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Animalcare Group

Investing in product development

Outlook | Pharmaceuticals & healthcare | 23 Apr 2014

Animalcare is increasing its investment in new product development as it uses its balance sheet and operational cash flow to improve its product portfolios. The strategy of exiting low-margin and commoditising segments and investing in defensible, higher value-adding products is wise, although the benefits are not expected to accrue until after 2017. The current valuation has yet to capture the potential of this approach.

MPC Capital

Slower project progress and asset write-offs

Update | Financials | 26 Feb 2019

MPC Capital’s overall performance in 2018 was rather subdued, affected by project delays and low transactional activity, as well as the write-down of a large legacy project. The latter, together with asset disposals, resulted in a decrease in assets under management (AUM) to EUR 4.3bn. However, as MPC also attracted EUR 0.8bn of institutional assets in FY18, the share of new, higher-yielding business in the current AUM has risen. Moreover, the company retained its solid cash position (EUR 28.6m at end-2018) and equity ratio (at 74.3%), and aims at positive EBT in FY19.

MPC Capital

Expansion of container ship fleet

Update | Financials | 10 Sep 2018

Although MPC’s legacy retail portfolio is still weighing on its results, the company is making steady progress in shifting its business towards institutional, higher-margin clients (representing 52% of assets under management (AUM) at end June 2018). We also appreciate MPC’s expansion of the container ship fleet given this shipping segment now enjoys the most favourable demand/supply outlook. The company’s shares are trading at a c 30–40% discount to peers.

MPC Capital

Investing in business development

Update | Financials | 26 Feb 2018

MPC Capital met its 2017 financial performance targets. The share price has suffered in the recent shake-out. P/NAV has slipped to a relatively undemanding 1.83x. The current phase of investment in business development will only begin to bear fruit fully next year and the possibility of a capital increase to support this strategy may weigh on the share price.

MPC Capital

Steady progress

Update | Financials | 11 Sep 2017

The absence of major transaction contributions to first-half profits and management’s reiterated guidance for progress in the full year throws the burden on results in the second half, notably the incidence of large transactions. Firm news on the dividend front may also have an impact on price performance. The process of shifting to higher quality AUM continues. The shares trade at 1.9x NAV.

MPC Capital

Repositioned for real asset growth

Initiation | Financials | 31 May 2017

An extensive restructuring programme, completed in 2015, has repositioned MPC as an asset and investment manager for real assets, targeting selected niche strategies in the shipping, real estate, and infrastructure sectors, for institutional clients. The new model is asset light and driven by recurring revenue streams across the investment lifecycle. New business margins are substantially higher and management sees scope to considerably grow AUM off a scalable platform.


Teva returns rights to cardiovascular programme

Outlook | Pharmaceuticals & healthcare | 08 Jul 2016

Teva has relinquished all rights to cardiovascular applications of Mesoblast's mesenchymal precursor cell (MPC) technology, as it focuses on its core CNS and respiratory interests. Mesoblast will seek a new partner with a cardiovascular focus at the appropriate time. It has entered an A$120m (~US$90m) equity finance facility with Kentgrove Capital to fund the ongoing Phase III CHF trial and a 600-patient confirmatory trial (estimated cost ~US$90m), and has brought forward the interim futility analysis to Q117. We have revised our development timelines and lower our valuation to A$1.8bn from A$2.8bn (A$4.67 from A$7.36 per share).


Headway on positive developments

Update | Pharmaceuticals & healthcare | 23 Jul 2015

Mesoblast is steadily advancing its pipeline, presenting positive Phase II data at the American Diabetes Association in June for MPC-300-IV in moderate-to-severe diabetic nephropathy. The company is seeking an accelerated regulatory path on findings in a large patient population with little alternative for treatment. The recent agreement with Celgene, which entailed a net A$58.5m equity purchase in return for first right of refusal on products in certain disease areas, provides Mesoblast with a capital injection and potential development/commercialisation partner. Meanwhile, an imminent regulatory decision in Japan for MSC-100-IV in acute graft vs host disease (aGvHD) could prove a significant share price catalyst. If approved, MSC-100-IV would be Mesoblast's first product to market.