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Northland Capital Partners View on the City - Motif Bio; Altona Energy; Evgen Pharma

Northland Capital Partners View on the City - Motif Bio; Altona Energy; Evgen Pharma

MOTIF BIO
(LON:MTFB)

SECTOR – HEALTHCARE

RATING – BUY*

MARKET CAP – £91.2m

CURRENT PRICE – 30.8p#

TARGET PRICE – 116p

ANALYST: BARRY GIBB

 

Year-end Dec

2017A

2018E

2019E

2020E

 

Revenue (US$m)

-

-

9.3

62.6

EBITDA (US$m)

(38.0)

(22.0)

(25.7)

26.3

Adj. pre-tax Profit (US$m)

(44.8)

(29.6)

(33.6)

18.6

Adj. EPS UScent)

(15.0)

(8.2)

(7.9)

4.4

DPS (p)

-

-

-

-

Net Cash/(Debt) (US$m)

(4.5)

(18.4)

(43.2)

(22.0)

P/E (x)

-

-

-

9.1

Dividend yield (%)

-

-

-

-

EV/EBITDA (x)

-

-

-

5.3

 

SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close. *Northland Capital Partners Limited acts as Joint Broker to Motif Bio and therefore this information should be viewed as a Marketing Communication. Assumes GBP/US$ rate of 1.29.

 

Company to present at investor events in August and September

 

NORTHLAND VIEW

  • Motif Bio will participate at key investor events in August and September 2018.  Events include:
  • The 8th Annual Solebury Trout Hamptons CEO Roundtable - Bridgehampton, NY (August 16th 2018) Graham Lumsden, CEO of Motif, will give a presentation on the Company and an update on iclaprim, its antibiotic candidate, for which a New Drug Application (‘NDA’) was submitted to the FDA in June 2018. Motif Bio will also participate in one-on-one meetings with investors and pharma executives.
  • The H.C. Wainwright 20th Annual Global Investment Conference - New York, NY (September 6th 2018) The Company will provide a corporate overview and will also participate in one-on-one meetings during the event. The presentation will be webcast, available live, and as a replay in the Investors section of the Company's website.
  • Graham Lumsden participated in an interview yesterday highlighting the reason for the Group expanding its iclaprim intellectual property portfolio through the two new US patents announced yesterday and the additional protection they provide out to 2037. This video can be accessed here. 

 

We expect these two investor events should further raise Motif’s corporate profile, detailing the exceptional progress iclaprim has made over the past two years, including the two new US patents announced yesterday. We expect the FDA to announce its decision regarding acceptance of iclaprim’s NDA for the treatment of ABSSSI around the end of August along with the granting of its Priority Review. This provides potential for the drug’s formal approval by mid-February 2019E.  Given that iclaprim’s most obvious peer, vancomycin, demonstrates nephrotoxicity, the antibiotic candidate appears ideally positioned to become a preferred alternative treatment for ABSSSI patients with impaired renal function, an addressable market of c.US$2.8bn globally. Similar-stage, US-quoted comparators presently achieve market capitalisations as high as US$500m. In this respect, Motif Bio is considered to be significantly undervalued and Northland reconfirms its rating of BUY.

 

COMPANY DESCRIPTION

Clinical stage biopharmaceutical company specialising in the development of novel antibiotics.

 

 

Altona Energy (LON:ANR)

SECTOR – MINING

RATING – CORP*

MARKET CAP – £5.8m

CURRENT PRICE – 0.375p#

ANALYST – DR RYAN D. LONG

 

Year-end Jun

2016A

2017A

 

 

 

Revenue (£m)

-

-

No forecasts provided

EBITDA (£m)

0.0

(0.3)

Adj. pre-tax Profit (£m)

0.0

(0.3)

Adj. EPS (p)

0.0

(0.0)

DPS (p)

-

-

Net Cash/(Debt) (£m)

0.3

(0.1)

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 Broker to Altona Energy and therefore this information should be viewed as a Marketing Communication.

 

Director Appointment

 

NORTHLAND VIEW

  • Robert Hale has been appointed as a Non-Executive Director of Altona Energy as a representative of the Placees who participated in the placing on 13/10/17.
  • Mr Hale holds 17,504,586 shares in Altona, which represents 1.1% of the issued share capital.

 

Altona Energy has appointed another UK based Director for the Company. Mr Hales is a partner of Cardiff estate agents E J Hales, a Director of Roines Estates, Tudor Jenkins Properties and Octagonal Investments, amongst others.

 

COMPANY DESCRIPTION

Altona Energy is seeking to develop the Arckaringa Coal Project, located in South Australia.

 


 

 

 

1. Northland Capital Partners Limited (“Northland”) acts as Nominated Advisor and/or Broker to the company.

2. Northland) and/or its affiliates companies do beneficially own 1% or more of any class of the issuer’s equity securities, as of the end of the month immediately preceding the date of issuance of the research report or the end of the second most recent month if the issue date is less than 10 calendar days after the end of the most recent month. 

3. The authoring analyst or any associate of the authoring analyst does maintain a long or short position in any of the issuer’s securities directly or through derivatives, including options or futures positions.

4. Northland, its affiliated companies, partners, officers, directors or any authoring analyst of Northland has provided services to the issuer for remuneration during the preceding 12 months other than investment advisory or trading services.

5. Northland or any of its affiliated companies has performed investment banking services for the issuer during the 12 months preceding the date of issuance of the report.  

6. A partner, director, officer, employee or agent of Northland or any of its affiliated companies is an officer, director, employee or advisor of the issuer.  Disclosures are applicable for all companies

7. The authoring analyst, or any associate of the authoring analyst, has viewed the material operations of the issuer. 

8. The authoring analyst, or any associate of the authoring analyst, received reimbursement for travel expenses.

9. Northland makes a market in the securities of this company.

 

 

DISCLAIMER

This document is provided solely to enable clients to make their own investment decisions. It may therefore not be suitable for all recipients and does not constitute a personal recommendation to invest. It does not constitute an offer or solicitation to buy or sell securities or instruments of any kind. If you have any doubts about the suitability of this service, you should seek advice from your investment adviser. This document is produced in accordance with UK laws and regulations. It is not intended for any person whose nationality or residential circumstances may render its receipt unlawful.

The past is not necessarily a guide to future performance. The value of shares and the income arising from them can fall as well as rise and investors may get back less than they originally invested. The information contained in this document has been obtained from sources which Northland Capital Partners Limited believes to be re¬li¬able. The Com¬pany does not warrant that such information is accurate or complete. All estimates and prospective figures quoted in this report are forecasts and not guaranteed. Opinions included in this report reflect the Company’s judgement at the date of publication and are subject to change without notice. If the investment(s) mentioned in this report are denominated in a currency different from the currency of the country in which the recipient is a resident, the recipient should be aware that fluctuations in exchange rates may have an adverse effect on the value of the investment(s). The listing requirements for securities listed on AIM or PLUS markets are less demanding, also trading in them may be less liquid than main markets.

Northland Capital Partners Limited and/or its officers, as¬sociated entities or clients may have a position, or other material interest, in any securities men¬tioned in this report. Northland Capital Partners Limited does not provide recommendations on securities of firms with which it has a corporate relationship. More information about our management of Conflicts of Interest, Investment Research Methodology & Definition of Recommendations can be found at www.northlandcp.co.uk 

Northland Capital Partners Limited is authorised and regulated by the Financial Conduct Authority and a Member of the London Stock Exchange.

Published by/copyright: Northland Capital Partners Limited, 2013. All rights reserved

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