Neovacs A very promising new technology Pharma /
Neovacs Pharma / France Document generated on the 15/10/2014 A very promising new technology KEY DATA 12/12A 12/13A 12/14E 12/15E 12/16E Adjusted P/E (x) Buy Upside potential : 56.4% Target Price (6 months) 5.05 Share Price € 3.23 Market Capitalisation €M 63.7 Price Momentum Extremes 12Months GOOD 1.62 4.40 -6.18 -4.91 -11.9 7.24 8.39 Dividend yield (%) 0.00 0.00 0.00 0.00 0.00 EV/EBITDA(R) (x) -5.57 -5.16 -7.88 4.19 3.97 Adjusted EPS (€) -0.45 -0.40 -0.27 0.45 0.38 Dividend (€) 0.00 0.00 0.00 0.00 0.00 Sales (€M) 0.00 0.03 0.00 18.1 24.5 ns ns ns 72.0 48.3 Attributable net profit (€M) -7.34 -6.99 -5.33 8.79 7.59 ROE (after tax) (%) -157 -766 261 -2,850 96.3 Gearing (%) -622 -670 -111 -109 Growth in EPS (%) EBIT margin (%) -13.7 Last forecasts updated on the 03/10/2014 Benchmarks Values (€) Upside Weight 5.27 63% 40% DCF NAV/SOTP per share 5.54 71% 40% P/E Peers 6.46 100% 5% EV/Ebitda Peers 6.46 100% 5% P/Book Peers 1.62 -50% 5% Dividend Yield Peers 0.00 -100% 5% 5.05 56% 100% TARGET PRICE Conflicts of interest Corporate broking NO Trading in corporate shares NO Analyst ownership NO Advising of corporate (strategy, marketing, debt, etc) NO Research paid for by corporate YES Provision of corporate access paid for by corporate NO Analyst Link between AlphaValue and a banking entity NO Armelle Moulin [email protected] Brokerage activity at AlphaValue NO @ www.alphavalue.com +33 (0) 1 70 61 10 50 [email protected] Contract research, paid for by the above corporate entity. Equity research methods and procedures are as applied by AlphaValue. Target prices and opinions are thus exclusively determined by those methods and procedures. ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Contents Recent Updates.................................................................................................................... 3 Target Price & Opinion.................................................................................................... 5 Businesses & Trends...................................................................................................... 6 Money Making................................................................................................................. 7 Debt................................................................................................................................. 8 Valuation......................................................................................................................... 9 DCF................................................................................................................................. 10 NAV/SOTP...................................................................................................................... 11 Worth Knowing................................................................................................................ 12 Financials........................................................................................................................ 13 Pension Risks.................................................................................................................. 20 Governance & Management........................................................................................... 22 Graphics.......................................................................................................................... 24 Methodology......................................................................................................................... 27 October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Page 2 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Recent Updates October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Page 3 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Updates 03/10/2014 A very promising new technology Change in EPS 2014 : € -0.27 vs -0.35 2015 : € 0.45 vs 0.48 ns -6.82% We have revised upward our 2014 EPS after the H1 results due to a very strong cost control. However, we have revised slightly downward our 2015 EPS due to the increase in expenses, linked to the pipeline's progress. October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Page 4 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Target Price & Opinion Stock Price and Target Price Earnings Per Share & Opinion October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Page 5 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Businesses & Trends Businesses & Trends Neovacs is a biotechnology company which is in an R&D phase (cash burn / see ”funding” section). It specialises in active immunotherapy by targeting cytokines over-expressed in diseases such as autoimmune and inflammatory diseases. Its strategy revolves around: 1/ A specific technology based on kinoids (molecules that stimulate the immune system to produce polyclonal antibodies against targeted cytokines) which should offer various advantages over monoclonal antibodies. 2/ Medical targets that meet three requirements: a) a pre-existing validation (e.g. cytokines for which neutralisation by monoclonal antibodies has been proven to be clinically beneficial); b) unmet medical needs; and c) large and growing markets. 3/ A very light cost structure (only a c.20 highly qualified headcount) with industrial activities being fully outsourced. The current portfolio consists of three drug candidates: 1 / TNF-Kinoid in rheumatoid arthritis (Ph IIb) and Crohn's disease (Ph II a), whose global market was above $20bn. 2 / IFNa-Kinoid with Lupus (Ph II) as the primary indication. The global market is estimated at over $5bn. Benlysta is the first drug approved for this indication in 50 years. It is also likely that this disease is misdiagnosed. 3 / VEGF-Kinoid (AMD, solid cancerous tumours) whose global market was above $10bn. Divisional Breakdown Of Revenues Sector 12/13A 12/14E 12/15E 12/16E Change 14E/13 €M of % total Change 15E/14E €M of % total IFN-K Biotech 0.00 0.00 15.6 18.5 0 NA 16 86% TNF-K Biotech 0.00 0.00 2.50 6.00 0 NA 3 14% Other 0.00 0.00 0.00 0.00 0 NA 0 0% Total sales 0.00 0.00 18.1 24.5 0 NA 18 100% Key Exposures Sales By Geography Revenues Costs Equity Dollar 0.0% 0.0% 0.0% Emerging currencies 0.0% 0.0% 0.0% Other 100.0% We address exposures (eg. how much of the turnover is exposed to the $ ) rather than sensitivities (say, how much a 5% move in the $ affects the bottom line). This is to make comparisons easier and provides useful tools when extracting relevant data. Actually, the subject is rather complex on the ground. The default position is one of an investor managing in €. An investor in £ will obviously not react to a £ based stock trading partly in € as would a € based investor. In addition, certain circumstances can prove difficult to unravel such as for eg. a € based investor confronted to a Swiss company reporting in $ but with a quote in CHF... Sales exposure is probably straightforward but one has to be careful with deep cyclicals. Costs exposure is a bit less easy to determine (we do not allow for hedges as they can only be postponing the day of reckoning). How much of the equity is exposed to a given subject is rarely straightforward but can be quite telling In addition, subjects are frequently intertwined. A $ exposure may encompass all revenues in $ pegged currencies and an emerging currency exposure is likely to include $ pegged currencies as well. Exposure to global warming issues is frequently indirect and may require to stretch a bit imagination. October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Page 6 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Money Making Money Making Like any young biotech company, Neovacs has no turnover and thus writes red ink. Earnings prospects are intimately linked to management's ability to establish profitable partnerships. Neovacs can fund its current Phase II work in progress through its existing cash but cannot start the Phase III studies on its own. Assuming signatures in 2015, conditional marketing authorisations for RA and lupus may be obtained from 2018. This would generate a steady income of royalties, growing with the number of second-line patients: in 2012, more than half of the patients with RA will have to use a second anti-IFN treatment due to the loss of response to the first one. Immediate funding is the crux of the issue, please see “debt/funding” section. Divisional EBIT Change 14E/13 Change 15E/14E 12/13A 12/14E 12/15E 12/16E TNF-K -6.41 -7.65 12.4 11.2 -1 95% 20 95% IFN-K -0.34 -0.40 0.65 0.59 0 5% 1 5% -6.75 -8.05 13.0 11.8 -1 100% 21 100% €M of % total €M of % total Other/cancellations Total Divisional EBIT margin 12/13A 12/14E 12/15E 495% 187% IFN-K ns ns 4.18% 3.20% Total ns ns 72.0% 48.3% TNF-K October 15 2014 12/16E Copyright AlphaValue - 2014 – www.alphavalue.com Page 7 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Debt Debt Neovacs benefits from a strong balance sheet with few debts and enough cash to last to H1 15. Capex requirements are very low given the business model. At the beginning of 2013, the company carried out capital increases totalling €7.2m. Beyond the current FY, funding for its activity development is obviously dependent on the signing of partnerships. These agreements generally include upfront payments (which fund the development costs), milestone payments (which enhance with the progress in the pipeline of drug candidates), royalties (usually between 10% and 20% of sales after approval) and reimbursement of development costs in the case of the search for new therapeutic indications. Given: 1/ unmet medical needs in the targeted diseases, 2/ strong advantages of kinoids over monoclonal antibodies, and 3/ the need for many pharmaceutical companies to strengthen their pipeline, we believe that the group will sign one or two partnerships in the coming months. Accordingly, we have built our business plan around two hypotheses (see cell comments): 1/ partnership signings in 2015 and 2/ conditional approvals for TNF-Kinoid and IFNa-Kinoid from 2018. Funding - Liquidity 12/13A 12/14E 12/15E 12/16E EBITDA €M -6.62 -8.05 13.0 11.8 Funds from operations (FFO) €M -6.41 -5.32 8.80 7.59 Ordinary shareholders' equity €M 0.62 -4.71 4.09 11.7 Gross debt €M 0.01 1.00 0.50 70.0 o/w Less than 1 year - Gross debt €M 0.01 1.00 0.50 70.0 o/w 1 to 5 year - Gross debt €M 0.00 0.00 0.00 0.00 of which Y+2 €M 0.00 0.00 0.00 0.00 of which Y+3 €M 0.00 0.00 0.00 0.00 of which Y+4 €M 0.00 0.00 0.00 0.00 of which Y+5 €M 0.00 0.00 0.00 0.00 o/w Beyond 5 years - Gross debt €M 0.00 0.00 0.00 0.00 + Gross Cash €M 4.02 1.14 9.46 86.6 = Net debt / (cash) €M -4.01 -0.14 -8.96 -16.6 Bank borrowings €M 0.01 1.00 0.50 70.0 Issued bonds €M 0.00 0.00 0.00 0.00 Financial leases liabilities €M 0.00 0.00 0.00 0.00 Mortgages €M 0.00 0.00 0.00 0.00 Other financing €M 0.00 0.00 0.00 0.00 Gearing (at book value) % -670 -111 -109 Adj. Net debt/EBITDA(R) x 0.61 0.02 -0.69 -1.40 Adjusted Gross Debt/EBITDA(R) x -0.03 -0.15 0.05 5.93 Adj. gross debt/(Adj. gross debt+Equity) % 22.5 -33.1 14.1 85.7 Ebit cover x -19.8 80.5 -130 23.6 FFO/Gross Debt % -3,548 -455 1,311 10.8 FFO/Net debt % 160 3,678 -98.2 -45.8 FCF/Adj. gross debt (%) % -3,960 -330 1,314 10.8 (Gross cash+ "cash" FCF+undrawn)/ST debt x -329 -2.72 36.6 1.35 "Cash" FCF/ST debt x -729 -3.86 17.6 0.11 October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Page 8 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Valuation Valuation The DCF valuation is based on two main hypotheses: 1/ signing partnerships with upfront and predefined development milestone payments and 2/ royalties received from 2018 in TNF-K and 2020 in Lupus are at a 20% rate based on sales discounted by 80%. This discount will be reduced gradually as the pipeline progresses. In the NAV valuation, we value TNF-Kinoid and IFNa-Kinoid at EV/Sales of 2.5x 2020e (€350m for TNF-K) and 1x 2025e (peak sales at €1,020m for Lupus) respectively, discounted at 15%, with an initial discount of 80% due to the early stage in the pipeline and a second discount of 40% due to Neovacs' lack of marketing capacity. The signing of an agreement will immediately trigger off the elimination of the second discount and progress in the pipeline will also gradually reduce the first discount. For a peer comparison, we select Genmab. Valuation Summary Benchmarks Values (€) Upside Weight DCF 5.27 63% 40% NAV/SOTP per share 5.54 71% 40% P/E Peers 6.46 100% 5% EV/Ebitda Peers 6.46 100% 5% P/Book Peers 1.62 -50% 5% Dividend Yield Peers 0.00 -100% 5% 5.05 56% Target Price Comparison based valuation Computed on 18 month forecasts Peers ratios Neovacs's ratios Premium Default comparison based valuation (€) Genmab October 15 2014 P/E (x) Ev/Ebitda (x) P/Book (x) Yield(%) ns 49.6 6.77 0.00 13.2 7.96 30.8 0.00 0.00% 0.00% 0.00% 0.00% 6.46 6.46 1.62 0.00 ns 49.6 6.77 0.00 Copyright AlphaValue - 2014 – www.alphavalue.com Page 9 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France DCF DCF Valuation Per Share WACC % 16.0 Avg net debt (cash) at book value €M -4.55 PV of cashflow FY1-FY11 €M 59.0 Provisions €M 0.17 FY11CF €M 24.8 Unrecognised actuarial losses (gains) €M 0.00 Normalised long-term growth"g" % 2.00 Financial assets at market price €M 0.29 Terminal value €M 177 Minorities interests (fair value) €M 0.00 PV terminal value €M 40.2 Equity value €M 104 PV terminal value in % of total value % 40.5 Number of shares Mio 19.7 Total PV €M 99.2 Implied equity value per share € 5.27 Assessing The Cost Of Capital Synthetic default risk free rate % 4.00 Company debt spread bp 250 Target equity risk premium % 5.00 Marginal Company cost of debt % 6.50 % 30.0 Company beta (leveraged) x 2.40 Company gearing at market value % -0.23 Company market gearing % -0.23 Required return on geared equity % 16.0 Cost of debt % 4.55 Cost of ungeared equity % 16.0 WACC % 16.0 Tax advantage of debt finance (normalised) Average debt maturity Sector asset beta Debt beta Market capitalisation Net debt (cash) at book value Net debt (cash) at market value Year 5 x 2.40 x 0.50 €M 63.7 €M -0.14 €M -0.14 DCF Calculation 12/13A €M EBITDA €M 0.00 18.1 24.5 15.0% 28.1 74.8 -6.62 -8.05 22,148 804,840 -0.50 1.49 13.0 11.8 15.0% 13.6 36.2 EBITDA Margin % 72.0 48.4 48.4 48.4 Change in WCR €M Total operating cash flows (pre tax) €M -6.78 -6.56 0.04 0.05 0.05 0.14 13.1 11.9 Corporate tax €M 0.00 2.62 -4.33 -3.74 Net tax shield €M -0.10 Capital expenditure €M -0.03 0.03 0.03 -0.03 -0.03 Capex/Sales % -116 -2,600 -0.14 Pre financing costs FCF (for DCF purposes) €M -6.92 -3.93 €M -6.92 -3.93 Discounted free cash flows €M -6.92 -3.93 7.54 5.92 5.87 5.52 Invested capital € 0.70 -0.77 -0.79 -0.82 -0.94 -2.50 Various add backs (incl. R&D, etc.) for DCF purposes Free cash flow adjusted October 15 2014 0.03 12/14E 12/15E 12/16E Growth 12/17E 12/24E Sales 15.0% 13.7 36.3 15.0% -4.30 -11.4 -0.15 15.0% -0.17 -0.46 -0.03 15.0% -0.03 -0.08 -0.11 -0.11 -0.11 8.75 7.96 9.16 24.4 8.75 7.96 9.16 24.4 €M Copyright AlphaValue - 2014 – www.alphavalue.com Page 10 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France NAV/SOTP (edit) NAV/SOTP Calculation % owned Valuation technique Multiple used Valuation at 100% (€M) Stake valuation (€M) In currency per share (€) % of gross assets TNF-K 100% EV/Sales 2.50 75.0 75.0 3.81 66.1% IFN-K 100% EV/Sales 1.00 38.1 38.1 1.93 33.6% VEGF-K 100% EV/Sales 1.60 0.00 0.00 0.00 0.00% Other 0.29 0.01 0.26% Total gross assets 113 5.75 100% Net cash/(debt) by year end 0.14 0.01 0.13% -4.38 -0.22 -3.86% NAV/SOTP 109 5.54 96.3% Number of shares net of treasury shares - year end (Mio) 19.7 NAV/SOTP per share (€) 5.54 Current discount to NAV/SOTP (%) 41.7 Commitments to pay Commitments received October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Page 11 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Worth Knowing Worth Knowing Note that Truffle Capital, Novartis Venture Fund, OTC asset management and Debioinnovation are historical shareholders. Shareholders % owned Of which % voting rights Of which % free to float TRUFFLE CAPITAL 24.0% 33.0% 24.0% Novartis Venture Fund 17.0% 11.0% 17.0% OTC asset management 7.00% 10.0% 7.00% Founders and managers Neovacs 5.00% 9.00% 5.00% Debioinnovation 0.00% 0.00% 0.00% Name Apparent free float October 15 2014 100% Copyright AlphaValue - 2014 – www.alphavalue.com Page 12 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Financials Valuation Key Data 12/13A 12/14E 12/15E 12/16E Adjusted P/E x -4.91 -11.9 7.24 8.39 Reported P/E x -5.48 -11.9 7.24 8.39 EV/EBITDA(R) x -5.16 -7.88 4.19 3.97 P/Book x 61.5 -13.5 15.6 5.45 Dividend yield % 0.00 0.00 0.00 0.00 Free cash flow yield % -18.7 -6.07 13.9 12.0 Average stock price € 1.95 3.23 3.23 3.23 Consolidated P&L Sales €M 12/13A 12/14E 12/15E 12/16E 0.03 0.00 18.1 24.5 Sales growth % 298,620 -96.7 1,809,086 35.2 Sales per employee €th 1.57 0.05 952 1,287 Purchases and external costs (incl. IT) €M -5.31 (1) -7.70 -5.41 -12.9 Staff costs €M -2.55 -1.23 -1.26 -1.29 Operating lease payments €M Cost of sales/COGS (indicative) €M -0.55 -0.57 -0.66 -0.73 EBITDA €M -6.62 -8.05 13.0 11.8 EBITDA(R) €M -6.62 -8.05 13.0 11.8 ns ns 72.0 48.4 EBITDA(R) margin % EBITDA(R) per employee €th -348 -424 686 623 Depreciation €M -0.04 -0.01 -0.01 -0.01 Depreciations/Sales % 146 500 0.03 0.02 Amortisation €M 0.00 0.00 0.00 0.00 €M 0.00 0.00 0.00 0.00 Additions to provisions €M 0.00 0.00 0.00 0.00 Reduction of provisions €M 0.00 0.00 0.00 0.00 Underlying operating profit €M -6.66 -8.05 13.0 11.8 Underlying operating margin % ns ns 72.0 48.3 Other income/expense (cash) €M 0.00 0.00 0.00 0.00 Other inc./ exp. (non cash; incl. assets revaluation) €M 0.00 0.00 0.00 0.00 Mark to market on various operation-related hedges €M 0.00 0.00 0.00 0.00 Earnings from joint venture(s) €M 0.00 0.00 0.00 0.00 Actual dividends from Jvs €M 0.00 0.00 0.00 0.00 Actual accrued cash flows from JV €M 0.00 0.00 0.00 0.00 Impairment charges/goodwill amortisation €M 0.00 0.00 0.00 0.00 Operating profit (EBIT) €M -6.66 -8.05 13.0 11.8 Interest expenses €M -0.36 -0.10 -0.50 -1.00 0.50 of which amortisation of concession intangibles €M -0.13 Financial income of which effectively paid cash interest expenses €M 0.23 0.20 0.60 Other financial income (expense) €M -0.21 0.00 0.00 0.00 Net financial expenses €M -0.34 0.10 0.10 -0.50 €M 0.00 0.00 0.00 0.00 Pre-tax profit before exceptional items of which related to pensions €M -7.00 -7.95 13.1 11.3 Exceptional items and other (before taxes) €M 0.01 0.00 0.00 0.00 of which cash (cost) from exceptionals €M 0.00 0.00 0.00 0.00 Current tax €M 0.00 2.62 -4.33 -3.74 Impact of tax loss carry forward €M 0.00 0.00 0.00 0.00 Deferred tax €M 0.00 0.00 0.00 0.00 Corporate tax €M 0.00 2.62 -4.33 -3.74 Tax rate % 0.00 33.0 33.0 33.0 Net margin % ns ns 48.6 31.0 Equity associates €M 0.00 0.00 0.00 0.00 €M 0.00 0.00 0.00 0.00 €M 0.00 0.00 0.00 0.00 €M 0.00 0.00 0.00 0.00 €M 0.00 0.00 0.00 0.00 Actual dividends received from equity holdings Minority interests Actual dividends paid out to minorities Income from discontinued operations October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com 1. Increase linked with the costs of pre-approval Page 13 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Financials Attributable net profit €M -6.99 -5.33 8.79 7.59 Impairment charges/goodwill amortisation €M 0.00 0.00 0.00 0.00 Other adjustments €M Adjusted attributable net profit €M -6.99 -5.33 8.79 7.59 Interest expense savings €M Fully diluted adjusted attr. net profit €M -6.99 -5.33 8.79 7.59 NOPAT €M -4.66 -5.64 9.12 8.28 Cashflow Statement 12/13A 12/14E 12/15E 12/16E EBITDA €M -6.62 -8.05 13.0 11.8 Change in WCR €M -0.50 1.49 0.04 0.05 of which (increases)/decr. in receivables €M -0.04 0.03 0.00 0.00 of which (increases)/decr. in inventories €M 0.00 0.00 0.00 0.00 of which increases/(decr.) in payables €M 1.27 0.82 0.15 0.16 of which increases/(decr.) in other curr. liab. €M -1.74 0.63 -0.11 -0.11 Actual dividends received from equity holdings €M 0.00 0.00 0.00 0.00 Paid taxes €M 0.00 2.62 -4.33 -3.74 Exceptional items €M 0.00 0.00 0.00 0.00 Other operating cash flows €M 0.34 0.00 0.00 0.00 Total operating cash flows €M -6.78 -3.94 8.74 8.14 Capital expenditure €M -0.03 -0.03 -0.03 -0.03 Capex as a % of depreciation & amort. % 79.3 520 520 520 Net investments in shares €M 0.00 0.00 0.00 0.00 Other investment flows €M 0.00 0.00 0.00 0.00 Total investment flows €M -0.03 -0.03 -0.03 -0.03 Net interest expense €M -0.34 0.10 0.10 -0.50 €M -0.13 0.10 0.10 -0.50 Dividends (parent company) €M 0.00 0.00 0.00 0.00 Dividends to minorities interests €M 0.00 0.00 0.00 0.00 New shareholders' equity €M 6.29 0.00 0.00 0.00 €M 0.00 0.00 0.00 0.00 Change in gross debt €M 0.41 0.99 -0.50 69.5 Other financial flows €M 0.00 0.00 0.00 0.00 Total financial flows €M 6.58 1.09 -0.40 69.0 Change in scope of consolidation, exchange rates & other €M 0.00 0.00 0.00 0.00 Change in cash position €M -0.24 -2.87 8.32 77.1 Change in net debt position €M -0.65 -3.86 8.82 7.61 Free cash flow (pre div.) €M -7.15 -3.86 8.82 7.61 Operating cash flow (clean) €M -6.78 -3.94 8.74 8.14 Reinvestment rate (capex/tangible fixed assets) % 8.99 6.32 5.94 5.61 of which cash interest expense of which (acquisition) release of treasury shares October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Page 14 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Financials Balance Sheet 12/13A 12/14E 12/15E 12/16E Capitalised R&D €M 0.00 0.00 0.00 0.00 Goodwill €M 0.00 0.00 0.00 0.00 Contracts & Rights (incl. concession) intangible assets €M 0.01 0.01 0.01 0.00 Other intangible assets €M 0.00 0.00 0.00 0.00 Total intangible €M 0.01 0.01 0.01 0.00 Tangible fixed assets €M 0.09 0.12 0.14 0.17 Financial fixed assets (part of group strategy) €M 0.00 0.00 0.00 0.00 Financial hedges (LT derivatives) €M 0.00 0.00 0.00 0.00 Other financial assets (investment purpose mainly) €M 0.29 0.29 0.29 0.29 €M 0.29 0.29 0.29 0.29 €M 0.59 -0.90 -0.94 -0.99 of which available for sale WCR of which trade & receivables (+) €M 0.04 0.01 0.01 0.01 of which inventories (+) €M 0.00 0.00 0.00 0.00 of which payables (+) €M 2.18 3.00 3.15 3.31 of which other current liabilities (+) €M -2.73 -2.10 -2.21 -2.32 €M 0.00 0.00 0.00 0.00 €M 0.00 0.00 0.00 0.00 Total assets (net of short term liabilities) €M 0.99 -0.47 -0.50 -0.52 Ordinary shareholders' equity (group share) €M 0.62 -4.71 4.09 11.7 Minority interests €M Provisions for pensions €M 0.00 0.00 0.00 Other provisions for risks and liabilities €M 0.17 0.17 0.17 0.17 Deferred tax liabilities €M 0.00 0.00 0.00 0.00 Other liabilities €M 4.21 4.21 4.21 4.21 Net debt / (cash) €M -4.01 -0.14 -8.96 -16.6 Total liabilities and shareholders' equity €M 0.99 -0.47 -0.50 -0.52 Average net debt / (cash) €M -4.18 -2.08 -4.55 -12.8 Other current assets of which tax assets (+) EV Calculations 12/13A 12/14E 12/15E 12/16E EV/EBITDA(R) x -5.16 -7.88 4.19 3.97 EV/EBIT (underlying profit) x -5.13 -7.87 4.19 3.97 EV/Sales x ns ns 3.02 1.92 EV/Invested capital x 49.0 -82.6 -69.0 -57.4 €M 38.3 63.7 63.7 63.7 + Provisions (including pensions) Market cap €M 0.17 0.17 0.17 0.17 + Unrecognised actuarial losses/(gains) €M 0.00 0.00 0.00 0.00 + Net debt at year end €M -4.01 -0.14 -8.96 -16.6 + Leases debt equivalent €M 0.00 0.00 0.00 0.00 - Financial fixed assets (fair value) & Others €M 0.29 0.29 0.29 0.29 + Minority interests (fair value) €M 0.00 0.00 0.00 0.00 = Enterprise Value €M 34.2 63.4 54.6 47.0 October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Page 15 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Financials Per Share Data Adjusted EPS (bfr gwill amort. & dil.) € Growth in EPS 12/13A 12/14E 12/15E -0.40 -0.27 0.45 % 12/16E 0.38 -13.7 Reported EPS € -0.36 -0.27 0.45 0.38 Net dividend per share € 0.00 0.00 0.00 0.00 Free cash flow per share € -0.41 -0.20 0.45 0.39 Operating cash flow per share € -0.38 -0.20 0.44 0.41 Book value per share € 0.03 -0.24 0.21 0.59 Number of ordinary shares Mio 19.7 19.7 19.7 19.7 Number of equivalent ordinary shares (year end) Mio 19.7 19.7 19.7 19.7 Number of shares market cap. Mio 19.7 19.7 19.7 19.7 Treasury stock (year end) Mio Number of shares net of treasury stock (year end) Mio 19.7 19.7 19.7 19.7 Number of common shares (average) Mio 17.6 19.7 19.7 19.7 Conversion of debt instruments into equity Mio Settlement of cashable stock options Mio Probable settlement of non mature stock options Mio Other commitments to issue new shares Mio Increase in shares outstanding (average) Mio 0.00 0.00 0.00 0.00 Number of diluted shares (average) Mio 17.6 19.7 19.7 19.7 Goodwill per share (diluted) € 0.00 0.00 0.00 0.00 EPS after goodwill amortisation (diluted) € -0.40 -0.27 0.45 0.38 EPS before goodwill amortisation (non-diluted) € -0.40 -0.27 0.45 0.38 Actual payment € Payout ratio % 0.00 0.00 0.00 0.00 Capital payout ratio (div +share buy back/net income) % 0.00 0.00 0.00 October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Page 16 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Financials Funding - Liquidity 12/13A 12/14E 12/15E 12/16E EBITDA €M -6.62 -8.05 13.0 11.8 Funds from operations (FFO) €M -6.41 -5.32 8.80 7.59 Ordinary shareholders' equity €M 0.62 -4.71 4.09 11.7 Gross debt €M 0.01 1.00 0.50 70.0 o/w Less than 1 year - Gross debt €M 0.01 1.00 0.50 70.0 o/w 1 to 5 year - Gross debt €M 0.00 0.00 0.00 0.00 of which Y+2 €M 0.00 0.00 0.00 0.00 of which Y+3 €M 0.00 0.00 0.00 0.00 of which Y+4 €M 0.00 0.00 0.00 0.00 of which Y+5 €M 0.00 0.00 0.00 0.00 o/w Beyond 5 years - Gross debt €M 0.00 0.00 0.00 0.00 + Gross Cash €M 4.02 1.14 9.46 86.6 = Net debt / (cash) €M -4.01 -0.14 -8.96 -16.6 Bank borrowings €M 0.01 1.00 0.50 70.0 Issued bonds €M 0.00 0.00 0.00 0.00 Financial leases liabilities €M 0.00 0.00 0.00 0.00 Mortgages €M 0.00 0.00 0.00 0.00 Other financing €M 0.00 0.00 0.00 0.00 Gearing (at book value) % -670 -111 -109 Adj. Net debt/EBITDA(R) x 0.61 0.02 -0.69 -1.40 Adjusted Gross Debt/EBITDA(R) x -0.03 -0.15 0.05 5.93 Adj. gross debt/(Adj. gross debt+Equity) % 22.5 -33.1 14.1 85.7 Ebit cover x -19.8 80.5 -130 23.6 FFO/Gross Debt % -3,548 -455 1,311 10.8 FFO/Net debt % 160 3,678 -98.2 -45.8 FCF/Adj. gross debt (%) % -3,960 -330 1,314 10.8 (Gross cash+ "cash" FCF+undrawn)/ST debt x -329 -2.72 36.6 1.35 "Cash" FCF/ST debt x -729 -3.86 17.6 0.11 ROE Analysis (Dupont's Breakdown) 12/13A 12/14E 12/15E 12/16E 1.00 0.67 0.67 0.67 % -22,295 -805,340 72.0 48.3 Assets rotation (Sales/Avg assets) % 3.56 0.39 -3,723 -4,787 Financial leverage (Avg assets /Avg equity) x 0.92 -0.13 1.57 -0.06 ROE % -766 261 -2,850 96.3 ROA % -955 1,049 -1,646 -1,446 Tax burden (Net income/pretax pre excp income) x EBIT margin (EBIT/sales) Shareholder's Equity Review (Group Share) 12/13A 12/14E 12/15E 12/16E €M 1.36 0.67 -4.71 4.09 + Net profit of year €M -6.99 -5.33 8.79 7.59 - Dividends (parent cy) €M 0.00 0.00 0.00 0.00 + Additions to equity €M 6.29 0.00 0.00 0.00 €M 0.00 0.00 0.00 0.00 - Unrecognised actuarial gains/(losses) €M 0.00 0.00 0.00 0.00 + Comprehensive income recognition €M -0.04 0.00 0.00 = Year end shareholders' equity €M -4.71 4.09 11.7 Y-1 shareholders' equity o/w reduction (addition) to treasury shares October 15 2014 0.67 Copyright AlphaValue - 2014 – www.alphavalue.com Page 17 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Financials Staffing Analytics 12/13A 12/14E 12/15E 12/16E Sales per staff €th 1.57 0.05 952 1,287 Staff costs per employee €th -134 -64.5 -66.1 -67.7 Change in staff costs % 1.68 -51.9 2.49 2.49 Change in unit cost of staff % 7.03 -51.9 2.49 2.49 Staff costs/(EBITDA+Staff costs) % -62.6 -18.0 8.79 9.81 Average workforce unit 19.0 19.0 19.0 19.0 Europe unit 21.0 0.00 0.00 0.00 North America unit 0.00 0.00 0.00 0.00 South Americas unit 0.00 0.00 0.00 0.00 Asia unit 0.00 0.00 0.00 0.00 Other key countries unit 0.00 0.00 0.00 0.00 Total staff costs €M -2.55 -1.23 -1.26 -1.29 Wages and salaries €M -2.55 -1.23 -1.26 -1.29 €M -0.71 -0.41 -0.42 -0.43 Equity linked payments €M 0.00 0.00 0.00 0.00 Pension related costs €M 0.00 0.00 0.00 12/13A 12/14E 12/15E 12/16E of which social security contributions Divisional Breakdown Of Revenues IFN-K €M 0.00 0.00 15.6 18.5 TNF-K €M 0.00 0.00 2.50 6.00 Other €M 0.00 0.00 0.00 0.00 Total sales €M 0.00 0.00 18.1 24.5 12/13A 12/14E 12/15E 12/16E Divisional Breakdown Of Earnings EBIT Analysis TNF-K €M -6.41 -7.65 12.4 11.2 IFN-K €M -0.34 -0.40 0.65 0.59 Other/cancellations €M Total €M -6.75 -8.05 13.0 11.8 EBIT margin % ns ns 72.0 48.3 12/13A 12/14E 12/15E 12/16E 100 100 Revenue Breakdown By Country Other % Capital Employed 12/13A 12/14E 12/15E 12/16E ROCE (NOPAT+lease exp.*(1-tax))/(net) cap employed adjusted % -669 734 -1,152 -1,012 Goodwill €M 0.00 0.00 0.00 0.00 €M 0.00 0.00 0.00 0.00 €M 0.01 0.01 0.01 0.00 €M 0.06 0.06 0.06 0.07 Financial hedges (LT derivatives) €M 0.00 0.00 0.00 0.00 Capitalised R&D €M 0.00 0.00 0.00 0.00 PV of non-capitalised lease obligations €M 0.00 0.00 0.00 0.00 Other fixed assets €M 0.09 0.12 0.14 0.17 €M 0.29 0.29 0.29 0.30 Capital employed before depreciation €M 1.05 -0.41 -0.43 -0.45 WCR €M 0.59 -0.90 -0.94 -0.99 Other assets €M 0.00 0.00 0.00 0.00 Unrecognised actuarial losses/(gains) €M 0.00 0.00 0.00 0.00 Capital employed after deprec. (Invested capital) €M 0.70 -0.77 -0.79 -0.82 Accumulated goodwill amortisation All intangible assets Accumulated intangible amortisation Accumulated depreciation October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Page 18 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Financials Divisional Breakdown Of Capital 12/13A 12/14E 12/15E 12/16E TNF-K €M 0.00 0.00 0.00 0.00 IFN-K €M 0.00 0.00 0.00 0.00 Other €M 0.70 -0.77 -0.79 -0.82 Total capital employed €M 0.70 -0.77 -0.79 -0.82 October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Page 19 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Pension Risks Pension matters The headcount is stable at c.20 people. Pension commitments are not subject to provisions and are included in the contingent liabilities for €35k. Summary Of Pension Risks 12/13A 12/14E 12/15E 12/16E Pension ratio % 0.00 0.00 0.00 0.00 Ordinary shareholders' equity €M 0.62 -4.71 4.09 11.7 Total benefits provisions €M 0.00 0.00 0.00 0.00 of which funded pensions €M 0.00 0.00 0.00 0.00 of which unfunded pensions €M 0.00 0.00 0.00 0.00 of which benefits / health care €M 0.00 0.00 0.00 Unrecognised actuarial (gains)/losses €M 0.00 0.00 0.00 0.00 Company discount rate % 4.75 4.75 4.75 4.75 Normalised recomputed discount rate % Company future salary increase % 3.00 3.00 Normalised recomputed future salary increase % Company expected rate of return on plan assets % 4.80 4.80 Normalised recomputed expd rate of return on plan assets % 4.83 Funded : Impact of actuarial assumptions €M 0.00 Unfunded : Impact of actuarial assumptions €M 0.00 Geographic Breakdown Of Pension Liabilities 4.00 3.00 3.00 3.00 4.80 4.80 12/13A 12/14E 12/15E 12/16E US exposure % 0.00 0.00 0.00 0.00 UK exposure % 0.00 0.00 0.00 0.00 Euro exposure % 100 100 100 100 Nordic countries % 0.00 0.00 0.00 0.00 Switzerland % 0.00 0.00 0.00 0.00 Other % 0.00 0.00 0.00 0.00 Total % 100 100 100 100 Balance Sheet Implications 12/13A 12/14E 12/15E 12/16E Funded status surplus / (deficit) €M 0.00 0.00 0.00 0.00 Unfunded status surplus / (deficit) €M 0.00 0.00 0.00 0.00 Total surplus / (deficit) €M 0.00 0.00 0.00 0.00 Total unrecognised actuarial (gains)/losses €M 0.00 0.00 0.00 0.00 Provision (B/S) on funded pension €M 0.00 0.00 0.00 0.00 Provision (B/S) on unfunded pension €M 0.00 0.00 0.00 0.00 Other benefits (health care) provision €M 0.00 0.00 0.00 Total benefit provisions €M 0.00 0.00 0.00 0.00 P&L Implications 12/13A 12/14E 12/15E 12/16E Funded obligations periodic costs €M 0.00 0.00 0.00 0.00 Unfunded obligations periodic costs €M 0.00 0.00 0.00 0.00 Total periodic costs €M 0.00 0.00 0.00 0.00 of which incl. in labour costs €M 0.00 0.00 0.00 0.00 of which incl. in interest expenses €M 0.00 0.00 0.00 0.00 October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Page 20 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Pension Risks Funded Obligations 12/13A 12/14E 12/15E 12/16E 0.00 0.00 0.00 0.00 €M 0.00 0.00 0.00 Interest expense €M 0.00 0.00 0.00 Employees' contributions €M Impact of change in actuarial assumptions €M 0.00 0.00 0.00 of which impact of change in discount rate €M 0.00 of which impact of change in salary increase €M 0.00 Balance beginning of period €M Current service cost Changes to scope of consolidation €M Currency translation effects €M Pension payments €M Other €M Year end obligation €M Plan Assets 0.00 0.00 0.00 0.00 12/13A 12/14E 12/15E 12/16E Value at beginning €M 0.00 0.00 0.00 Company expected return on plan assets €M 0.00 0.00 0.00 Actuarial gain /(loss) €M 0.00 0.00 0.00 Employer's contribution €M 0.00 0.00 0.00 0.00 Employees' contributions €M 0.00 0.00 0.00 0.00 Changes to scope of consolidation €M Currency translation effects €M Pension payments €M 0.00 0.00 0.00 0.00 Other €M Value end of period €M 0.00 0.00 0.00 0.00 Actual and normalised future return on plan assets €M 0.00 0.00 0.00 0.00 12/13A 12/14E 12/15E 12/16E 0.00 0.00 0.00 0.00 Unfunded Obligations Balance beginning of period €M Current service cost €M 0.00 0.00 0.00 Interest expense €M 0.00 0.00 0.00 Employees' contributions €M Impact of change in actuarial assumptions €M 0.00 0.00 0.00 of which Impact of change in discount rate €M 0.00 of which Impact of change in salary increase €M 0.00 0.00 0.00 Changes to scope of consolidation €M Currency translation effects €M Pension payments €M Other €M Year end obligation €M October 15 2014 0.00 0.00 Copyright AlphaValue - 2014 – www.alphavalue.com Page 21 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Governance & Management Governance parameters Existing committees Yes Weighting 20% / No One share, one vote Audit / Governance Committee Compensation committee Chairman vs. Executive split 5% Financial Statements Committee Chairman not ex executive 5% Litigation Committee Independent directors equals or above 50% of total directors Full disclosure on mgt pay (performance related bonuses, pensions and non financial benefits) Disclosure of performance anchor for bonus trigger 20% Nomination Committee Safety committee 10% SRI / Environment 15% Compensation committee reporting to board of directors 5% Straightforward, clean by-laws 20% Governance score 60 100% Management Name Miguel SIELER M Function Birth date Date in CEO 1950 2013 Date out Compensation, in k€ (year) Cash Equity linked 34.9 (2013) Board of Directors Name Indep. Function Completion Birth of current date mandate 1939 2003 0.00 (2013) 1957 2010 10.0 (2013) Date in Date out Fees / indemnity, in k€ (year) Jean-Jacques BERTRAND M President/Chairman of th... Michel FINANCE M Member Edmond ALPHANDERY M Member 2017 1943 2011 11.0 (2013) Arlene MORRIS M Member 2017 1951 2011 11.0 (2013) Patrick VALROFF M Member 2017 1949 2011 12.0 (2013) October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Value of holding, in k€ (year) Page 22 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Governance & Management Human Resources Accidents at work 25% Of H.R. Score Human resources development 35% Of H.R. Score Pay 20% Of H.R. Score Job satisfaction 10% Of H.R. Score Internal communication 10% Of H.R. Score HR Breakdown Yes Accidents at work / No 25% Set targets for work safety on all group sites? 40% Are accidents at work declining? 60% Human resources development 35% Rating 25/100 10/100 15/100 32/100 Are competences required to meet medium term targets identified? 10% 4/100 Is there a medium term (2 to 5 years) recruitment plan? 10% 0/100 Is there a training strategy tuned to the company objectives? 10% 4/100 Are employees trained for tomorrow's objectives? 10% 4/100 Can all employees have access to training? 10% 4/100 Has the corporate avoided large restructuring lay-offs over the last year to date? 10% 4/100 Have key competences stayed? 10% 4/100 Are managers given managerial objectives? 10% 4/100 If yes, are managerial results a deciding factor when assessing compensation level? 10% 4/100 Is mobility encouraged between operating units of the group? 10% Pay 20% 4/100 20/100 Is there a compensation committee? 30% 6/100 Is employees' performance combining group performance AND individual performance? 70% 14/100 Job satisfaction 10% 10/100 Is there a measure of job satisfaction? 33% 3/100 Can anyone participate ? 34% 3/100 Are there action plans to prop up employees' morale? 33% Internal communication 10% Are strategy and objectives made available to every employee? 3/100 10/100 100% Human Ressources score: 10/100 97/100 HR Score H.R. Score : 9.7/10 October 15 2014 Pharma Neovacs Copyright AlphaValue - 2014 – www.alphavalue.com Page 23 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Graphics Momentum : Strong momentum corresponding to a continuous and overall positive moving average trend confirmed by volumes : Relatively good momentum corresponding to a positively-oriented moving average, but offset by an overbought pattern or lack of confirmation from volumes : Relatively unfavorable momentum with a neutral or negative moving average trend, but offset by an oversold pattern or lack of confirmation from volumes : Strongly negative momentum corresponding to a continuous and overall negative moving average trend confirmed by volumes Momentum analysis consists in evaluating the stock market trend of a given financial instrument, based on the analysis of its trading flows. The main indicators used in our momentum tool are simple moving averages over three time frames: short term (20 trading days), medium term (50 days) and long term (150 days). The positioning of these moving averages relative to each other gives us the direction of the flows over these time frames. For example, if the short and medium-term moving averages are above the long-term moving average, this suggests an uptrend which will need to be confirmed. Attention is also paid to the latest stock price relative to the three moving averages (advance indicator) as well as to the trend in these three moving averages - downtrend, neutral, uptrend - which is more of a lagging indicator. The trend indications derived from the flows through moving averages and stock prices must be confirmed against trading volumes in order to confirm the signal. This is provided by a calculation based on the average increase in volumes over ten weeks together with a buy/sell volume ratio. October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Page 24 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Graphics Moving Average MACD & Volume October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Page 25 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Graphics Sector Pharma October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Page 26 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Methodology October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Page 27 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Methodology Fundamental Opinion It is implicit that recommendations are made in good faith but should not be regarded as the sole source of advice. Recommendations are geared to a “value” approach. Valuations are computed from the point of view of a secondary market minority holder looking at a medium term (say 6 months) performance. Valuation tools are built around the concepts of transparency, all underlying figures are accessible, and consistency, same methodology whichever the stock, allowing for differences in nature between financial and non financial stocks. A stock with a target price below its current price should not and will not be regarded as an Add or a Buy. Recommendations are based on target prices with no allowance for dividend returns. The thresholds for the four recommendation levels may change from time to time depending on market conditions. Thresholds are defined as follows, ASSUMING long risk free rates remain in the 2-5% region. Buy Low Volatility Normal Volatility High Volatility (10-30) (15-35) (above 35) More than 15% upsideMore than 20% upsideMore than 30% upside Add From 5% to 15% From 5% to 20% From 10% to 30% Reduce From -10% to 5% From -10% to 5% From -10% to 10% Sell Below -10% Below -10% Below -10% Recommendation There is deliberately no “neutral” recommendation. The principle is that there is no point investing in equities if the return is not at least the risk free rate (and the dividend yield which again is not allowed for). Although recommendations are automated (a function of the target price whenever a new equity research report is released), the management of AlphaValue intends to maintain global consistency within its universe coverage and may, from time to time, decide to change global parameters which may affect the level of recommendation definitions and /or the distribution of recommendations within the four levels above. For instance, lowering the risk premium in a gloomy context may increase the proportion of positive recommendations. Valuation Valuation processes have been organized around transparency and consistency as primary objectives. Stocks belong to different categories that recognise their main operating features : Banks, Insurers and Non Financials. Within those three universes, the valuation techniques are the same and in relation to the financial data available. The weighting given to individual valuation techniques is managed centrally and may be changed from time to time. As a rule, all stocks of a similar profile are valued using equivalent weighting of the various valuation techniques. This is for obvious consistency reasons. Within the very large universe of Non Financials, there are in effect 4 sub-categories of weightings to cater for subsets: 1) 'Mainstream' stocks; 2) 'Holding companies' where the stress is on NAV measures; 3) 'Growth' companies where the stress is on peer based valuations; 4) 'Loss making sectors' where peers review is essentially pointing nowhere. The bulk of the valuation is then built on DCF and NAV, in effect pushing back the time horizon. Valuation Issue Normal Growth industrials industrials Holding Loss company runners Bank Insurers DCF 35% 35% 10% 40% 0% 0% NAV 20% 20% 55% 40% 25% 15% PE 10% 10% 10% 5% 10% 20% EV/EBITDA 20% 20% 0% 5% 0% 0% Yield 10% 10% 20% 5% 15% 15% P/Book 5% 5% 5% 5% 15% 10% Banks' instrinsic method 0% 0% 0% 0% 25% 0% Embedded Value 0% 0% 0% 0% 0% 40% Mkt Cap/Gross Operating Profit 0% 0% 0% 0% 10% 0% Typical sectors Bio Techs October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Page 28 ALPHAVALUE CORPORATE SERVICES Neovacs (Buy) Biotech / France Methodology Important Warning Above comments are solely aimed at institutional and other professional investors. They are designed to complement services made available by subscription only to AlphaValue via www.alphavalue.com . Above comments may only make sense in connection with an access to AlphaValue on line equity research October 15 2014 Copyright AlphaValue - 2014 – www.alphavalue.com Page 29
© Copyright 2025