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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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
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
  • 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
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 122 research reports from 3 professional analysts.

Open
N/A
Range Today
N/A
52 Week
2158/3246p
Daily Volume
N/A
# Shares
65.1m
Daily Liquidity
(0.05%)
Pension Liability
£40.9m
Enterprise Value
£1,988m
Market Cap
£2,020m
Latest PE (hist)
40.08
Div Yield
0.94

Latest News/RNS

(more news)
Date Source Announcement
23Jan20 15:52 RNS Notification of Major Holdings
02Jan20 10:02 RNS Total Voting Rights
12Dec19 14:17 RNS NOTIFICATION OF MAJOR HOLDINGS
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
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  • 23 Jan 20
Positive 17-month trading update

Avacta released a positive trading update for the 17 months to 31 December, with revenues and cash both £0.4m higher than we expected (8% and 5% higher, respectively). This was driven by customer Affimer evaluations and services relating to its partnership programmes, which in turn drove year-end cash. Avacta continues to build value into the business by progressing its proprietary therapeutics assets and partnered programmes, which now extend to four (Moderna Therapeutics, LG Chem, ADC Therapeutics and Daewoong Pharmaceutical). Its focus remains on taking its first pre|CISION pro-drug (pro-doxorubicin) into the clinic in mid-2020, with first data expected by year-end. We maintain our target price of 76p.

Companies: Avacta Group
  • 22 Jan 20
Deltex Medical*

Pre-close trading update

Companies: Deltex Medical Group
  • 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

  • 20 Jan 20
SP Angel Healthcare Conditions

Open Orphan (ORPH.L): Completion of merger with hVIVO | Diurnal Group plc (DNL.L): Business and trading update | IQ-AI (IQAI.L): Korean regulatory clearance for StoneChecker® software

Companies: ORPH DNL IQAI

  • 13 Jan 20
Shield Therapeutics - Feraccru out-licensed in China

Shield Therapeutics has kick-started 2020 by securing an out-licensing deal in China for its primary asset, Feraccru/Accrufer. The exclusive deal with China-based Beijing Aosaikang Pharmaceutical (ASK Pharm) covers China, Hong Kong, Macau and Taiwan. ASK Pharm will complete any required clinical trials in China and file the marketing authorisation for the treatment of iron deficiency in all territories covered by the deal; we forecast China launch in 2023. Shield will receive an upfront licensing payment of $11.4m which, importantly, has extended the cash runway into 2021. The next key inflection point is a US partnering deal, which we assume will occur in the next 12 months; upfront payments from a deal will enhance Shield’s balance sheet further. We value Shield at £346.8m

Companies: Shield Therapeutics
  • 21 Jan 20
LIBERUM: Sensyne Health* - On-track to deliver 2020 targets

Sensyne reported H1 2020 results this morning which were in-line with our forecasts. More importantly the company remains on-track to meet our full year revenue estimate and has plenty of headroom to meet our net cash forecast following a slower than expected cash burn in H1.

Companies: Sensyne Health
  • 11 Jul 19
Diversification and scale for online success

The global online gaming market generated c £40bn of gross gaming revenues (GGR) in 2018 and newly regulating markets (the US) are expected to contribute to 7% CAGR to 2023 (according to H2 Gambling Capital (H2GC)). However, while regulated markets have provided significant opportunities for operators to date, government intervention remains a constant threat and legislation is tightening. Some mature markets (notably the UK) have been raising taxes and implementing regulatory burdens, which increases the cost of business. In our view, success will depend on a combination of scale, diversification, proprietary technology and a strong balance sheet. Many of the 12 operators in this report should benefit from these dynamics and sector valuations remain attractive, at 12.6x P/E, 8.2x EV/EBITDA and 6.0% dividend yield for FY19.

Companies: 888 ACX BETSB ORPH GVC GYS OPAP PTEC RNK WMH

  • 04 Nov 19
Solid Q3 results in second EPS guidance upgrade for the year

Sales momentum accelerated in Q3 19 driven by the robust performance in the vaccines segment, particularly the shingles drug. The pharma (led by respiratory and immunology franchise) and consumer healthcare segments also performed well. The solid top-line was enough to absorb the higher R&D and SG&A expenses, and was further helped by lower tax and finance costs to facilitate the second EPS guidance upgrade for the year.

Companies: GlaxoSmithKline
  • 26 Nov 19
MaxCyte - Pole Position in Cell and Gene Therapy

MaxCyte Inc (LON:MXCT) is well-positioned to leverage its proprietary flow electroporation technology that is driving innovation, not only for its differentiated cell therapy platform CARMA but for a fast-growing list of leading industry partners. MXCT has more than 80 licensed programmes including

Companies: MaxCyte
  • 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
  • 09 Dec 19
ImmuPharma Quick Reference Sheet following new Lupuzor licence

Following the recent announcement that Avion Pharmaceuticals has entered into a licence to pay up to $25m to develop (through the second phase III trial) and commercialise its major drug Lupuzor ™, ImmuPharma presents a very different opportunity compared to even a few weeks ago.

Companies: ImmuPharma
  • 24 Dec 19
SP Angel Healthcare Conditions

Beximco Pharma (BXP.L): Annual General Meeting Statement | Polarean Imaging (POLX.L): Installation of research unit

Companies: Beximco Pharmaceuticals Polarean Imaging

  • 08 Jan 20
LIBERUM: Sensyne Health* - Major operational progress unjustly overlooked

Since foundation in mid-2018 Sensyne has signed deals with 5 NHS trusts to give it access to some of the best healthcare data globally. This has been validated by a deal with Bayer in its most important therapeutic area, with Cognizant in a field within which it is a global leader and with Roche to provide services the bears would suggest it already has in-house.

Companies: Sensyne Health
  • 10 Jan 20
THE MONTHLY January 2020

The Office for National Statistics (ONS) is due to publish its most up-to-date survey on share ownership in mid-January, which identifies the beneficial owners and decision- makers of the stock market. Hardman & Co has worked together with the share analysis service, Argus Vickers, to jointly produce its own survey, which anticipates the conclusions of the ONS survey but goes into much greater detail. Our work does not use a sample of 200 quoted companies as the ONS historically has, but rather includes everyUK quoted company. The ONS samples share registers every two years; our study uses six-monthly data points. Our survey also extends to shareholders on NEX; the ONS does not.

Companies: AVO AGY ARBB BUR CMH CLIG DNL FLTA GDR MCL NSF PCA PIN PHP RECI RMDL SCE SIXH SHED VTA

  • 14 Jan 20
Taking on China

Shield Therapeutics (STX) is a commercial-stage company delivering specialty products that address patients’ unmet medical needs, with an initial focus on treating iron deficiency (ID) with ferric maltol. Recent news that the FDA had approved this drug for a broad indication opened up a market in the US currently worth over $1bn p.a. On 8 January, STX announced a development and commercialisation licence deal in China with Beijing Aosaikang Pharmaceutical Co (ASK Pharm), whose local expertise should support approval and deliver strong licensing income in what is the world’s second largest pharmaceuticals market.

Companies: Shield Therapeutics