Athersys — Update 27 October 2016

Athersys — Update 27 October 2016

Athersys

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Athersys

Progress on all fronts

Regulatory update

Pharma & biotech

27 October 2016

Price

US$1.93

Market cap

US$164m

Net cash ($m) at 30 June 2016

24

Shares in issue

85.0m

Free float

98%

Code

ATHX

Primary exchange

NASDAQ

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(1.5)

(11.1)

78.7

Rel (local)

(1.2)

(9.8)

73.0

52-week high/low

US$2.6

US$1.0

Business description

Athersys is a US biotech company developing MultiStem (allogeneic, bone marrow-derived stem cells). The designs of pivotal trials with MultiStem in ischemic stroke have recently received regulatory approval in the US and Japan. The company has ongoing Phase II clinical trials for AMI and ARDS.

Next events

Japan stroke trial initiation

Q416

US stroke trial initiation

2017

Analysts

Maxim Jacobs

+1 646 653 7027

Nathaniel Calloway

+1 646 653 7036

Athersys is a research client of Edison Investment Research Limited

Recently, Athersys reported progress with both US and Japanese regulatory authorities. The company reached a deal with the FDA for the design of its pivotal Phase III trial for MultiStem in ischemic stroke under a Special Protocol Assessment (SPA) and should be able to file with just one 300-patient Phase III trial run in North America and Europe. Other clinical data, including the results of its trial in Japan (the design of which has just been accepted by the PMDA), will be used to support the NDA.

Year
end

Revenue ($m)

PBT*
($m)

EPS*
($)

DPS
($)

P/E
(x)

Yield
(%)

12/14

1.6

(28.9)

(0.37)

0.0

N/A

N/A

12/15

11.9

(17.2)

(0.21)

0.0

N/A

N/A

12/16e

17.2

(15.3)

(0.18)

0.0

N/A

N/A

12/17e

0.0

(33.8)

(0.39)

0.0

N/A

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Timeline for FDA approval accelerated

Due to the agreement with the FDA on the SPA, only one 300-patient trial will be needed instead of two, which had been the previous expectation. The trial, dubbed MASTERS-2, should launch in 2017 and we believe would be able to provide data by 2019, enabling a 2020 approval for MultiStem in the US, instead of 2021 as we had previously expected.

mRS shift analysis is primary endpoint

The primary endpoint for MASTERS-2 will be disability, as measured by the shift in modified Rankin Scale (mRS) scores at three months. The mRS is an overall disability score ranging from 0 to 6 and is not sensitive to small improvements. In the Phase II trial, the mRS shift analysis for those treated within 36 hours had a p-value of 0.127 at day 90, but was p=0.028 if excluding patients who received both tissue plasminogen activator (t-PA) and mechanical reperfusion (MR).

Moving forward in Japan

The PMDA gave the green light for the commencement of the ~200-patient pivotal trial in Japan, which is to be conducted by Healios. The primary endpoint will be the proportion of patients achieving an Excellent Outcome, which requires almost full recovery across three different stroke scales, at day 90. In the Phase II trial, Excellent Outcome achieved a p=0.03 at day 90 when excluding patients who received both t-PA and MR.

Valuation: $404m or $4.75 per basic share

Our valuation has increased to $404m or $4.75 per basic share ($4.69 per diluted share) from $394m or $4.68 per basic share ($4.57 per diluted share). This is driven by moving forward our expected launch in the US from 2020 from 2021 and was partly offset by a lower cash position. We forecast an additional $135m (down from $150m) in capital needs (including $50m through to year-end 2017) before profitability in 2020.

Moving forward in the US and Japan

Athersys announced agreement with the FDA with regard to an SPA for its Phase III MASTERS-2 trial of MultiStem in ischemic stroke. It will be a randomized, double-blind, placebo-controlled 300-patient trial where MultiStem treatment will be administered within 18-36 hours post-stroke. If approved, it will be a major improvement over the current standard of care, tPA, which requires treatment within 3-4.5 hours of a stroke and leads to the vast majority of patients being untreated.

The primary endpoint will be disability, as measured by the shift in mRS scores at three months. The mRS clinical assessment evaluates overall patient disability using a score ranging from 0 to 6 (see Exhibit 1).

Exhibit 1: mRS grading and descriptions

Grade

Description

0

No symptoms

1

No significant disability: ability to carry out all usual duties and activities

2

Slight disability: unable to perform all previous activities but able to look after own affairs without assistance

3

Moderate disability: requiring some help but able to walk without assistance

4

Moderately severe disability: unable to walk without assistance and unable to attend to own bodily needs with assistance

5

Severe disability: bedridden, incontinent and requiring constant nursing care and attention

6

Death

Grade

0

1

2

3

4

5

6

Description

No symptoms

No significant disability: ability to carry out all usual duties and activities

Slight disability: unable to perform all previous activities but able to look after own affairs without assistance

Moderate disability: requiring some help but able to walk without assistance

Moderately severe disability: unable to walk without assistance and unable to attend to own bodily needs with assistance

Severe disability: bedridden, incontinent and requiring constant nursing care and attention

Death

Source: Banks et al., Stroke, 2007 March; 38(3):1091-6

In contrast to endpoints that only evaluate patients achieving good or excellent recovery, the mRS shift analysis focuses on evaluating patient improvement across the disability spectrum. When assessing patients in the 126-patient MASTERS-1 trial, the mRS shift analysis was not significant on an intent-to-treat basis. However, it was significant at day 90 (p=0.028) when assessing patients under the original trial protocol, which included patients treated with MultiStem up to 36 hours, and excluded patients receiving the combination of both tPA and mechanical reperfusion therapy. Improvement among patients treated with MultiStem within 36 hours, including those who received a combination of tPA and mechanical reperfusion therapy, was significant at day 7 and day 30, but only trended at day 90 (p=0.127) and was not statistically significant (see Exhibit 2).

In the MASTERS-2 trial, 300 patients will be enrolled, randomized 1:1 MultiStem to placebo and patients will be treated in the 18- to 36-hour post-stroke window, a time frame that should increase the chance of success of the trial based on the MASTERS-1 data.

Exhibit 2: mRS shift analysis from Phase II trial

Source: Athersys – analysis of the improvement in disease severity (mRS) at 7, 30, and 90 days. Note: Columns represent all patients treated with MultiStem within 36 hours after stroke (left) and the same population but excluding patients that received both tPA and MR per the original trial protocol (right).

We currently expect the trial to launch in 2017 with data in 2019, enabling an approval for MultiStem in 2020 in the US instead of 2021 as we had previously expected.

In Japan, the PMDA successfully completed the review of the Clinical Trial Notification (CTN), the Japanese equivalent of the IND, which will allow the ~200-patient pivotal study to start. We expect recruitment to commence officially sometime before the end of 2016, with an approval in 2019.

The primary endpoint will be the proportion of patients achieving Excellent Outcome, which requires an mRS score of ≤1, a National Institutes of Health Stroke Scale (NIHSS) score of ≤1 and a Barthel Index score of ≥95, reflecting essentially an almost full recovery at day 90. NIHSS focuses on neurological impairment and measures 11 items (eg level of consciousness/awareness, body movement issues) and the output is a score between 0 and 42 (higher integers signify a more severe stroke). The Barthel Index is also a widely used scale that judges the ability of patients to function in activities of daily living through questions on bowel/bladder control, grooming, feeding, bathing etc. In total, 10 items are scored with each item scored in five-point increments for a total potential score of 100, which signifies no disability at all (see Exhibit 3).

Exhibit 3: Barthel Index interpretation

Score

Interpretation

80-100

Independent

60-79

Requires minimal help

40-59

Partially dependent

20-39

Very dependent

<20

Totally dependent

Score

80-100

60-79

40-59

20-39

<20

Interpretation

Independent

Requires minimal help

Partially dependent

Very dependent

Totally dependent

Source: National Institutes of Health

In the Phase II trial, on an ITT basis, 15.4% of patients in the treatment arm achieved an Excellent Outcome compared to 6.6% in the placebo arm (p=0.10) which, while trending positive, is not statistically significant. However, significance was achieved when excluding patients who were not treated within 36 hours of their stroke and those who received both t-PA and MR in a post-hoc analysis (p=0.03).

Exhibit 4: Excellent Outcomes in MultiStem Phase II trial at 90 days and one year

Source: Athersys. Note: *Excluding patients receiving tissue plasminogen activator and mechanical reperfusion.

Based on discussions with management, we expect that the lessons from the prior clinical trial are being applied to optimize the design of the trial in Japan and the MASTERS-2 study. In Japan, we do not expect the inclusion of patients that receive treatment with both tPA and MR. In the MASTERS-2 trial, we anticipate that if those subjects are included it will be limited to a small percentage, and stricter screening and characterization criteria will be applied to address any of the issues observed in the prior trial. Since both trials are larger in size than the Phase II study and the focus will be on treating patients within the 18- to 36-hour treatment window, it should make hitting the endpoints more achievable.

Valuation

Our valuation has increased to $404m or $4.75 per basic share ($4.69 per diluted share) from $394m or $4.68 per basic share ($4.57 per diluted share). This is driven by moving forward our expected launch in the US to 2020 from 2021 and was partly offset by a lower cash position. We expect to update our valuation on further regulatory clarity from the EMA, the inclusion/exclusion criteria for the pivotal trials (especially whether those who receive both tPA and MR will be allowed in the trials), as well as potential partnering activity in the US and EU.

Exhibit 5: Athersys valuation

MultiStem indication

Status

Prob. of success

Launch year

Peak sales ($m)

Patent/Exclusivity Protection

Royalty

rNPV

Ischaemic stroke (US)

Phase II

25%

2020

1,798

2032

15%

$111

Ischaemic stroke (EU)

Phase II

25%

2021

1,298

2030

15%

$63

Ischaemic stroke (Japan)

Phase II

40%

2019

533

2028

18%

$90

AMI (USA)

Phase II

25%

2022

2,142

2032

15%

$92

ARDS (US/EU)

Phase IIa

15%

2024

1,342

2032

15%

$24

Total

 

 

 

 

 

 

$380

Cash and cash equivalents (Q216) ($m)

$24.0

Total firm value ($m)

$404

Total basic shares (m)

84.98

Value per basic share ($)

$4.75

Stock options and Warrants (6/2016, m)

1.1

Total number of shares

86.1

Diluted value per share ($)

$4.69

Source: Edison Investment Research

Financials

Athersys reported operational spending of $7.8m in Q216 compared to $8.7m in the previous quarter, mainly due to lower R&D expenses, and ended the quarter with $24.0m in cash and available for sale securities. We forecast an additional $135m (down from $150m) in capital needs (including $50m through to year-end 2017) before profitability in 2020. The company currently has an equity purchase agreement with Aspire Capital in which Aspire is committed to purchasing up to $30m in common stock through the end of 2018. Combined with the current cash level, this should be enough for Athersys to meet its near-term capital needs even if it does not sign a partnership or a separate capital raise.

Exhibit 6: Financial summary

$'000s

2014

2015

2016e

2017e

Year end 31 December

US GAAP

US GAAP

US GAAP

US GAAP

PROFIT & LOSS

Revenue

 

 

1,623

11,948

17,243

0

Cost of Sales

0

0

0

0

Gross Profit

1,623

11,948

17,243

0

Research and development

(23,366)

(21,316)

(24,700)

(25,441)

Selling, general & administrative

(6,909)

(7,536)

(7,837)

(8,072)

EBITDA

 

 

(29,336)

(17,499)

(15,608)

(34,541)

Operating Profit (before GW and except.)

(28,976)

(17,232)

(15,342)

(33,782)

Intangible Amortisation

0

0

0

0

Exceptionals/Other

0

0

0

0

Operating Profit

(28,976)

(17,232)

(15,342)

(33,782)

Net Interest

50

0

0

10

Other (change in fair value of warrants)

6,591

772

(1,880)

0

Profit Before Tax (norm)

 

 

(28,926)

(17,232)

(15,342)

(33,772)

Profit Before Tax (IFRS)

 

 

(22,335)

(16,460)

(17,222)

(33,772)

Tax

253

38

48

48

Deferred tax

0

0

0

0

Profit After Tax (norm)

(28,673)

(17,194)

(15,294)

(33,724)

Profit After Tax (IFRS)

(22,082)

(16,422)

(17,174)

(33,724)

Average Number of Shares Outstanding (m)

77.0

82.1

85.7

86.7

EPS - normalised ($)

 

 

(0.37)

(0.21)

(0.18)

(0.39)

EPS - IFRS ($)

 

 

(0.29)

(0.20)

(0.20)

(0.39)

Dividend per share ($)

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

1,470

1,312

2,717

3,123

Intangible Assets

0

0

0

0

Tangible Assets

1,270

1,135

2,530

2,936

Other

200

177

187

187

Current Assets

 

 

27,248

23,817

32,647

33,437

Stocks

0

0

0

0

Debtors

694

361

648

648

Cash

26,127

23,027

31,000

31,742

Other

427

429

999

1,047

Current Liabilities

 

 

(4,692)

(4,756)

(6,745)

(8,645)

Creditors

(4,692)

(4,566)

(6,745)

(8,645)

Short term borrowings

0

(190)

0

0

Long Term Liabilities

 

 

(3,131)

(649)

(22,369)

(52,369)

Long term borrowings

(183)

0

(20,000)

(50,000)

Other long term liabilities

(2,948)

(649)

(2,369)

(2,369)

Net Assets

 

 

20,895

19,724

6,250

(24,454)

CASH FLOW

Operating Cash Flow

 

 

(25,791)

(13,764)

(11,538)

(28,103)

Net Interest

0

0

0

10

Tax

0

0

0

0

Capex

(297)

(132)

(1,137)

(1,165)

Acquisitions/disposals

0

0

0

0

Financing

20,267

10,796

874

0

Dividends

0

0

0

0

Other

0

0

0

0

Net Cash Flow

(5,821)

(3,100)

(11,801)

(29,258)

Opening net debt/(cash)

 

 

(31,772)

(25,944)

(22,837)

(11,000)

HP finance leases initiated

0

0

0

0

Exchange rate movements

0

0

0

0

Other

(7)

(7)

(36)

0

Closing net debt/(cash)

 

 

(25,944)

(22,837)

(11,000)

18,258

Source: Company accounts, Edison Investment Research

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. 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 Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2016 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Athersys 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. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. 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 2016. “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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Level 15, 171 Featherston St

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New Zealand

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

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. 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 Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2016 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Athersys 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. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. 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 2016. “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

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

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

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

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