LONDON, May 11, 2017 /PRNewswire/ --
Despite a strong run over the last 12 months, our increasedvaluation of $2.7bn suggests the market overlooks HCM's full R&D potential. Multiple catalysts are on the horizon in 2017/18; notably the China FDA filing for fruquintinib in CRC (full Phase III CRC data [China]
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We have increased our SOTP valuation to $2.7bn (£36.1/share) from $2.4bn (£32.2/share), 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 (1,040p/share). 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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