Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on KAROLINSKA DEVELOPMENT-B. We currently have 6 research reports from 2 professional analysts.
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Another quarter of delivery
23 Nov 16
Karolinska Development's turnaround maintained its momentum in Q316. Portfolio companies, Promimic and Dilafor, raise a total of SEK75m (including commitments) with SEK53m already invested by third-party investors; and Umecrine Cognition has since completed a SEK45m fundraising. On the operation front, BioArctic has formed a collaboration with AbbVie; and after the period end, following the publication of very promising Phase I data in ovarian cancer, Aprea has advanced APR-246 into Phase II. Our valuation of Karolinska, based on its four main assets, is unchanged at SEK9.10 per share.
The corner has been turned
09 Nov 16
Over the past two years Karolinska Development has successfully repositioned itself, with the investment strategy firmly focussed on disruptive technologies that could materially alter current treatment models. New management has re-galvanised the entire organisation, with a greater emphasis on an active investment in these mid- and late-stage opportunities. Our DCF-based valuation of the four main investments alone suggests a value of SEK473m, SEK9.10 per share, which represents an uplift of 52% to the current market value, with the remaining six portfolio companies representing further upside.
N+1 Singer - Karolinska Development AB - Forecast update post Q2: portfolio value credible, but stock expensive
07 Sep 16
Q2 results on 31st August revealed a further reduction in net portfolio value to SEK143.7m. The stock is currently trading at a price/NAV of 2.4x and an EV/portfolio value of 3.2x, the latter representing a significant premium over the 1.75x average for quoted IP commercialisation companies (when adjusted for quoted company holdings). Although we believe that the portfolio is now conservatively valued, the valuation premium is in our view too wide given the convertible debt (SEK586.4m payable in 2019e) and preferred dividends payable to Rosetta Capital, in spite of the potentially attractive propositions represented by (in our view) Aprea AB and OssDsign AB in particular. We downgrade from Hold to Sell with an EV/portfolio value ratio based target price of SEK4.2.
N+1 Singer - Morning Song 07-09-2016
07 Sep 16
Today’s update from Vectura is solid, highlighting respiratory royalty revenue ahead of previous expectations. The merger integration is well underway and expected to generate the targeted £10m of synergies by 2018e. We continue to forecast strong growth, propelled by mainly USD &EUR denominated royalty income from multiple products and flutiform® supply revenue. Key expected newsflow includes the US launch of LABA/LAMA drug Utibron® in H2 2016e and an FDA approval decision for VR315 (2nd to market generic Advair® partnered with Hikma) in May 2017. We continue to view Vectura as a core holding in the life sciences sector: Buy.
Q3 results and new forecasts
17 Nov 15
This morning’s Q3 results highlight a net loss of SEK27.5m and investment in the portfolio of SEK44.0m, broadly in line with our expectations. We have taken the opportunity to release new forecasts to reflect both the reduction in portfolio size and underlying fair value during H1 and the revised portfolio asset valuation methodology introduced by the company, which also triggered a restating of FY2014 results. Our revised target price is SEK10.0 (from SEK13.7). Remains a Hold.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
N+1 Singer - Morning Song 29-11-2016
29 Nov 16
Vp has reported another impressive set of interims, confirming strong growth in most markets and a positive outlook. Recent acquisitions are bedding in well and the full year outturn is set to exceed previous expectations (5%/6% EPS upgrades in FY17/FY18). The recent Capital Markets Day provided a reminder of Vp’s qualities (specialist focus, high returns, strong cash generation) and its growth potential, which in our view are not reflected in a modest <11x P/E rating. We firmly believe the shares are due a re-rating and see intrinsic value in excess of 800p.
Panmure Morning Note 02-12-16
02 Dec 16
We expect CareTech to report FY results to September on 8th December. A positive trading update in October indicated that performance for the year was in line with market expectations therefore we are focusing on the outlook. We expect a confident statement since the end of 2016 showed positive trends across fee rates, expansion in places and occupancy. We believe CareTech is well positioned for further expansion, and remains at an attractive valuation. We retain our BUY and 380p price target.
Food intolerance driving growth
29 Nov 16
Omega Diagnostics Group has an established core business providing high quality in vitro diagnostic tests within three core areas of competence – Food Intolerance, Allergy & Autoimmune, Infectious Disease – that are sold in over 100 countries. The group offers steady low single-digit growth which is profitable and cash generative. Investment in new products has seen the launch of a new panel of automated allergy tests and progress on Visitect CD4 for monitoring of HIV positive patients. Interim results highlighted the opportunities to accelerate growth of the business, particularly Allersys, which has drawn attention from its partner.
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.