IPO and L/S equity, 2015 Starmine top stock picker, Global Equity Research Ltd

Rickin Thakrar

IPO and L/S equity, 2015 Starmine top stock picker

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<a href="https://www.smartkarma.com/entities/qiagen-nv" target="_blank" data-smartkarma-citation="entities:26865:1" rel="noopener">QIAGEN NV (QIA GY)</a> shares have gone from strength to strength with the stock trading above terms and then receiving a bump bid late last week. <a href="https://www.smartkarma.com/entities/thermo-fisher-scientific-inc-49322cfa-b354-4c3d-ac3b-f4e91aead32b" target="_blank" data-smartkarma-citation="entities:26834:1" rel="noopener">Thermo Fisher (TMO UN)</a> raised its bid on Qiagen by 900 million euros (1bn USD) to 43 euros per share. This represents a c10% increase in the bid price. In addition, Thermo Fisher has reduced the minimum acceptance threshold to 66.67% of outstanding ordinary share capital from 75%, while extending the deal deadline by two weeks until August 10. Prominent hedge fund Davidson Kempner said it would still reject the offer and noted a price of between 48-52 euros would be appropriate. (Source: Reuters)  Indeed, Qiagen, a biotech company that makes products related to coronavirus testing, has seen a swelling of demand for its products and also recently upgraded its earnings forecasts. We give our updated view on Qiagen below the fold. Our previous positive research on the deal can be viewed here:<a href="https://www.smartkarma.com/insights/feedback-from-qiagen-ir-regarding-thermo-fisher-deal" target="_blank" data-smartkarma-citation="insights:37771" rel="noopener">Feedback from Qiagen IR Regarding Thermo Fisher Deal</a> <a href="https://www.smartkarma.com/insights/thermofisher-bids-for-qiagen-a-covid-19-pivot" target="_blank" data-smartkarma-citation="insights:37556" rel="noopener">Thermofisher Bids for Qiagen - A COVID-19 Pivot?</a>

QIAGEN NV (QIA GY) shares have gone from strength to strength with the stock trading above terms and then receiving a bump bid late last week. Thermo Fisher (TMO UN) raised its bid on Qiagen by 900 million euros (1bn USD) to 43 euros per share. This represents a c10% increase in the bid price. In addition, Thermo Fisher has reduced the minimum acceptance threshold to 66.67% of outstanding ordinary share capital from 75%, while extending the deal deadline by two weeks until August 10. Prominent hedge fund Davidson Kempner said it would still reject the offer and noted a price of between 48-52 euros would be appropriate. (Source: Reuters)  Indeed, Qiagen, a biotech company that makes products related to coronavirus testing, has seen a swelling of demand for its products and also recently upgraded its earnings forecasts. We give our updated view on Qiagen below the fold. Our previous positive research on the deal can be viewed here:Feedback from Qiagen IR Regarding Thermo Fisher Deal Thermofisher Bids for Qiagen - A COVID-19 Pivot? 

Qiagen/Thermo Fisher: Qiagen Gets a Bump – Is It Enough to Satisfy Shareholders?

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Personalis offers genomic sequencing to bio-pharmaceutical companies by fully analyzing sample tissue data of cancer patients. It provides its bio-pharmaceutical customers with information on all of the approximately 20,000 human genes alongside immune system information, as opposed to many cancer panels that cover roughly 50 to 500 genes which puts the company with a distinct competitive advantage over its competition.
The company has filed for an IPO to raise funds of approximately US$100m and has set its IPO price at US$15 per share, which implies a valuation of US$323m. We see good potential for the company where clinical trials and drug development requires significant cancer genetic information of patients where Personalis could play a significant role and make use of the market opportunity presented. Due to a strong industry coupled with strong growth in revenues and a solid balance sheet with positive operating cash flows, we believe the stock is attractive. That being said, the investors should be vary of Personalis’ revenues being highly concentrated into a few customers which exposes the company to substantial risk of losing revenues due to cancellation of contracts.

Personalis offers genomic sequencing to bio-pharmaceutical companies by fully analyzing sample tissue data of cancer patients. It provides its bio-pharmaceutical customers with information on all of the approximately 20,000 human genes alongside immune system information, as opposed to many cancer panels that cover roughly 50 to 500 genes which puts the company with a distinct competitive advantage over its competition.
The company has filed for an IPO to raise funds of approximately US$100m and has set its IPO price at US$15 per share, which implies a valuation of US$323m. We see good potential for the company where clinical trials and drug development requires significant cancer genetic information of patients where Personalis could play a significant role and make use of the market opportunity presented. Due to a strong industry coupled with strong growth in revenues and a solid balance sheet with positive operating cash flows, we believe the stock is attractive. That being said, the investors should be vary of Personalis’ revenues being highly concentrated into a few customers which exposes the company to substantial risk of losing revenues due to cancellation of contracts.

Personalis IPO: Personalising Cancer Trials and Treatments; Upside from Growth in Cancer Market

United States

Myriad Genetics, Inc. develops and markets molecular diagnostic products to provide physicians with information to help guide the care of their patients, to prevent disease, delay the onset of disease, or catch disease at an early stage.

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Myriad Genetics (MYGN US)

Qiagen/Thermo Fisher: Qiagen Gets a Bump – Is It Enough to Satisfy Shareholders?

QIAGEN NV (QIA GY) shares have gone from strength to strength with the stock trading above terms and then receiving a bump bid late last week....

Rickin Thakrar

Personalis IPO: Personalising Cancer Trials and Treatments; Upside from Growth in Cancer Market

Personalis offers genomic sequencing to bio-pharmaceutical companies by fully analyzing sample tissue data of cancer patients. It provides its...

Shifara Samsudeen, FCMA, CGMA

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