LONDON, May 11, 2017 /PRNewswire/ --
Despite a strong run over the last 12 months, our increased valuation of
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We have increased our SOTP valuation to $2.7bn ($22.6/ADS) from $2.4bn ($20.1/ADS), in the main due to progress in the R&D pipeline and upgrades to our CP forecasts after a stronger than anticipated FY16. The Innovation Platform is valued at $1,948.6m from $1,789m and placing CP's 2017e share of net profit on a 23.6x rating gives $788.8m ($6.5/ADS). Adding December 2016 net cash and netting out unallocated costs results in a value of $2.7bn. Approval(s), clinical data and/or deals should increase our risk-adjusted valuation.
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