Rood zal vast nog wel de weg omhoog vinden. Maar voorlopig zal er eerst gezaaid moeten worden. Voor er iets te halen valt. Wellicht in die tussentijd focussen op meer rendement op andere aandelen zoals pharming. of bam en in het pharming forum staat al een koersdoel van 1.40 zal het bericht er even bijpakken. Let wel het is in het duits.
Original-Research: PHARMING - von First Berlin Equity Research GmbH
Einstufung von First Berlin Equity Research GmbH zu PHARMING
Unternehmen: PHARMING
ISIN: NL0010391025
Anlass der Studie: Update - EGM, 8 months results
Empfehlung: BUY
seit: 07.10.2016
Kursziel: 1,40 Euro
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung: -
Analyst: Simon Scholes, CFA
First Berlin Equity Research has published a research update on Pharming Group NV (ISIN: NL0010391025). Analyst Simon Scholes reiterated his BUY rating and maintained his EUR 1.40 price target.
Abstract:
Shareholders approved all the proposals on the agenda at Pharming's EGM on 5 October, thus clearing the way for the acquisition from Valeant of the North American commercialisation rights to Ruconest and the capital raise which will be necessary to finance it. Figures for the first eight months of the year released two days ahead of the EGM lend credence to the management statement that Pharming will be profitable at the EBIT level in 2017, subject to completion of the transaction, and show the company broadly on track to reach the 2016E forecasts published in our most recent study of 30 August. These numbers were based on the assumption that the transaction would not close until the end of the year. Management now expects closing during November. If the December P&L includes 100% of North American Ruconest revenues rather than just the 30% which Pharming is currently booking, our numbers are likely to be exceeded. The structure of the transaction (the split between straight debt, convertibles and straight equity) has still to be finalised, but management has indicated that minimisation of shareholder dilution is a priority. Pending publication of this information, we are leaving our forecasts and valuation unchanged. We maintain our Buy recommendation and price target of €1.40