LONDON, February 28, 2017 /PRNewswire/ --
Hutchison (HCM) and partner AstraZeneca presented
(Logo: http://photos.prnewswire.com/prnh/20130417/608168 )
Our SOTP valuation remains unchanged at $2.4bn ($20.1/ADS). IP is valued at $1,789m and placing the commercial platform's (CP) 2016e share of net profit on a 22.5x rating gives $657m (867p/share). Adding net cash at end June 2016 and netting out unallocated costs results in a value of $2.4bn. Approval(s), clinical data and/or deals should increase our risk-adjusted valuation.
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