Our risk-adjusted NPV valuation of Immunicum is SEK1.13bn or SEK22.1 per share, which compares to the current market capitalisation of SEK324m or SEK6.59 per share. The components of our rNPV are outlined in Exhibit 8.
Our model is based on the epidemiological and financial characteristics outlined in Exhibit 7.
Exhibit 7: Components of epidemiological and financial modelling for ilixadencel indications
Product |
US+EU 2018 incidence |
US+EU incidence at peak |
Price ($000s) US/EU |
Peak sales* ($m) |
Ilixadencel – RCC |
171,634 |
194,592 |
75.0/37.5 |
1,496 |
Ilixadencel – HCC |
95,577 |
108,522 |
75.0/37.5 |
858.6 |
Ilixadencel – NSCLC |
539,962 |
465,005 |
75.0/37.5 |
2,329 |
Ilixadencel – HNSCC |
194,590 |
221,098 |
75.0/37.5 |
1,600 |
Ilixadencel – gastric adenocarcinoma |
163,492 |
183,834 |
75.0/37.5 |
1,181 |
Source: Edison Investment Research. * Assuming market shares as in Exhibit 9
We assume that ilixadencel is partnered on the basis of the results of the two clinical studies that report in 2019. Because we only recognise up-front, milestone and royalty payments when a contract is signed we have included a SEK50m debt financing in our financial statement forecasts to compensate for a small portion of these cash flows not passing through Immunicum’s financial statements at the end of 2020.
The forecast horizon on which our valuation is based runs to 2033. This is 10 years after the Combig production method patent expires in Europe and two years after the 2031 assumption of the latest ilixadencel patent expiry. This two-year period would cover any stretch of formal or informal market exclusivity which can be up to ten years in Europe. We have not modelled an extra period of paediatric exclusivity. The period of exclusivity of cellular therapies is, however, opaque. On the plus side, it would be more difficult for a company wanting to launch a biosimilar to ilixadencel to access data on the product within the exclusivity period. In addition, because ilixadencel is an ‘off-the-shelf’ therapy but manufactured by Immunicum or its partner, comparative clinical studies could theoretically be performed, but may be difficult without Immunicum’s consent.
Exhibit 8: Components of rNPV valuation
Product |
rNPV (SEKm) |
rNPV per share (SEK) |
Ilixadencel – RCC |
276.6 |
5.4 |
Ilixadencel – HCC |
112.4 |
2.2 |
Ilixadencel – NSCLC |
390.7 |
7.7 |
Ilixadencel – HNSCC |
202.6 |
4.0 |
Ilixadencel – gastric adenocarcinoma |
158.1 |
3.1 |
Unallocated costs |
(180.7) |
(3.5) |
Cash |
168.1 |
3.3 |
Valuation |
1,127.8 |
22.1 |
Source: Edison Investment Research.
Our rNPV valuation model assumes that RCC is the most advanced indication and all subsequent indications progress through the cascade of clinical and regulatory timings outlined in Exhibit 8. We have assumed 2.3% market shares at launch and 15% peak market shares for all indications except for NSCLC which, while being the largest indication, is the most competitive and we assume 10% peak market share in NSCLC. We have used a probability-adjustment of royalties and milestones due to Immunicum of 15% for all indications except HCC, which is currently in Phase I. Our model forecasts sales in all five indications but the cash flows to Immunicum are based on the schedule of a single up-front payment, then royalties and milestones that are dependent on the hurdles listed in Exhibit 10. The median up-front payment in 10 Phase I/II IO transactions in Exhibit 12 was $98m – we have used $100m. The median value of milestones for the 10 transactions was $606m. We have reduced the total value in the schedule in Exhibit 9 to $160m because almost all transactions include a clinical trial funding component from the licensor, and to reflect the transaction probability risk, which will be reduced when Immunicum signs its first deal. We assume a 5% royalty on sales which are also probability-adjusted. We assume that all clinical development and marketing costs beyond 2019 will be paid by Immunicum’s partner, while any general corporate costs outside the clinical costs not included in the rNPV for each product are grouped as unallocated costs. We stagger by a year the launches for all products in the EU behind those in the US (both markets contribute to the total sales on which 5% royalties are calculated).
Exhibit 9: Ilixadencel’s clinical trial, regulatory and commercial schedule
Product |
Phase 3 start |
Phase 3 completion |
Approval (end) |
Launch year |
Probability |
Market share |
Ilixadencel – RCC |
2020 |
2023 |
2024 |
2024 |
15.0% |
15% |
Ilixadencel – HCC |
2022 |
2025 |
2026 |
2027 |
7.5% |
15% |
Ilixadencel – NSCLC |
2020 |
2023 |
2024 |
2025 |
15.0% |
10% |
Ilixadencel – HNSCC |
2021 |
2024 |
2025 |
2026 |
15.0% |
15% |
Ilixadencel – gastric adenocarcinoma |
2021 |
2024 |
2025 |
2026 |
15.0% |
15% |
Source: Edison Investment Research.
Exhibit 10: Schedule of up-fronts, milestones and royalties resulting from the partnering of ilixadencel
Description |
Value ($m) |
Up-front payment* |
100 |
Phase III start |
10 |
Phase III completion |
10 |
Submission/approval |
20 |
Exceeding $50m in EU/US sales |
10 |
Exceeding $100m in EU/US sales |
20 |
Exceeding $200m in EU/US sales |
30 |
Exceeding $500m in EU/US sales |
40 |
Total |
240 |
Source: Edison Investment Research. Note: *a single partnering transaction for ilixadencel is anticipated covering all five indications on which the milestones and royalties are earned
Oncology patients in later lines of therapy and their physicians are highly motivated to complete even salvage therapy so we have assumed 100% compliance for all patients treated with ilixadencel. For the incidence of NSCLC, unlike all other indications, we forecasted a 2% decrease in the patient population because of the decline in tobacco consumption in developed markets.
To sense-check our DCF, we have compared Immunicum’s EV against other oncology companies that have IO products in Phase II. We have also benchmarked what an IO product licensed after Phase I could imply to Immunicum’s valuation.
Benchmarking valuation
It could be debated that Immunicum’s immune-priming platform in oncology was recently validated by Merck’s $394m (SEK3.3bn) acquisition of Australia’s Viralytics, which also has a product injected intratumourally, and is in Phase I and II studies. Viralytics’ approach, like Immunicum’s is to engage the innate immune system to target and kill tumours by complementing the IO activity of a CPI. We have included Viralytics with five other US companies in an oncology comparison in Exhibit 11 below. US companies have a greater access to capital and thus their valuations are almost always higher than similar European companies. We have included two US oncology specialists at a similar stage to Immunicum, but both have histories of late-stage clinical and regulatory failures. We have included two other recent transactions in the CAR-T cellular IO space in Exhibit 8 because they are closer to Immunicum’s technology than small molecule oncology companies, but only to conclude that cellular-based, IO therapies such as ilixadencel are in demand in 2018. The demand for IO-enhancing therapies was recently demonstrated by BMS’s licensing of Nektar Therapeutics’ Phase I/II IO product NKTR-214 for $1.85bn (SEK15.3bn) upfront in a total deal worth about $3.6bn (SEK29.7bn). NKTR-214 is a PEGylated recombinant interleukin-2 that showed interesting recent data in combination with BMS’s CPI in a handful of patients in each tumour type in a mixed Phase I/II study. Like Immunicum’s DCs, NKTR-214 is proposed to act synergistically with CPIs at a different part of the cancer immunity cycle.
Exhibit 11: Oncology comparator companies
Company |
Market cap (SEK) |
EV (SEK) |
Technology |
No. of Phase II/III studies |
No. of Phase I studies |
Agenus (Antigenics) |
3.1bn |
3.1bn |
Cancer vaccine |
2 |
4 |
Inovio |
3.7bn |
2.7bn |
IO |
6 |
2 |
Kite |
Acquired |
96.2bn |
CAR-T IO |
1 (marketed) +3 |
4 |
Juno |
Acquired |
78.3bn |
CAR-T IO |
2 |
10 |
Nektar |
124.7bn |
124.3bn |
Biopharmaceutical |
1 |
2 |
Viralytics |
Acquired |
3.3bn |
IO |
1 |
5 |
Targovax |
1.0bn |
816m |
IO |
1 |
4 |
Oncopeptides |
5.4bn |
4.7bn |
Oncology |
1 |
0 |
Transgene |
1.9bn |
2.1bn |
Cancer vaccine |
9 |
1 |
Medigene |
3.6bn |
3.2bn |
IO |
1 |
0 |
Immunicum |
324m |
156m |
IO |
2 |
1 |
Source: Bloomberg, company websites Note: Priced at 31 May 2018.
We have focused more on European companies with oncology products at a similar stage of development to Immunicum. For example, Transgene has three products in eight Phase II studies, one Phase III for one of those products and one non-oncology product in Phase I. Transgene’s market capitalisation of SEK1.9bn is significantly higher than Immunicum’s (and our rNPV valuation of Immunicum), possibly because of its collaborations with BMS and Pfizer. The recent BMS/Nektar deal and Transgene’s much larger market capitalisation than Immunicum illustrate how much a partnership based on positive data could mean to Immunicum.
Germany's Medigene has one Phase II product and has market capitalisation of SEK3.6bn. Geographically closer to Immunicum, Norway's Targovax is an IO company with one product in Phase II and four Phase I studies, three of which are with the same product. Targovax has a market capitalisation of SEK1.0bn. Of the 10 comparator companies in Exhibit 11, only Targovax has a market capitalisation lower than our valuation of Immunicum. Sweden's Oncopeptides illustrates the valuation generation that could be associated with a successful outcome from one of Immunicum's Phase II studies, since Oncoeptides' unpartnered lead and only product – an enhanced chemotherapeutic agent rather than a cellular IO agent – started a Phase III study in June 2017. Oncopeptides’ market capitalisation is SEK5.4bn.
Exhibit 12: Phase I and II IO transaction values
Licensee |
Licensor |
Product |
Up-front value |
Milestone value |
Date |
Nektar |
Bristol-Myers Squibb |
NKTR-214 |
$1.85bn |
$1.8bn |
February 2018 |
MacroGenics |
Incyte |
MGA012 |
$150m |
$900m |
October 2017 |
Arcus |
Otsuka |
AB928 |
$35m |
$310m |
September 2017 |
MEI Pharma |
Pressage Biosciences |
Voruciclib |
$3m |
$184m |
September 2017 |
Calithera |
Incyte |
INCB01158 |
$45m |
$483m |
January 2017 |
TetraLogic Pharma |
Medivir |
Birinapant |
$6m |
$136m |
November 2015 |
Five Prime |
Bristol-Myers Squibb |
Cabiralizumab |
$350 |
$1.74bn |
October 2015 |
Inovio |
AstraZeneca |
INO-3112 |
$28m |
$728m |
August 2015 |
Celgene |
AstraZeneca |
Imfinzi |
$450m |
$450m |
August 2015 |
Regeneron |
Sanofi |
REGN2810 |
$650m |
$1.03bn |
November 2009 |
Exhibit 12 lists the most recent IO transactions that occurred after the products were in Phase I. The products included must have some IO component – they are either CPIs, or have been studied in combination with CPIs. This provides supporting evidence that our risk-adjusted NPV valuation of SEK1.13bn ($128m) may be fair because none of the 10 transactions was value of the milestones alone, less than our DCF valuation of Immunicum. It is fair to say the table represents successful transactions and Immunicum has not yet demonstrated that success, so some risk-adjustment on a median value may be appropriate.
In comparison to US and most European IO companies, Immunicum’ market capitalisation is lower than any of the 10 companies in Exhibit 10. In addition, our rNPV is lower than all but one of the market capitalisations of IO companies in Exhibit 11. In the 10 examples of recent transactions for IO products since 2015, none of the transaction values was less than our SEK1.13bn risk-adjusted NPV valuation of Immunicum. In addition, the median value of the upfront payments alone (to remove outliers like Nektar) is $98m or about twice Immunicum’s current market capitalisation. The reason for the difference between Immunicum’s market capitalisation and our valuation could be because of the significant shareholder turnover after the rights issue together with the market volatility since late January. At least that last hurdle has now passed.
Another reason for the difference in valuations between other European IO companies could be that Immunicum listed recently and, being so late in the cycle, it may have a low profile among investors. In addition, there could be investor scepticism associated with other unrelated DC products such as Provenge, despite Immunicum’s product having significantly different characteristics and mechanisms of action.
Exhibit 13: Financial summary
SEK000s |
2017 |
2018e |
2019e |
2020e |
2021e |
Year end 31 December |
|
|
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
INCOME STATEMENT |
|
|
|
|
|
|
|
Revenue |
|
|
|
0 |
0 |
0 |
0 |
0 |
Operating Expenses |
|
|
(80,847) |
(94,891) |
(82,827) |
(26,283) |
(26,749) |
Depreciation |
|
|
|
(71) |
(51) |
(43) |
(43) |
(43) |
Operating Income |
|
|
218 |
240 |
264 |
290 |
319 |
Reported operating profit |
|
|
|
(80,700) |
(80,700) |
(82,870) |
(26,327) |
(26,792) |
Net Interest |
|
|
|
362 |
(116) |
(19) |
(24) |
5 |
Profit before tax (reported) |
|
|
(80,338) |
(91,165) |
(78,315) |
(21,665) |
(21,984) |
Reported tax |
|
|
|
0 |
0 |
0 |
0 |
0 |
Profit after tax (reported) |
|
|
(80,338) |
(91,165) |
(78,315) |
(21,665) |
(21,984) |
Minority interests |
|
|
0 |
0 |
0 |
0 |
0 |
Net income (reported) |
|
|
(80,338) |
(91,165) |
(78,315) |
(21,665) |
(21,984) |
Basic average number of shares outstanding |
|
25,959 |
47,834 |
50,959 |
50,959 |
50,959 |
EPS - basic reported (SEK) |
|
|
(3.09) |
(1.91) |
(1.54) |
(0.43) |
(0.43) |
Dividend (SEK) |
|
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
BALANCE SHEET |
|
|
|
|
|
|
|
Non-current assets |
|
105,309 |
54 |
54 |
54 |
54 |
Property Plant and equipment, net |
|
69 |
53 |
53 |
53 |
53 |
Other financial assets |
|
|
1 |
1 |
1 |
1 |
1 |
Other non-current assets |
|
|
105,239 |
0 |
0 |
0 |
0 |
Current Assets |
|
|
140,837 |
109,400 |
31,102 |
59,454 |
37,488 |
Cash and cash equivalents |
|
|
128,883 |
100,284 |
21,802 |
49,962 |
27,792 |
Accounts receivable |
|
|
0 |
3,675 |
3,859 |
4,052 |
4,254 |
Marketable securities and short-term investments |
|
0 |
0 |
0 |
0 |
0 |
Prepaid expenses |
|
|
8,454 |
5,441 |
5,441 |
5,441 |
5,441 |
Current Liabilities |
|
|
55,740 |
12,888 |
12,905 |
12,922 |
12,940 |
Accounts payable |
|
|
11,714 |
842 |
859 |
876 |
894 |
Accrued other liabilities |
|
|
43,694 |
10,209 |
10,209 |
10,209 |
10,209 |
Other current liabilities |
|
|
331 |
1,837 |
1,837 |
1,837 |
1,837 |
Non-current liabilities |
|
|
850 |
850 |
850 |
50,850 |
50,850 |
Other non-current liabilities |
|
|
850 |
850 |
850 |
50,850 |
50,850 |
Equity |
|
|
|
189,557 |
178,729 |
100,414 |
78,749 |
56,765 |
Common stock/capital |
|
|
1,298 |
2,548 |
2,548 |
2,548 |
2,548 |
Additional paid-in capital/share premium |
|
420,043 |
418,793 |
418,793 |
418,793 |
418,793 |
Retained earnings |
|
|
(151,447) |
(242,612) |
(320,927) |
(342,592) |
(364,576) |
Other reserves and surplus |
|
|
(80,338) |
0 |
0 |
0 |
0 |
CASH FLOW |
|
|
|
|
|
|
|
|
Cash Flow from Operations |
|
|
|
|
|
|
|
Cash Flow from Operations |
|
|
|
|
|
|
|
EBIT (Operating profit) |
|
|
|
(80,700) |
(94,942) |
(82,870) |
(26,327) |
(26,792) |
Depreciation |
|
|
|
71 |
51 |
43 |
43 |
43 |
Income Tax paid |
|
|
0 |
0 |
0 |
0 |
0 |
Other Working Capital changes |
|
34,455 |
(46,527) |
(167) |
(176) |
(185) |
Cash interest paid |
|
|
(274) |
(127) |
(26) |
(26) |
0 |
Cash interest received |
|
|
0 |
11 |
7 |
2 |
5 |
Net cash used in Operating activities |
|
(46,447) |
(137,534) |
(78,438) |
(21,797) |
(22,126) |
Cash Flow from Investing |
|
|
|
|
|
|
|
Purchase of fixed assets |
|
|
0 |
(51) |
(43) |
(43) |
(43) |
Sale of Investments |
|
|
10,162 |
0 |
0 |
0 |
0 |
Net cash used in investing activities |
|
10,162 |
(51) |
(43) |
(43) |
(43) |
Cash Flow from Financing |
|
|
|
|
|
|
|
Change in Capital Stock |
|
|
62,269 |
105,329 |
0 |
0 |
0 |
Net cash used in Financing activities |
|
62,269 |
105,329 |
0 |
50,000 |
0 |
Net Changes in Cash and Cash Equivalent |
|
25,984 |
(32,256) |
(78,482) |
28,160 |
(22,169) |
Cash and Cash Equivalents - Beginning |
|
102,899 |
128,883 |
96,627 |
18,145 |
46,305 |
Cash and Cash Equivalents - End |
|
128,883 |
96,627 |
18,145 |
46,305 |
24,136 |
Source: Company accounts, Edison Investment Research
|
Contact details |
Revenue by geography |
Immunicum Grafiska vägen 2 SE-412 63 Gothenberg Sweden +46 31 41 50 52 www.immunicum.se |
N/A |
Contact details |
Immunicum Grafiska vägen 2 SE-412 63 Gothenberg Sweden +46 31 41 50 52 www.immunicum.se |
Revenue by geography |
N/A |
Management team |
|
CEO: Carlos de Sousa |
CFO: Michaela Gertz |
Carlos de Sousa is a medical doctor by training, having earned his degree at the School of Medicine, University of Lisbon, and holds an Executive MBA from the Stern School of Business, New York University. He has more than 25 years of senior-level experience in the global pharmaceutical and biotech industry, including business development, mergers & acquisitions, global marketing and clinical development. Before joining Immunicum, he held senior positions at Nycomed/Takeda, Pfizer, Novartis, BBB Therapeutics, Newron Pharmaceuticals and, most recently, was chief business officer at Zealand Pharma in Denmark. |
Michaela Gertz holds an MSc in business and economics from Uppsala University including a course of study at the Katholieke Universiteit in Leuven, Belgium. Most recently she was CFO and investor relations manager at PledPharma, a drug development company based in Stockholm. She was instrumental in PledPharma’s IPO in 2011 and subsequent fund-raising efforts. Prior to that, Ms Gertz spent three years as head of investor relations and financing at Accelerator Nordic. Before joining the life sciences industry, she worked in finance and private equity at ITP Invest and Handelsbanken. |
Founder & CSO: Alex Karlsson-Parra |
CMO: Peter Suenaert |
Adjunct Professor Karlsson-Parra has over 20 years’ experience working in the field of transplantation immunology and is former chairman of the Swedish Expert Group for Clinical Immunology. He was awarded the Athena Prize, Swedish healthcare’s most prestigious award for clinical research, in 2014. He was formerly Associate Professor and chief physician at the Department of Clinical Immunology at Sahlgrenska University Hospital, Gothenburg. |
Peter Suenaert is a gastroenterologist- oncologist by training (Leuven University, Belgium, McGill University, Canada, Institute Gustave-Roussy, France) and holds a PhD in gut barrier function related to inflammatory bowel diseases from Leuven University. Before joining Immunicum, he served as global clinical programme lead for the oncology unit (immune oncology assets) from start-up stage to fully operational Phase I/II protocol development. Dr Suenaert has held several leading positions in global clinical development and research including clinical research development leader in global early cancer immunotherapeutics development at GlaxoSmithKline Vaccines in Belgium. |
Management team |
Founder & CSO: Alex Karlsson-Parra |
CEO: Carlos de Sousa |
CMO: Peter Suenaert |
CFO: Michaela Gertz |
Principal shareholders |
(%) |
Avanza Pension |
7.98 |
Martin Lindström |
5.89 |
Holger Blomstrand Byggnads |
5.84 |
Nordnet Pensionsförsäkring |
5.00 |
Rothesay |
3.04 |
Aagcs Nv Re Aacb Nv Re Euro Ccp |
3.03 |
Ålandsbanken I Ägares Ställe |
1.80 |
Alexander Shaps |
1.52 |
Swedbank Robur Fonder |
1.42 |
|
Companies named in this report |
OSE Immunotherapeutics (OSE.FP), Stemline Therapeutics (STML.US), Immune Design (IMDZ.US), Argos Therapeutics (ARGS.US), Northwest Biotherapeutics (NWBO.US), Celgene (CELG.US), Amgen (AMGN.US), Viralytics (VLA.AU), Agenus (AGEN.US), Inovio Pharmaceuticals (INO.US), Kite Therapeutics (KITE.US), Juno Therapeutics (JUNO.US), Transgene (TNG.FP), Medigene (MDG1.GR), Targovax (TRVX.NO), Oncopeptides (ONCO.SS) |
|
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For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. |
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Frankfurt +49 (0)69 78 8076 960 Schumannstrasse 34b 60325 Frankfurt Germany |
London +44 (0)20 3077 5700 280 High Holborn London, WC1V 7EE United Kingdom |
New York +1 646 653 7026 295 Madison Avenue, 18th Floor 10017, New York US |
Sydney +61 (0)2 8249 8342 Level 4, Office 1205 95 Pitt Street, Sydney NSW 2000, Australia |
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Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com DISCLAIMER Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Immunicum and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. 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This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. |
Frankfurt +49 (0)69 78 8076 960 Schumannstrasse 34b 60325 Frankfurt Germany |
London +44 (0)20 3077 5700 280 High Holborn London, WC1V 7EE United Kingdom |
New York +1 646 653 7026 295 Madison Avenue, 18th Floor 10017, New York US |
Sydney +61 (0)2 8249 8342 Level 4, Office 1205 95 Pitt Street, Sydney NSW 2000, Australia |
Frankfurt +49 (0)69 78 8076 960 Schumannstrasse 34b 60325 Frankfurt Germany |
London +44 (0)20 3077 5700 280 High Holborn London, WC1V 7EE United Kingdom |
New York +1 646 653 7026 295 Madison Avenue, 18th Floor 10017, New York US |
Sydney +61 (0)2 8249 8342 Level 4, Office 1205 95 Pitt Street, Sydney NSW 2000, Australia |
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