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  • 16 May 19

LIBERUM: Genus* - PRRSv-resistance for China

Genus has announced a collaboration with Beijing Capital Agribusiness (BCA) to commercialise PRRSv-resistant pigs in China. BCA will bear full development and regulatory costs and will pay Genus $20m upon milestones.

Companies: Genus
  • 25 Mar 19

LIBERUM: Genus* - CEO to step down in September

Genus has announced that its CEO of eight years, Karim Bitar, will step down from the Board as of 16th September 2019 in order to take up a position as CEO of the UK medical device company, ConvaTec. Under his leadership, Genus has significantly enhanced its position as a global leader in animal genetics, growing earnings with a CAGR of 8% and driving a re-rating of its shares from a PER of c.20x to c.30x.

Companies: Genus
  • 05 Mar 19

LIBERUM: Genus* - Beefing up the growth outlook

The risk to Genus’s long-term estimates appears on the upside. This is despite African Swine Fever (ASF) in China keeping a lid on ST forecasts.

Companies: Genus
  • 28 Feb 19

LIBERUM: Genus* - Solid 1H19 despite ASF disease headwinds

Adj. group EBIT flat yoy is impressive given PIC Asian profits fell 40% (£3m) due to African Swine Fever in China. Had it not been for ASF, adj. operating profit would have risen 12% driven by soaring growth of sexed semen and beef genetics in ABS and market share gains in PIC Europe & Latin America.

Companies: Genus
  • 07 Dec 18

LIBERUM: Genus* - 5% equity placing to enhance balance sheet flexibility

Genus has announced it has raised £68m through a placing of 5% of its issued share capital. The company was robustly financed (1.4x net debt / EBITDA as of June 2018) and we had forecast this ratio rising closer to 2.0x during FY19 following the Mollevang acquisition and planned uplift in capex.

Companies: Genus
  • 15 Nov 18

LIBERUM: Genus* - Reassuring update notwithstanding ASF in China

The summary from the AGM statement is that Genus expects to perform in line with its growth expectations for the current financial year. This is despite further spread of African Swine Fever (ASF) in Chinese pigs which has led to lower PIC profits in the region.

Companies: Genus
  • 15 Nov 18

VSA Morning Agri Comment

Genus (GNS LN), the developer and marketer of animal breeding and genetic products for the porcine and bovine industries, has announced a trading update for the period 1 July to 14 November 2018, ahead of its AGM later today.

Companies: Genus
  • 25 Sep 18

PIC caution drives 4% downgrade, medium-term outlook remains bright

We have updated forecasts following Genus’ FY results on 6th September, assuming a more conservative short-term stance on Genus PIC (incl. China JV performance), with continued expected headwinds from the ASF outbreak in China, trade disputes and Latin America FX. We note that the share price has fallen by 12% since our downgrade to Hold on 22nd August, ahead of FY results. Although we expect improving returns over the medium term, we reiterate our Hold recommendation with a reduced target price of 2,371p (from 2,469p, -4.0%).

Companies: Genus
  • 25 Sep 18

Morning Song

A G Barr (BAG LN) | Directa Plus (DCTA LN) | Genus (GNS LN) | RhythmOne (RTHM LN) | Sigma Capital Group (SGM LN) | Speedy Hire (SDY LN) | Swallowfield (SWL LN) | WYG (WYG LN)

Companies: BAG DCTA GNS RTHM SGM SDY SWL WYG

  • 12 Sep 18

Karim Bitar, Genus* CEO, discusses the impact of African swine fever on Chinese pork production

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  • 06 Sep 18

LIBERUM: Genus* - Strong FY18; Market swings bring short-term caution yet LT opportunities

Another strong year, in line with market expectations. FY18 revenues were +6% yoy in l.c. with adj PBT +9% to give adj EPS +15% and div +10%. ABS was the main contributor to growth while EU & LatAm PIC displayed strong royalty expansion (+32% and +15% yoy).

Companies: Genus
  • 06 Sep 18

VSA Morning Agri Comment

Genus (GNS LN), the developer and marketer of animal breeding and genetic products for the porcine and bovine industries, has announced its full year results for the period ended 30 June 2018 (FY 2018).

Companies: Genus
  • 22 Aug 18

Morning Song

Genus (GNS LN) Downgrade to Hold on valuation grounds | PROACTIS Holdings (PHD LN) More detail on FY18, forecasts updated for outturn and acquisition

Companies: Genus Proactis

  • 09 Jul 18

Genus PLC - Capital Markets day 2018

genus-plc-capital-markets-day-2018-09-07-2018
  • 02 Jul 18

Genus CFO - Stephen Wilson

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Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Genus. We currently have 94 research reports from 3 professional analysts.

Open
2622p
Range Today
2590/2622p
52 Week
2098/2992p
Daily Volume
51.9k
# Shares
65.1m
Daily Liquidity
(0.08%)
Pension Liability
£40.9m
Enterprise Value
£1,883m
Market Cap
£1,697m
Latest PE (hist)
41.32
Div Yield
0.82

Latest News/RNS

(more news)
Date Source Announcement
18Jun19 15:29 RNS Notification of Major Holdings
03Jun19 17:43 RNS Total Voting Rights
24May19 18:03 RNS Director/PDMR Shareholding
16May19 09:58 RNS Strategic porcine collaboration in China
01Apr19 13:54 RNS Total Voting Rights
25Mar19 07:00 RNS Genus Chief Executive Transition
04Mar19 15:11 RNS Director/PDMR Shareholding
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  • 19 Jun 19

LIBERUM: Futura Medical* - P3 study fully recruited, on budget and on-time for December 2019 read-out

Futura has announced that its P3 trial of MED2005 for the treatment of erectile dysfunction (ED) is now fully enrolled, on budget and on-track to read-out by the end of the year. This is an important milestone as the study is the key catalyst for the shares.

Companies: Futura Medical
  • 19 Jun 19

In-line results demonstrate resilience and solid growth

ECO Animal Health has delivered another set of remarkably solid FY results, in line with expectations in spite of challenging market conditions in the US and the nationwide ASF outbreak in China. Aivlosin® maintained its impressive growth trajectory during the period (+14% YoY), demonstrating yet again the strength of the brand and the economic advantage vs. competing products in swine & poultry markets. Overall margins were in line with expectations, with increased external development expenditure to support the Group’s medium-term growth and product launch ambitions. The recommended underlying dividend for the year of 11.04p/share (in addition to which a special 3.5p dividend was paid in January 2019) represents a 20% increase YoY. Today’s results confirm our belief in both the resilience and growth potential of ECO’s global business. We reiterate our positive stance on ECO as a core holding in the Animal Health sector, with the currently depressed share price providing an attractive opportunity for investment.

Companies: Eco Animal Health Group
  • 26 Jun 19

Oxford Biomedica - Santen - a global player in ophthalmology

Oxford Biomedica (OXB) and Santen Pharmaceutical have entered into an R&D collaboration to develop gene therapy vectors for an undisclosed inherited retinal disease. The collaboration will focus on generating preclinical proof of concept and includes a licence to OXB’s LentiVector platform, in addition to access to its manufacturing capabilities. OXB is entitled to an undisclosed milestone payment on Santen exercising the option to the LentiVector platform, as well as development milestones and an up to 10% royalty on net sales. This new collaboration continues to demonstrate OXB’s track record of signing partnerships and again validates its position as a leading global developer of lentiviral vectors. We retain our valuation of OXB at £649m. We do not currently include the Santen deal in our valuation, but will reassess this once more details on financial terms and development strategy (including indication) are available.

Companies: Oxford Biomedica
  • 17 Jun 19

LIBERUM: Futura Medical* - Initiation - High probability of success, low valuation

The multi-billion dollar market for erectile dysfunction (ED) therapies continues to be dominated by PDE-5 inhibitors, despite a slow onset of action and negative side-effects. We believe Futura’s MED2005 addresses these issues and expect positive P3 data in December.

Companies: Futura Medical
  • 18 Jun 19

De-leveraging the balance sheet

Oxford BioMedica (OXB) is a specialist, advanced therapy, viral-vector biopharma company. It offers vector manufacturing and development services, while developing proprietary drug candidates, with its LentiVector® platform. 2018 saw significant growth in gross income, primarily through licensing deals, to deliver OXB’s first underlying operating profit. OXB is, however, carrying a significant loan of $55m, which is relatively expensive with an interest rate of 9% plus US LIBOR, and also exposes it to forex risk. Equity financing of £53.5m from Novo Holdings A/S has been agreed, allowing repayment of the loan and securing a strategic partner.

Companies: Oxford Biomedica
  • 19 Jun 19

Board & management structure changes

Surgical Innovations has announced that CFO Melanie Ross is to leave the business at the end of the month to pursue other opportunities. Charmaine Day (Group FC and Co Sec) will assume financial responsibilities for the group, reporting directly to CEO David Marsh. In addition, the group has announced the recruitment of an experienced Head of Compliance, further strengthening its regulatory function. Steve Seed will re-join the group in September from Xiros, where he holds a similar position.

Companies: Surgical Innovations Group
  • 04 Jun 19

THE MONTHLY June 2019


Companies: AZN AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY GDR HAYD KOOV MCL MUR PCA PHP RE/ REDX STX SIXH TON SHED VAL VTA W7L

  • 18 Jun 19

Surufatinib on track for potential 2020 China approval

Hutchison China MediTech (Chi-Med) is one step closer to the commercialisation of its first wholly owned drug, surufatinib, in China. Early termination of the Phase III SANET-ep study in extra-pancreatic neuroendocrine tumours (epNET) - as it had already met its primary endpoint of progression-free survival (PFS) at the planned interim analysis - brings forward the timing of potential first surufatinib approval by c 12 months. While full SANET-ep data will not be available until presentation at a future scientific conference, this result enables Chi-Med to seek a pre-NDA meeting with the China NMPA to discuss next steps in the regulatory process. Reviewing our surufatinib assumptions, we now assume a 2020 approval/launch in non-pancreatic NET. Our upgraded valuation is $5.14bn ($38.55/ADS) or £3.95bn (£5.93/share).

Companies: Hutchison China Meditech
  • 31 Oct 18

Services businesses showing promise

Ergomed’s strategy is to become a global leader by 2020 in Pharmacovigilance and Services for orphan drug development. The reliance on the risk/reward profile of development deals is being dissipated by improvements seen in the Services businesses and better cost controls. Following this period of transition, a better, more forecastable, cash-generating story will support the valuation expectations for the company. Our valuation is upgraded to 242p / share for the Services businesses, with a further 120p for the Development portion of Ergomed.

Companies: Ergomed
  • 03 May 19

The Monthly May 2019

How small- and mid-cap quoted companies make a substantial contribution to markets, employment and tax revenues.

Companies: OPM AVO AJB ARBB CMH CLIG DPP FLTA GTLY GDR HAYD KOOV LWRF MCL MUR OXB PCA PHP RE/ STX SIXH TRX TON VTA W7L

  • 20 Jun 19

Credit facilities expand cash runway to 2021

Tissue Regenix (TRX) has a broad portfolio of regenerative medicine products for the biosurgery, orthopaedics, dental and cardiac markets. It has two proprietary decellularisation technology platforms for repair of soft tissue (dCELL) and bone (BioRinse). Following the acquisition of CellRight in the US in 2017, TRX embarked on a revised commercialisation strategy, which is clearly gaining traction. Sales grew 47% in 2018, reflecting strong demand, particularly for DermaPure in the US. To support further business expansion, including investment in facilities and working capital, credit facilities of up to $20m/£16m have been secured.

Companies: Tissue Regenix Group
  • 25 Jun 19

Cenkos: Creo Medical Group Plc - First commercial sales

Creo Medical has announced its first commercial orders for its lead Speedboat device. We see this as a significant milestone for the company, particularly as the order was received from the US, the largest healthcare market globally. This development maintains the strong momentum Creo Medical has delivered since it listed in 2016 and supports our expectation that the company will report its maiden revenues in FY19E. We maintain our Buy recommendation.

Companies: Creo Medical Group
  • 02 Oct 18

Two acquisitions create European platform

Whilst Clinigen is paying a full price to establish a European platform, the fit is very good. It should make the Clinical Trial Services division more robust and provide a platform to drive the Unlicensed and Commercial Medicines offerings into Europe. Revenue synergies across the group could be material over time. We push through modest EPS upgrades (1%/3%) and increase our TP to 1213p (from 1157p). We remain attracted to the growth opportunity (as highlighted in our Pharma Services sector note in March) and cash generative nature of the model. Buy.

Companies: Clinigen Group
  • 14 Jan 19

Opportunity knocks

We are introducing our Best Ideas for 2019 and also review the performance of last year’s picks. We suggest ten solidly financed stocks with good business dynamics that ought to be considered for core portfolio holdings and six UK domestically focused stocks that our analysts believe should perform strongly in the event that uncertainties unwind. We also introduce a new style of research from N+1 Singer which presents a Company’s dynamics and metrics in a clear and concise manner and concentrates on the pivotal issues affecting that Company and an investment decision.

Companies: BCA CLIN CLG CBP DNLM EAH FDL FCRM FUTR GTLY INS GLE NICL SDL SPR TRI

  • 31 Jan 19

Quarterly Research Outlook

The market has not faced quite so many conflicting challenges for a number of years, whether related to global geopolitics, trade wars, ongoing Eurozone issues or the “will they, won’t they” saga of Brexit. In our Best Ideas, we sought to highlight stocks that present investors with interesting opportunities following recent market moves. Those stocks, we believe, warrant investor attention, in many cases for uncorrelated or stockspecific reasons, regardless of the near-to-medium term market direction. These stocks, in general, represent attractive and well-managed businesses or assets, with share price catalysts and where valuations or recent stock performance provide investors with a good entry point.

Companies: 7DIG ABBY AMS ANX ARS ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KEYS KCT KGH LAM MACF MOD MKLW OXIG PCA PARK PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF