SECTOR – HEALTHCARE
RATING – BUY*
MARKET CAP – £15.2m
CURRENT PRICE – 16.3p#
TARGET PRICE – 113p
ANALYST – BARRY GIBB
Year-end March
2017A
2018E
2019E
2020E
Revenue (£m)
-
-
-
7.50
EBITDA (£m)
(3.64)
(3.49)
(4.49)
3.92
Adj. pre-tax Profit (£m)
(3.64)
(3.49)
(4.42)
3.90
Adj. EPS (p)
(4.19)
(2.81)
(3.34)
4.27
DPS (p)
-
-
-
-
Net Cash/(Debt) (£m)
3.91
3.24
(0.54)
3.95
P/E (x)
-
-
-
3.8
Dividend yield (%)
-
-
-
-
EV/EBITDA (x)
-
-
-
2.9
SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close. *Northland Capital Partners Limited acts as Nomad and Broker to Evgen Pharma and therefore this information should be viewed as a Marketing Communication.
Notice of Investor Symposium
NORTHLAND VIEW
§ Evgen Pharma is to hold an Investor Symposium on the morning of Tuesday 18 September 2018.
§ The Symposium will be an opportunity to engage with Evgen and independent experts to help frame the significance of two Phase II clinical read-outs of SFX-01, the Company’s lead drug candidate, expected around the end of the year. The presentations will include:
· Vadim Alexandre - Managing Director, Northland Capital Partners
The biotech investment market and Evgen Pharma plc
· Prof Albena Dinkova-Kostova - University of Dundee
The science behind sulforaphane
· Dr Sasha Howell - The Christie Hospital, Manchester
The STEM trial in breast cancer
· Sally Ross - Clinical Development Officer, Evgen
The SAS trial in haemorrhagic stroke and the preclinical pipeline
§ The event will be held at the offices of Buchanan, 107 Cheapside, London EC2V 6DN and will begin at 9.15am. The presentations will be available on the Company website on the day. No new material trading information will be disclosed. If you wish to attend the event, please reply to this email.
This Symposium is expected to detail the science behind SFX-01. Final read-outs from the two current trials will mark an important value-inflexion point in its clinical development. Recognising that, Evgen holds the exclusive worldwide license to an IP estate covering composition, manufacturing and a series of novel derivatives of sulforaphane, asserting a leadership position around this new drug class, the prospect of monetization through partnership with big pharma appears to be drawing ever closer.
COMPANY DESCRIPTION
Evgen Pharma is a clinical stage drug development company focused on the treatment of cancer and neurological conditions
THOR MINING (LON:THR)
SECTOR – MINING
RATING – CORP*
MARKET CAP – £10.9m
CURRENT PRICE – 1.775p#
ANALYST – DR RYAN D. LONG
Year-end June
2016A
2017A
Revenue (£m)
-
-
No forecasts provided
EBITDA (£m)
(1.7)
(1.3)
Adj. pre-tax Profit (£m)
(1.7)
(1.3)
Adj. EPS (p)
(1.0)
(0.4)
DPS (p)
-
-
Net Cash/(Debt) (£m)
(0.4)
(0.1)
P/E (x)
n.a.
n.a.
Dividend yield (%)
-
-
EV/EBITDA (x)
n.a.
n.a.
SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close. *Northland Capital Partners Limited acts as Joint Broker and provides commissioned research coverage to Thor Mining and therefore this information should be viewed as a Marketing Communication.
US Lithium/Hawkstone Mining update
NORTHLAND VIEW
§ The restructured conditional agreement for the acquisition of 100% of the shares of USA Lithium Pty Ltd, a private company in which Thor Mining held an interest, by Hawkstone Mining (ASX: HWK), has been completed.
Thor Mining has been issued 7,812,500 shares in Hawkstone for its holding in USA Lithium, 5% of which will be transferred to Pembridge Resources pursuant to Thor’s original acquisition agreement with Pembridge. We estimate that Thor’s remaining interest in Hawkstone is worth c. A$200,000 at Hawkstone’s current market value.
COMPANY DESCRIPTION
Thor Mining owns 100% of the Molyhil and Pilot Mountain Tungsten Projects, located in Australia and the USA, respectively. The Company is also earning up to a 60% interest in the Kapunda Copper Project and has a material interest in USA Lithium, a private business.