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Laboratorios Farmaceuticos ROVI

Laboratorios Farmacéuticos ROVI - DORIA Phase III trial hits primary endpoint

Laboratorios Farmacéuticos ROVI (ROVI) has announced top-line data from the pivotal Phase III PRISMA-3 trial evaluating DORIA (ISM risperidone) in schizophrenia. DORIA achieved the primary endpoint of a statistically significant reduction (p<0.0001) in PANSS score at week 12 (both 75mg and 100mg doses once-monthly intra-muscular injection). These data not only validate DORIA but also the ISM technology platform developed by ROVI. ROVI plans to file the US NDA in H219. We forecast a potential launch in 2021 in both the US and EU and peak sales opportunities of US$411m (US and EU) in 2027. DORIA has the potential to be highly value enhancing to ROVI’s long-term profit growth. This is in line with our expectations and we leave our forecasts and valuation unchanged at €1.23bn or €21.9 per share.

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  • 19 Mar 19
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PureCircle

PureCircle - Growing pains

PureCircle’s H119 results highlight the ongoing evolution in the company: sales declined 5%, partly due to phasing of deliveries, but also due to adoption of the superior-tasting, higher-margin Reb M product cannibalising the base business. Gross margins were up 240bp as a result of Reb M contributing positively to the mix. The innovation pipeline continues to strengthen and the company is well positioned to capitalise on the continued shift away from sugar and towards natural sweeteners.

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  • 19 Mar 19
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Invesco Asia Trust

Invesco Asia Trust - Disciplined Asia specialist, solid long-term returns

Invesco Asia Trust (IAT) aims to provide significant capital returns over the long-term through investing in listed companies in Asia. It follows a rigorous bottom-up investment process with few constraints, to build a relatively concentrated 50–70 stock portfolio representing the manager’s highest-conviction ideas over a three- to five-year horizon. The approach also emphasises the valuation discipline and favours cash-generative companies, which is reflected in the underlying portfolio yield of c 3%. IAT has increased its annual dividend in seven out of the past 10 years and over that time has delivered an annualised NAV total return of c 16%.

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  • 19 Mar 19
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Bitesize briefing - Volta Finance

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  • 19 Mar 19
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Focusrite

Focusrite - A solid first-half performance

Focusrite has reported solid H119 revenue growth, reflecting particularly strong performance in Europe and for its Focusrite ranges globally. We leave forecasts unchanged, recognising the macroeconomic challenges in H2 arising from US tariffs and Brexit. The company is actively seeking opportunities to use its substantial net cash balance (H119: £26.2m), as reflected in the current valuation.

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  • 19 Mar 19
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DeA Capital

DeA Capital - Platform developments and AUM growth

DeA Capital performed well in FY18 despite turbulent financial markets, developing its alternative asset management platform and growing AUM. Minority interests have been eliminated and net asset value grew. Strong cash flow continues, driven by net distributions from maturing fund investments, sufficient to fund reinvestment and strong distributions. The board is proposing payment of an unchanged €0.12 per share dividend in the current year, a yield of almost 9%. Our adjusted net asset value per share is unchanged at €1.94, c 40% ahead of the share price.

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  • 19 Mar 19
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