maliqun61 schreef op 21 mei 2018 07:03:
Update Van Leeuwenhoeck dd 17 mei 2018
Koersdoelverhoging; van EUR 1.88 naar EUR 2.40
nebula.wsimg.com/1f588297beb29ae74461...Pharming (PHARM.AS): Research Note 17 May
Pharming Group published its 2018Q1 figures which were in line with our expectations. For the first time, the company reached profitability with net profit of EUR 3.3 million. We think it is positive that the company managed to sustain and even slightly improve sales of RUCONEST® compared to the already strong fourth quarter of 2017. The company expects continued growth in revenues, mainly driven by the US sales of RUCONEST®. Pharming also believes it will achieve positive net results throughout the course of the year. Based on our NPV based valuation, we believe that Pharming is still substantially undervalued at the current share price of EUR 1.38. We have increased our valuation for the company and estimate that the company’s current total value should increase from EUR 1.1 billion to EUR 1,6 million, which translates, based on an expected number of issued shares of approximately 657 million, into EUR 2.40 per share.