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Magle Chemoswed: Progressing as planned

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Västra Hamnen Corporate Finance has released a research update on Magle Chemoswed following the company's report for Q1 2021. Revenues came in a little below our estimate but net profit still beat our expectation. The business is progressing well and will be further strengthened with the inclusion of PharmaCept later this year, writes Västra Hamnen.
 

  •  Revenues lower but margins higher than expected
  •  Acquisition of PharmaCept closed during the quarter
  • Revenues lower but margins higher than expected
  • Acquisition of PharmaCept closed during the quarter
  • We keep our valuation interval of SEK 42.70 – 57.30 per share

Magle Chemoswed’s report for the first quarter of 2021 came in largely as expected; actual revenues were somewhat lower than we had forecast but the company’s margins were slightly better than our estimates. The COVID-19 pandemic meant that demand for manufacturing was lower this past quarter than in the first quarter of 2020, thereby decreasing revenues. Some of this revenue decrease was, however, offset by an increase in demand for their development services within CDMO. Royalty payments increased as well compared to the same period last year. No changes are made to the valuation model, hence we retain our valuation interval of SEK 42.70 – 57.30 per share.

The full report is available here.

The research report is prepared as part of Market Focus, Västra Hamnen Corporate Finance's commissioned research offering.

This is a press release from Västra Hamnen Corporate Finance AB. 
Web: vhcorp.se
Twitter: @vhcorp_se

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