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Huge ambition with resources available to execute
Kingswood presents investors with a rare opportunity to achieve outsized returns from an institutional grade financial services management team positioned to tap into underlying sector tailwinds in retail wealth management. The largest shareholder, KPI Nominees, has injected and underwritten new capital to establish a robust and efficient operation which is now able to benefit from an additional £80m growth capital from Pollen Street (£4.8m drawn), a global investor with a strong track record in financial services. The group aims to offer best in class, vertically-integrated wealth planning and investment management services backed by leading technology, a rigorous risk and compliance environment and innovative product offerings. Below we outline the potential for this model and note the shares could deliver a medium-term 4.8x return, backed by a UK and US-led acquisition strategy. An exciting first step towards rapid growth.
12 Nov 19
Phase IIb SAS data miss primary endpoint
Evgen announced that the primary endpoint in the Phase IIb SAS study of SFX-01 in sub-arachnoid haemorrhage (SAH) was not achieved, with no significant difference seen between the treatment and placebo arms. Whilst clearly disappointing, our risk-adjusted value (rNPV) for SFX-01 in SAH was 12p. Evgen still has a valuable asset with potential application in breast cancer and other indications. Investors, in our opinion, should not translate the failure of this study to its other clinical programme in metastatic breast cancer. SFX-01 targets a different biological pathway in SAH compared with breast cancer. Equally, risk is reduced further by independent investigator-initiated studies planned for SFX-01 in a range of indications such as NASH and autism, for which Evgen retains all commercial rights. We are reducing our target price to 25p, which reflects the rNPV of SFX-01 in breast cancer whilst also rolling forward the base year to 2020.
11 Nov 19
finnCap Research and Daily Commentaries
Research Tree offers finnCap research, providing ongoing coverage of 278 shares , as well as macro-economic categories including: Commodities - Metals & Mining, Economic Data, and Indices and Markets. We offer 2408 reports from finnCap on Research Tree.
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