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  • 28 Nov 19

LIBERUM: Genus* - Helping China rebuild its pork industry

We lift our target price to 3450p and maintain a Buy rating. Short-term valuation metrics are clearly high but we think the risk to estimates is positive, driven by demand in China for genetics as it rebuilds its pork industry. In addition, we see four other key drivers that should sustain double digit EBIT CAGR for the foreseeable future.

Companies: Genus
  • 20 Nov 19

LIBERUM: Genus* - CFO Appointment

Alison Henriksen has been appointed as Genus's new CFO with effect from 13th January 2020. Alison is currently the CFO of V.

Companies: Genus
  • 14 Nov 19

LIBERUM: Genus* - Positive trading update with recovery underway in China

Genus has reported a positive trading update for the first four months of its year with good profit growth across the business and recovery evident in PIC China. The company is not signalling consensus estimate changes at this stage but we believe the risk is more likely positive with key profit drivers being: 1) PIC China, as Genus helps the Chinese pork industry rebuild; 2) reacceleration of growth in PIC N. America with the launch of Mollevang-influenced genetics; 3) rapid growth of Sexcel; and 4) the LT potential from PRRSv-resistant pigs.

Companies: Genus
  • 18 Oct 19

LIBERUM: Genus* - Key takeaways from ABS site visit

We are just back from a two-day visit to Genus's bovine business, ABS, in Madison, Wisconsin. We met with all the key ABS leadership team, Genus's new global head of R&D and visited a dairy customer.

Companies: Genus
  • 10 Sep 19

LIBERUM: Genus* - Litigation set back

Genus has received a disappointing judgement in its latest litigation in the US against Sexing Technologies (ST). The courts have ruled that ST's patent '987 is valid and hence Genus will have to continue paying a $1.25/straw royalty.

Companies: Genus
  • 09 Sep 19

LIBERUM: CEO Video: Stephen Wilson, Genus*

In these five videos Genus's CEO designate, Stephen Wilson, gives an update on African Swine Fever in China and how it's affecting Genus’s business, how the gene-editing R&D programme is progressing, what drove the 42% sexed semen volume growth in FY2019 and can it continue and what are his priorities for his first twelve months as CEO.

Companies: Genus
  • 05 Sep 19

LIBERUM: Genus* - Robust FY2019 results, nudging TP up to 2800p

FY2019 adj. PBT growth of 4% to £61m is robust and in line with our forecasts. The growth comes despite a £5m hit in China from the outbreak of African Swine Fever (ASF) and an £8m rise in R&D costs.

Companies: Genus
  • 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

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Genus. We currently have 119 research reports from 3 professional analysts.

Open
N/A
Range Today
N/A
52 Week
2146/3206p
Daily Volume
N/A
# Shares
65.1m
Daily Liquidity
(0.06%)
Pension Liability
£40.9m
Enterprise Value
£1,988m
Market Cap
£2,017m
Latest PE (hist)
40.08
Div Yield
0.94

Latest News/RNS

(more news)
Date Source Announcement
02Dec19 16:45 RNS Total Voting Rights
20Nov19 07:00 RNS Appointment of Chief Financial Officer
15Nov19 18:18 RNS Director/PDMR Shareholding
14Nov19 13:23 RNS Result of AGM
14Nov19 07:00 RNS AGM TRADING UPDATE
01Nov19 12:05 RNS Total Voting Rights
14Oct19 08:00 RNS Annual Report and Annual General Meeting
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  • 02 Dec 19

Acquisition – 7% accretive in first full year

SDI has announced the acquisition of Chell Instruments; paying c.£4.3m for the business (FY 2018 EV/Sales and EV/EBIT of 0.9x and 5.5x) funded from cash and a new debt facility with net debt at year-end now expected to be c.£5.0m. SDI has shown that it can source and execute another accretive acquisition in what was a competitive tender bid process. We expect the acquisition to be c.7% accretive to EPS in FY 2021 and raise our target price by 25% to 75p to reflect the accretion as well as rolling forward our target year, implying an EV/EBITDA of 11.9x and adjusted P/E of 17.3x.

Companies: Scientific Digital Imaging
  • 04 Dec 19

Cenkos: IXICO Plc -- Revenues growing and profitable

IXICO has reported a strong financial performance for FY19A built on continued commercial focus and a strengthened organisation. Revenues of £7.6m were up 40% and gross margin was up 600bps versus FY18A and the company delivered its first year of profitability since IPO. EBITDA of £0.5m was strongly ahead of our forecast (+£0.1m) and delivered an EBITDA margin of 6%. We have maintained our revenue growth expectations of 20% for FY20E and FY21E but have upgraded our profit expectations given the strong reported performance. We maintain our Buy recommendation.

Companies: IXICO
  • 21 Oct 19

Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 02 Dec 19

Cenkos: Creo Medical Group Plc - Cutting edge

Creo Medical continues to make strong progress on both development and commercial fronts. Following its direct entry into the US, the company recently reported its first commercial revenues from that market, building upon the broad commercial reach developed via its signed-up distributor network. While lead product, Speedboat, is making commercial progress, Creo expects to launch a further four endoscopic instruments on the CROMA Advanced Energy platform during 2020, significantly expanding the utility of the generator. To maintain this momentum, Creo Medical has announced it has conditionally raised £43m via an equity placing and will supplement this via an open offer to qualifying shareholders. We maintain our Buy recommendation.

Companies: Creo Medical Group
  • 06 Dec 19

H1 results: adjustments to clinical programmes

ReNeuron has announced its H1 2020 results; financials are slightly ahead of our expectations related to the identified slower recruitment of the Phase III PISCES trial. ReNeuron has made a number of positive clinical trial protocol changes to both the CTX and hRPC programmes to boost enrolment and accelerate clinical development, respectively, and we have included these changes into our forecasts.

Companies: Reneuron Group
  • 03 Dec 19

SP Angel Healthcare Conditions

Collagen Solutions (COS.L): Interim results | Genedrive plc (GDR.L): Hearing loss assay kit demonstrates high clinical accuracy

Companies: Collagen Solutions Genedrive

  • 28 Nov 19

LIBERUM: Futura Medical* - December data could be game-changing

Futura is set to report headline data from its P3 FM57 study in erectile dysfunction (ED) in December. We believe that the trial is significantly de-risked and hence estimate a >70% probability of some form of positive outcome.

Companies: Futura Medical
  • 05 Dec 19

US licensing deal: Major Opportunity Within LupuzorTM Unlocked

ImmuPharma announced a major US licensing deal on 28 November 2019 with Avion Pharmaceuticals (“Avion”), a US specialty business that has a focus on Rheumatology, Women’s health (Lupus afflicts women more) Dermatology and other therapeutic areas. Avion have a strong marketing and commercialisation operation (with over 100 specialist sales reps). Avion has exclusively in-licensed LupuzorTM for the US market for Lupus (SLE) and other indications and agreed to fund an international Phase III clinical trial for up to US$25m. In addition, Avion will pay up to US$70m in milestones and a royalty stream tiered to 17% has been agreed. We have always believed that ImmuPharma could deliver such a successful deal for the US market (given the track record of the previous deal executed with Cephalon). This deal with Avion was aided by the strength of the clinical data (and safety profile) from the Phase III trial announced last year. Our detailed analysis of the respective cohort data, driven by the performance of the peptide in the auto ds-DNA antibody positive patients validated our assumptions of the value of LupuzorTM. We now see LupuzorTM as having the ability to generate blockbuster sales in the US (US$1bn+) alone (previously US and EU combined) – which when coupled with a royalty stream of up to 17% on revenues, could see an annual royalty to ImmuPharma’s bottom line of US$170m per year. What is particularly impressive about this deal is not only ImmuPharma’s ability to identify and execute a new licensing partner for LupuzorTM but also the opportunity available for ImmuPharma to find new distribution and marketing partners outside the US for LupuzorTM, for e.g. in Europe, where a new trial would not even be required given Avion’s funding commitment. This means that there is a distinct possibility that further licensing deals could follow bringing in an attractive additional royalty stream, and additional upfront and milestone payments. Outside of LupuzorTM, we believe that ImmuPharma has the potential to generate news-flow on its other pipeline assets including Nucant and UreKa. Based on the financial assumptions for this deal, and a lower risk profile (reduction in risk premium in our DCF model) we increase our target price (which is 50% discounted) from 76p to 100p / share. BUY.

Companies: ImmuPharma
  • 05 Dec 19

Avacta Group - Executive interview

In this video, Alastair Smith, CEO of Avacta Group, discusses the progress the company has made this year. This includes new and expanded partnerships, operational and financial achievements, and the advancement of AVA6000 towards the clinic.

Companies: Avacta Group
  • 04 Dec 19

Proving the accuracy and superiority of minibeams

The goal of Advanced Oncotherapy (AVO) is to deliver an affordable and more effective proton beam therapy (PBT) system, based on state-of-the-art technology developed originally at the world-renowned CERN. In the past 18 months, the project has been de-risked through important technical milestones. AVO is now working on the verification and validation phase, prior to CE marking and LIGHT being used on the first patients. Meanwhile, AVO has entered into a research collaboration with the Cleveland Clinic aimed at proving the accuracy of targeting cancerous tissue, and sparing normal tissue, with proton minibeams in comparison with other methodologies.

Companies: Advanced Oncotherapy
  • 18 Jul 19

FY results; acquisitions to fully benefit FY 2020

Full-year results to 30 April 2019 were in line at the revenue line but 5% (£0.1m) better than expected at the adjusted pre-tax profit level. Underpinned by c.5.5% organic growth, the 20% and 26% increases in revenue and adjusted EBITDA were driven by full-year contributions from ATC and QSI, acquired in FY 2018, as well as five acquisitions in FY 2019. Notable was the 35% increase in free cashflow. Additional investments into Sentek, Atik, Graticules and Astles and the integration of ATC with Thermal Exchange in FY 2020 should benefit the businesses in FY 2021. We upgrade our FY 2020 adjusted EPS by 7% as well as introduce FY 2021 forecasts, which indicate 13% EPS growth. The company indicates that it expects to add at least one new business in FY 2020, which will be incremental to these forecasts. We are raising our target price by 9% to 60p, reflecting the improved gross margins and stronger underlying cashflow.

Companies: Scientific Digital Imaging
  • 02 Dec 19

Interims – VISITECT CD4 starts to deliver on potential

Interim results were in line with the 22 October trading update, reflecting the financial benefits of closing its German business and selling the infectious disease business. Revenues from continuing operations increased 6% to £4.5m, largely reflecting the growth in Food Intolerance (+6% to £4.1m). This resulted in an adjusted EBITDA and pre-tax loss of c.£0.25m (vs. -£0.3m) and c.£0.35m (vs. -£0.5m), respectively. Omega also announced a further order from Nigeria for VISTECT CD4, which is contingent on approval in that market, but could be shipped by the FY year-end. We are not changing CD4 forecasts at this time until there is clarity over MoH approval. We make minor changes, however, to our FY forecasts to reflect the adoption of IFRS 16, which reduces adjusted pre-tax profits by c.£60k in both years. Year-end net debt is unchanged at c.£0.8m. We leave our target price unchanged at 25p.

Companies: Omega Diagnostics Group
  • 25 Nov 19

Elegant and effective treatment for Erectile Dysfunction

Futura Medical is rapidly approaching a major inflection point as the results of a pivotal Phase III study (FM57) for its lead compound, MED2005, are due to read out in December. MED2005 is a fast-acting glyceryl trinitrate gel that addresses erectile dysfunction (ED). The FM57 data is expected to be positive and will influence the design of the remaining Phase III trial (FM59) required for US approval (and possibly Europe too). This data will also fuel licensing discussions with potential partners. The commercial opportunity in ED is sizeable, although addressing the various elements of the market segments and different geographies optimally will, in our view, be critical. Our DCF-based model employs conservative assumptions and currently values Futura Medical at £127m, equivalent to 62p a share.

Companies: Futura Medical
  • 03 Dec 19

Cenkos: Collagen Solutions Plc -- Continued momentum

Collagen Solutions has reported results for the six-months to September 2019 (H1/20). As announced with the October Trading Update, revenues grew 14.4% to £2.23m for the period. Revenues were driven by the Core business which delivered 56% growth. The business acquired four new contracts and ten new customers during the period. The company remains engaged with its notified body in relation to ChondroMimetic, with the changing medical device regulatory environment limiting visibility on the timing of approval. We maintain our Buy recommendation.

Companies: Collagen Solutions
  • 28 May 19

Disease Modification in a Spectrum of Severity for Lupus Patients

ImmuPharma is a European, late-stage biotechnology company, focused on delivering major new autoimmune therapies. It is developing the novel drug LupuzorTM (forigerimod) a first-in-class autophagy modulator, a late-stage asset with blockbuster potential, that has already shown itself to be safe across multiple trials in what now amounts to hundreds of lupus (Systemic Lupus Erythematosus, SLE) patients. The drug (LupuzorTM) was previously licensed to Cephalon (now Teva) for US$45m (upfront and option), US$500m in potential milestones and a high double-digit royalty stream before regaining global rights. The heterogeneity of lupus disease can be viewed as a spectrum of severity in patients, thus identifying and classifying the disease itself, opens up the opportunity for ImmuPharma to pivot and drive towards a precision-medicine biomarker approach and to provide a stratified disease approach that could help to improve healthcare economics for payors. We initiate with a BUY rating based on what we believe are strongly oversold shares and a target price of 92p.

Companies: ImmuPharma