Capital Raising, page-38

Wilsons says 2022 most important R&D year in CSL’s history

Wilson’s analyst Dr Shane Storey has hiked the broker’s valuation on blood plasma business CSL to $350 per share with an overweight rating. The broker named five themes around CSL’s sales outlook and drug development pipeline that has it bullish on CSL for 2022. It says next year will be the most important drug development year in the group’s history. Below are the five themes Wilsons is focused on for the next 12 months.
1. Structurally stronger in plasma post-COVID driven by US channel presence and dominance in subcutaneous IG (HIZENTRA).
2. Major market filings and approvals for EtranaDez (haemophilia B gene therapy).
3. Pivotal data from CSL’s AEGIS-II Phase III trial.
4. The anti-FcRn movement in chronic inflammatory demyelinating polyneuropathy (CIDP) comes to nothing.
5. Garadacimab asset building towards Phase III read in 2022.

It’s $350 share price valuation equals 30 times the broker’s forecast for FY 2023 EBITDA of $US4 billion. For FY 2022, the broker forecasts dividends per share of $US2.23 on earnings of $US4.95."