Clinigen

All service and no product?

  • Sectors : Pharma and healthcare
  • Companies : Clinigen

Ratings and price correct at time of issue.

  • Clinigen

    Closing Price: 638p

  • RATING 15/06/20

  • PREVIOUS RATING N/A

DAVY VIEW

We think Clinigen’s largest division is being valued at c.4x EBITDA – bizarre given the c.55% divisional EBITDA margins and growth optionality with Proleukin and Erwinase. Admittedly, recent delivery has been lacklustre; however, as growth reaccelerates through fiscal year June 2022 and with Proleukin newsflow catalysts through 2021, this sets the stage for a material re-rating. We reiterate our ‘Outperform’ rating and £10 price target.

Download full report with analyst certification and important disclosures

Nov 27 2020, 07:00 GMT

Download