DAVY VIEW

Immunocore’s IPO, with an upsized offering of 9.9m ADSs, has been priced at $26, implying a c.$1.1bn value for Immunocore. Based on the pricing, we estimate Malin’s investment value in Immunocore increases by c.3% to c.€51m. Furthermore, there are major potential milestones in 2021 for Immunocore that could catalyse an increase in its share price. Malin shares are priced at a c.35% discount to an estimated current fair value per share (FVPS) of c.€8.30, including an updated Immunocore value of c.€1.12 per share. This discount has scope to considerably reduce, with FVPS increasingly converting into liquid assets and given the anticipated shareholder cash returns in H2 from the Kymab sale proceeds.