Search Follow us

german start

1 - 12 of 14
Sort by: popularity | newest
Page  2  of 2 | Next
Acarix

Sales steady in Q1

Update | Pharmaceutical & healthcare | 30 May 2018

Acarix’s Q1 update shows sales of four systems to March. Revenues were SEK230k with gross profit of SEK158k; a gross margin of 69%. We do not expect any major sales upturn in 2018, as the key factor is German government reimbursement, which is not expected before 2019. There is additional sales potential in other European territories. We do not expect a US launch before 2022, but we have assumed a US trial starts in 2019. The indicative value remains at SEK448m (SEK19.46/share). Additional clinical studies are ongoing.

German Startups Group

Expanding the business model

Update | Financials | 29 May 2018

German Startups Group (GSG) is transforming its business model to an asset manager (through dedicated SPVs and an intended investment fund) and an online matchmaking platform for transactions in secondary shares in German start-ups and venture capital (VC) funds (scheduled for launch by the end of Q218). Management believes that this should present a completely new opportunity to create significant shareholder value at relatively low investment costs, given that similar marketplaces have reached standalone valuations beyond GSG’s market cap. A successful transformation could not only allow GSG to close the valuation gap to its NAV (which stands at c 30%), but also allow it to realise additional value.

Acarix

Updated financial position

Update | Pharmaceutical & healthcare | 08 May 2018

Acarix’s annual report confirms reported 2017 revenues of SEK638k. Gross profit was SEK430k, with a gross margin rise to 75% in Q4. We do not expect any major sales upturn in 2018, as the key factor is German government reimbursement – this is not expected before 2019. There is additional sales potential in other European territories. We do not expect a US launch before 2022, but we have assumed a US trial starts in 2019. The indicative value remains at SEK448m (SEK19.46/share). Mr Lindholm is the interim CEO. Additional clinical studies are ongoing.

The Marketing Group

Acquisition of German wildcard

Flash note | Media | 29 Nov 2017

The Marketing Group (TMG) has made its first acquisition under the new management team. Although relatively small (FY16 revenues of EUR 1.5m), wildcard fits well with Ranieri Communications, adding to its PR, social and influencer network. wildcard communications brings in a good range of blue-chip clients and opportunities for cross selling. Our FY18e and FY19e earnings estimates are nudged ahead, having being increased by 10% following the Q3 results. Industry interest in TMG’s start-up blockchain-enabled global media agency, Truth, has been very strong. Having spent time sorting out the inherited group, it is clear management is looking for profitable growth, which should lead to an improving rating.

German Startups Group

Specialist German venture capital investor

Initiation | Financials | 01 Jun 2017

German Startups Group is a venture capital investment company that provides investors access to technology start-ups in Germany through a venture capital portfolio of 43 companies. It also has majority ownership of Exozet, a digital agency. Management believes 13 of its companies are ready for exit and, meanwhile, is motivated to realise portfolio gains this year to demonstrate its ability to add value, pay down debt and narrow the shares' 24% discount to NAV. The NAV is likely understated and investors looking for exposure to this sector may find this company of interest.

PPHE Hotel Group

Keeping momentum

Flash note | Travel & Leisure | 09 May 2017

PPHE has consolidated a H216 recovery with a “strong” start to 2017. The 21% like-for-like RevPAR gain in Q1, albeit on weak comparatives and currency-boosted, implies double-digit yield growth in key UK and German markets, which is impressive in uncertain times. Full-year prospects remain positive, boosted by transformative investment in London and Croatia, now the subject of major fundraising by its Arena subsidiary. Potential asset sales and associated return to shareholders, as in 2016, could be a significant catalyst for a share price at a huge discount to real asset value.

Global Bioenergies

France and Germany to part fund industrial pilots

Update | Alternative Energy | 14 Feb 2014

Global Bioenergies (GBE) has secured total funding of €10.9m from French and German state agencies for two industrial scale pilots. The €23m capital increase in July provided the internal resources to fund GBE's investment, while enabling further progress with its butadiene and propylene processes and the start of further new programmes. For example, GBE announced a collaboration with car producer Audi in January, to develop isobutene-derived isooctane, a biofuel suitable for petrol engines. After the recent share price increase, we estimate the market is pricing in a 15% probability of successful isobutene development, at a 16% cost of capital.

GW Pharmaceuticals

ADR update: Steps forward in MS spasticity

Update | Pharmaceutical & healthcare | 03 Oct 2013

The commercial prospects for Sativex in MS spasticity have improved in the US and EU. Partner Almirall has resolved the German pricing issue and achieved acceptable reimbursement in Europe's largest MS market. In the US, the opening of an IND paves the way for a pivotal Phase III study starting H214. Including these opportunities increases our Sativex peak sales by $149m to $820m. Our valuation rises to $378m.

GW Pharmaceuticals

Steps forward in MS spasticity

Update | Pharmaceutical & healthcare | 01 Oct 2013

The commercial prospects for Sativex in MS spasticity have improved in the US and EU. Partner Almirall has resolved the German pricing issue and achieved acceptable reimbursement in Europe's largest MS market. In the US, the opening of an IND paves the way for a pivotal Phase III study starting H214. Including these opportunities increases our Sativex peak sales by £93m to £512m ($820m). Our valuation rises to £236m ($378m).

Omega Diagnostics Group

CD4 promise; iSYS on robust track

Update | Pharmaceutical & healthcare | 12 Dec 2012

The new CD4 assay for developing world HIV monitoring has aroused strong interest at a recent trade exhibition. NGO evaluations will start in January, with large orders possible in H2FY14, although test performance is still unknown. Allergy iSYS is on a more robust development timeline with the first 10 assays in final validation. The launch package of up to 50 might be ready by late-2013, depending on test sample availability. The Indian subsidiary is running well with annualised sales of £470k, up from £401k in FY12. Manual allergy sales fell in the damp German spring, but food intolerance grew 15%. Infectious disease sales fell as a TB test lost approval in India.

Innovation Group

German hat-trick

Update | Technology | 22 Jun 2011

Innovation has announced three wins in Germany, expected to be worth at least £6m over four years, starting next year. Embracing property and motor, software and BPO, the span of the deals provides a good illustration of Innovation's strategy of driving growth through broadening its vertical footprint within established geographies.

Zealand Pharma

Germans leap forward

QuickView | Pharmaceutical & healthcare | 16 Jun 2011

Zealand today licensed ZP2929, a dual action GLP-1 and oxyntomodulin analogue, to Boehringer Ingelheim (BI). GLP-1 reduces glucose levels while oxyntomodulin suppresses appetite and gives weight loss. We take the view that as various GLP-1 products converge in the market with similar glucose control profiles, weight loss in type 2 diabetics will be a key differentiating factor. On preclinical data, ZP2929 could be a key next generation product. Bringing in a partner early should speed clinical development; the Phase I planned by Zealand will be run starting H211.