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Orchard deal adds to growing revenue stream
02 Dec 16
Oxford BioMedica’s (OXB’s) recently announced strategic alliance with Orchard Therapeutics further underpins the value the wider cell therapy market sees in its in-house capabilities. OXB will develop and supply lentiviral vectors to Orchard for use in primary immune deficiency and inherited metabolic disorders. OXB has received a 1.95% equity stake in Orchard and will receive royalties on future of products covered by the deal. Our valuation for OXB remains unchanged at £173m (6.2p/share).
Integrated service offering demonstrating value
02 Dec 16
Abzena announced strong H117 results with overall underlying revenue growth of 46%. This growth resulted from an increase in new customers and expansion of the services provided to existing customers, which starts to demonstrate the value in its integrated service offering. Despite this we have reduced our valuation to £112m, primarily as a result of the discontinuation of simtuzumab (Abzena inside product). However, we note the potential for upside as the company continues to grow its integrated service business and as other Abzena inside products progress.
Accounts transparency a positive step forward
02 Dec 16
UMT has shown substantial progress in hitting key milestones since our initiation on the stock in May of this year. The launch of white-label mobile payments for Germany’s largest loyalty scheme, Payback, commenced smoothly in June and six major German retail groups are now using UMT’s system to provide mobile payments services to their Payback customers. The recent publication of key consolidated earnings data for H116 shows 34% EPS uplift from the unconsolidated figures for the same period, while management’s plans to publish consolidated financial statements for FY16 and IFRS standards for FY17 should improve reporting transparency and boost investor confidence.
LTPA provides visibility and expansion potential
02 Dec 16
QinetiQ has announced a £1bn, 11-year contract amendment to the Long Term Partnering Agreement (LTPA) proving both extended visibility and the opportunity to attract increasing UK and international test and evaluation business. The agreement secures half of the core LTPA revenues at this year’s SSRO profit rates out to 2028, while providing QinetiQ with visibility to invest up to £180m in upgrading the UK air ranges and the Test Pilots’ School at Boscombe Down. This not only secures increased capability for the UK MOD, but also expands the scope of work that QinetiQ can secure in the international market to drive medium-term organic growth.
Acquisition of Dutch speciality trader
02 Dec 16
BayWa has announced that it is to acquire Dutch speciality trader, Thegra Tracomex. Thegra deals in speciality products such as oilseeds, pulses, by-products from grain and oilseed processing, a wide range of grains, and organic cereals. It has trading offices in the Netherlands, Belgium and Poland, which collectively handle around 1m tonnes of produce each year. The financial details of the transaction have not been disclosed.
Regulatory agency suspends Carmat implants
01 Dec 16
On 30 November, Carmat announced that the first patient implanted with its bioprosthetic heart as part of its European pivotal trial has died. The implantation occurred in late August and press sources report that the death was in October. The company’s analyses do not suggest the prosthesis was responsible for the death, although the French regulatory agency (ANSM) is suspending future Carmat implantations. Our valuation (previous rNPV of €747m) is under review.
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