Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PURETECH HEALTH PLC. We currently have 8 research reports from 1 professional analysts.
|04Nov16 07:00||RNS||PureTech's Gelesis Presents Data at ObesityWeek|
|02Nov16 07:00||RNS||PureTech to Present at Jefferies Conference|
|20Oct16 07:00||RNS||PureTech Appoints Joseph Bolen as CSO|
|19Oct16 07:00||RNS||PureTech's Vedanta Granted European Patent|
|03Oct16 12:07||RNS||Second Price Monitoring Extn|
|03Oct16 12:02||RNS||Price Monitoring Extension|
|27Sep16 07:00||RNS||Director/PDMR Shareholding|
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Research reports on
PURETECH HEALTH PLC
PURETECH HEALTH PLC
N+1 Singer - PureTech - Interim results highlight upcoming newsflow
07 Sep 16
PureTech’s interim results highlight a busy six months with multiple portfolio financings and development progression with 20 clinical trials ongoing. We continue to expect five proof-of-concept readouts as well as multiple pivotal or registration trial readouts, along with a potential product launch (Akili) over the next 24 months. PureTech is well financed with a consolidated cash balance of $297.4m at the period end. PureTech is trading at an EV/portfolio value of 0.7x, an undeserved discount to the sector in our view. We remain at Buy with a 243p Target Price.
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.
$50m financing for Vedanta Biosciences
06 Jun 16
Vedanta Biosciences has raised $50m to enable it to progress drug candidates in a range of autoimmune and infectious diseases. We view Vedanta Biosciences as one of PureTech’s more interesting companies and look forward to the commencement of clinical trials in H1 2017. PureTech is contributing around $30m and its ownership adjusted value will increase by roughly $37m to $120m (75.4% ownership). Vedanta Biosciences now represents 36.5% of PureTech’s $328.7m valuation of its growth stage companies. We update our valuation this morning, increasing our Target Price to 243p (from 229p) and remain at Buy.
Disappointing data from Tal Medical
02 Jun 16
Tal Medical reporting that it did not achieve the primary endpoint in its RAPID trial in major depressive disorder (MDD) is disappointing. Depression affects millions of adults globally and is the leading cause of suicide. PureTech owns 54.2% of Tal Medical and it currently represents 10.5% of PureTech’s $291.7m valuation of its growth stage companies. Tal Medical will report additional data from two other trials in MDD in H2 2016. All the data will be reviewed over the next six months and we expect an update on Tal Medical’s development plans in MDD once the review has been completed. A bipolar pivotal trial is on track to commence in H1 2017 and a sleep pilot trial in the next couple of months. PureTech’s portfolio of 12 operating companies and 10 concept phase initiatives diversifies its risk, a key advantage when trial outcomes are negative. We maintain our 229p Target Price and Buy recommendation.
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.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
N+1 Singer - Grainger - Final results in line, further progress on PRS investment pipeline
01 Dec 16
Grainger has reported FY16 final results this morning with key NNNAV and recurring PBT metrics in line with our forecasts. Sales performance and rental income growth was strong in H2, as previewed in the positive FY trading update driving our 19% PBT upgrade in early October (11/10). The PRS investment pipeline continues to grow now standing at £389m secured and £347m in legals as Grainger pursues an £850m investment target by 2020. A 3.05p final dividend is in line with the revised policy to distribute 50% net rental income. The shares continue to trade on a significant, and unwarranted, 20%+ discount to NNNAV. We reiterate our BUY recommendation.
05 Dec 16
As we mentioned in our 18 November 2016 note, a continuation vote was expected to be announced before the end of 2016. The announcement last Friday included details of the continuation vote, and in particular, a recommendation by the Directors to replace the June 2015 strategy of selling non-core assets and developing the core projects, with a new strategy of an orderly sale of the Company’s assets, with a target of selling all assets by 31 December 2019 and a distribution policy for returning monies to shareholders following disposals. Alongside these recommendations, there are proposed changes to the remuneration for the investment manager.
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.