Northern Data AG
Original-Research: amp biosimilars AG (von GBC AG): BUY

Original-Research: amp biosimilars AG – von GBC AG

Einstufung von GBC AG zu amp biosimilars AG

Unternehmen: amp biosimilars AG
ISIN: DE000A0SMU87

Anlass der Studie: Research Note
Empfehlung: BUY
Kursziel: 40.30 Euro
Letzte Ratingänderung: –
Analyst: Cosmin Filker

Half-year figures 2015 on target; target price and rating confirmed

• Performance in the first half of 2015 did not meet expectations
As expected, the operating performance of the first six months of 2015 at
amp biosimilars AG represented a period without turnover, resulting in a
net loss of €0.60 million. A decisive factor therein was expenditure in
connection with the stock exchange listing carried out in the first half of
2015, as well as expenditure linked to the out-licensing of the first two
biosimilar development projects.

• An important milestone reached thanks to the out-licensing of two
projects
In the first half of 2015, amp biosimilars AG was focussed on out-licensing
projects as well as the developing and expanding of processes and the
organisation. Our first ever out-licensing of two projects to a Chinese
partner represented a particularly important milestone for us, and it shows
the company’s strategy which will also be applied to future projects, as
they are to be out-licensed in an early stage of development. This brings
the advantage that the comprehensive costs of clinical development are
borne by the license partners.

• Lower liquidity requirements due to early out-licensing
Building on the foundation established in the first six months of 2015, amp
biosimilars AG is expected to be able to identify further development
candidates. We expect to begin preclinical development of four additional
biosimilars before 2017. The financial requirements of the company are
considered as low in the context of early out-licensing.

• Significant turnover and income contribution expected in 2019
The expectation is that amp biosimilars AG will achieve its first turnover
in 2017. With the first sale of distribution rights for biosimilar projects
expected in the financial year 2019, a corresponding income contribution is
also expected to be attained. In principle, the business model of amp
biosimilars AG is highly scalable.

• Confirmation of the target price of €40.30, “BUY” rating
Since assumptions have remained unchanged in comparison with the previous
research study (see Initial Coverage Study of 14/07/2015), thus confirming
forecasts, we have kept the DCF valuation model unchanged. We thereby
confirm the previous target price of €40.30 per share and renew the “BUY”
rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/13289.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
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——————-übermittelt durch die EQS Group AG.——————-


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