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Nov 27 2020, 07:00 GMT
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.