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EQS-News News vom 12.07.2017

Edison Investment Research Limited: Edison issues initiation on Laboratoris Farmacéuticos ROVI (ROVI)

EQS-News: Edison Investment Research Limited / Key word(s): Quarterly / Interim Statement/Statement

12-Jul-2017 / 10:27 GMT/BST

London, UK, 12 July 2017

Edison issues initiation on Laboratoris Farmacéuticos ROVI (ROVI)

ROVI, a profitable, speciality healthcare company, markets ~30 proprietary and in-licensed products across nine core franchises mainly in its domestic Spanish market. ROVI is at a major inflection point; its internally developed biosimilar enoxaparin could be first to launch in key European markets (launch expected end 2017), transforming the sales growth and operating margins of the business. ROVI has a strong presence in the Spanish heparin market (and select international markets through partners), where it has been manufacturing and marketing its flagship product Hibor (second-generation LMWH) since 1998. Other top-line drivers include further product in-licensing and the potential launch (2021) of Risperidone-ISM (schizophrenia). We value ROVI at EUR1.0bn (EUR20.1/share).

We value ROVI at EUR1.0bn or EUR20.1 per share based on a three-stage DCF, forecast to 2025, at a 10% discount rate, a long-term tax rate of 15% and a 2.0% terminal growth rate. Our valuation is underpinned by the sales potential of biosimilar enoxaparin and the base business retaining stable low single-digit growth rates from further in-licensing deals. A stable dividend with a three-year average 33% pay-out ratio additionally adds value.

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About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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For more information please contact Edison:

Dr Susie Jana, +44 (0)20 3077 5700

Dr Daniel Wilkinson, +44 (0)20 3077 5734

Juan Pedro Serrate, +44 (0)20 3681 2534
[email protected]

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