than holding their shares for the two years plus it would likely take to achieve a potentially higher realisation value for the businesses.
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
Good results, but further restructuring complex for investors
20 Mar 17
EKF Diagnostics FY 2016 results are slightly ahead of expectations, with both higher revenue and better EBITDA. Management has also announced plans to split the company into two separate companies, Point of Care and Laboratory Diagnostics, with the prospect of a delisting to manage the process. The primary metric for valuation of the two businesses is different consequently we believe that the separation is likely to generate significant value. However, in anticipation of the volatility likely given the restructuring announced this morning, despite the strength of the results, we reduce our recommendation to HOLD and maintain our 21p target price.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017