Ann: Annual Report to shareholders, page-10

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Assuming the UBS analyst who covered Quintis has lost their job.

UBS

11/05/2017

1

Buy

$3.20

984.75%


Quintis' one and only pharma customer has terminated its contract. Galderma acquired a competing acne brand back in March, leading the broker to question corporate governance given a long delay to disclosure. The termination also likely kills off any idea of a pharma spin-off.

That leaves wood sales to China, where the risk is prices are not as healthy and the recent negative publicity the company has ensured has an impact. The broker nevertheless retains Buy and $3.20 target.