SECTOR: HEALTHCARE; MINING
Beximco Pharmaceuticals (BXP.L) SECTOR – HEALTHCARE RATING – BUY* MARKET CAP – £237m CURRENT PRICE – 58.5p# TARGET PRICE – 75p ANALYST – VADIM ALEXANDRE |
|
Year-end June |
2017A |
2018E |
2019E |
2020E |
|
Revenue (BDT Bn) |
15.5 |
17.2 |
19.0 |
21.1 |
|
EBITDA (BDT Bn |
4.2 |
4.4 |
4.7 |
5.4 |
||
Adj. pre-tax Profit (BDT Bn) |
2.9 |
2.9 |
3.2 |
3.7 |
||
Adj. EPS (BDT) |
5.49 |
5.40 |
5.98 |
6.80 |
||
Net Cash/(Debt) (BDT Bn) |
(4.3) |
(6.5) |
(6.7) |
(3.6) |
||
|
|
|
|
|
||
|
|
|
|
|
||
|
|
|
|
|
||
|
|
|
|
|
||
|
SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close. *Northland Capital Partners Limited acts as Broker to Beximco Pharmaceuticals and therefore this information should be viewed as a Marketing Communication. 1 GBP = 117 Bangladeshi taka (BDT) |
Financial Results for Q3 2017-18 |
NORTHLAND VIEW |
Beximco Pharma’s results demonstrate sustained double-digit sales and profit growth, in line with our forecasts. With the Company recently announcing the commencement of export of its third product (Methocarbamol) to the US, Beximco Pharma is carrying out its aggressive export strategy in a high value market which we expect will continue to drive positive results. |
COMPANY DESCRIPTION Beximco Pharma is a Bangladeshi company which manufactures and sells generic pharmaceuticals. |
SUNRISE RESOURCES (SRES.L) SECTOR – MINING RATING – CORP* MARKET CAP – £3.0m CURRENT PRICE – 0.14p# ANALYST – DR RYAN D. LONG
|
|
Year-end Sept |
2016A |
2017A |
|
|
|
Revenue (£m) |
- |
- |
No forecasts provided |
||
EBITDA (£m) |
(0.4) |
(0.3) |
||||
Adj. pre-tax Profit (£m) |
(0.4) |
(0.3) |
||||
Adj. EPS (p) |
(0.04) |
(0.02) |
||||
DPS (p) |
- |
- |
||||
Net Cash/(Debt) (£m) |
0.05 |
0.12 |
||||
P/E (x) |
- |
- |
||||
Dividend yield (%) |
- |
- |
||||
EV/EBITDA (x) |
- |
- |
||||
|
SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close. *Northland Capital Partners Limited Acts as Nomad and Joint Broker to Sunrise Resources and therefore this information should be viewed as a Marketing Communication. |
MOU for Potential Perlite Offtake |
NORTHLAND VIEW |
Securing an offtake agreement for a significant proportion of its perlite production from the CS Pozzolan-Perlite Project, located in Nevada, would be an important milestone for Sunrise Resources that would support the advancement of the CS Project toward production. It’s important to note that the current MOU for a proportion of the potential perlite production is non-binding and there remains a risk that it will not lead to a commercial offtake agreement. However, it remains an important first step towards securing an offtake agreement. |
COMPANY DESCRIPTION Sunrise Resources is an exploration company focused on its 100%-owned CS Pozzolan-Perlite Project, located in Nevada |