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CSRT CONSORT MEDICAL,lovely tech set up here, results in about a month. Investech set 986p target Canaccord 996p target. https://pbs.twimg.com/media/B1x4bCcCcAA3u4J.jpg IG...............Client sentiment 100% of IG client accounts with open positions in this market expect the price to rise. 0% of IG client accounts with open positions in this market expect the price to fall.
The Board of Consort announces that, pursuant to the Rights Issue announced on 30 September 2014, 18,319,245 new ordinary shares of 10 pence each have been admitted, nil paid, to listing on the premium listing segment of the Official List of the UKLA and have been admitted, nil paid, to trading on the London Stock Exchange's main market for listed securities at 8.00 a.m. today, 17 October 2014. Hardly a surprise but...
interesting! good rns
but today it drops 3% for no reason, even Iran signing something shouldn't have an affect (sell on facts, buy on rumours I guess)
Investors will at least take comfort from Consort's sound financial base and newly-enhanced dividend, which has always been paid through the best and worst of times. The cash on the balance sheet also explains why Consort attracts a premium forward PE ratio of 16, but it may not take much for the market to start pricing in the risks rather than opportunities of the new strategy. Sometimes, it is simply wiser to stick with the tried and true, rather than the bold and new......But as always dyor gl all.
It is true that e-cigarette use has picked up quickly this year, with an estimated 1.3m users switching over from ordinary cigarettes. Currently these are classed as consumer goods, but the MHRA health regulator in the UK confirmed recently that it will look to regulate them ahead of a possible European-wide directive. This will be good for consumers as it will establish decent standards for the products, but this could restrict their sale to pharmacies, unless they can be legally advertised as over-the-counter goods. E-cigarettes could also prove to be a bit of a fad, and hardcore smokers who are determined to quit may just pass them over in favour of cold turkey and glacier mints. Either way, by opting to supply equipment to the BAT-controlled Nicoventures with the Oxette cigarette inhaler, Consort finds itself selling into the much more competitive consumer goods market at a time when regulation may actually restrict the scope of sales.
Consort Medical's (CSRT) sale of King Systems, which accounted for almost a third of group revenue, has left the group in great position to increase its focus on the fledgling e-cigarette market and make acquisitions. However, we think the decision to move out of the established airways management devices market into a less established area looks risky and puts the current share valuation on shaky ground. It is fair to say that it came as something of a shock to the market to find out at the turn of the year that Consort was selling its airways management division, King Systems, for $170m (£105m), which includes a $50m deferred consideration. The price was a reasonable premium to the $95m that Consort Medical (Bespak in those days) paid at the end of 2005. But, in reality, that was the minimum shareholders would have demanded given that Consort has sunk nearly $30m into modernising King. The proceeds have helped to pay off all the group's debts and gave it money to invest in its e-cigarette inhalers. But it seems perverse to give up the future sales from King Systems after spending so much management time and effort in getting the business into shape. And as boring as the division undoubtedly was, there is always likely to be a market for its range of anaesthesia airway management devices. In addition, King Systems sold products in its own right, whereas Consort has suffered in the past from being a basic component supplier. For example, the group lost heavily from its involvement with Pfizer's Exubera insulin inhaler, which, having been billed as a potential blockbuster, was ultimately discontinued shortly after its launch following a disappointing take up. In other words, by selling King Systems, Consort again looks susceptible to the follies of its clients.
The initial consideration is subject to a post-completion adjustment for actual working capital and actual net indebtedness at completion. Proceeds will be used to repay debts of the company.
Consort Medical will sell its King Systems division after receiving approval from shareholders. The medical devices company said it will dispose of the manufacturer of anaesthesia and respiratory items for a consideration of $120m cash, plus an adjustment of approximately $5.0m for estimated working capital and net indebtedness at completion. "Further to the announcement of its proposed disposal of King on December 20th, 2012, the company is therefore pleased to confirm that all conditions precedent have been satisfied and it has completed the proposed disposal," the group said.
Valuation: Earnings metric support 880-905p The Bespak development pipeline should meaningfully boost revenues from end-FY13 onwards and, admittedly, using simple earnings metrics fails to capture the value fully but commercial confidentiality limits rNPV modelling. Hence, with that caveat, assuming a 2013 EV/EBITDA of 7.5x or a 1.75x EV/sales multiple (in line with peers) generates an implied share price of 880-905p.
http://www.edisoninvestmentresearch.co.uk/researchreports/Consort11122012update.pdf
Consort Medical: Jefferies raises target price from 880p to 930p, while maintaining a buy recommendation. Numis raises target price from 940p to 1000p keeping its buy recommendation. Investec raises target price from 695p to 854p and upgrades to hold.
Consort Medical: Jefferies raises target price from 730p to 880p and reiterates its buy recommendation.
resume Shares in inhaler maker Consort Medical have almost doubled since Midas Extra, the online subscription column, tipped them in June 2010 at 380p. Following an upbeat trading statement last week, they closed on Friday at 740p. The company has two divisions, UK-based Bespak, which makes inhalers for asthma sufferers, and US based King Systems, which makes equipment used in the delivery of anaesthetics. Bespak has gone from strength to strength but King Systems has had a tough time as surgery is expensive in America and people are trying to avoid it if they possibly can. Even so, Bespak's success has driven Consort's results to record levels and profits for the year to April 30 were up 12% at £19.4m. The company is confident about its prospects and has new products in the pipeline, including a nicotine inhaler for smokers trying to quit. Consort is making impressive progress but investors who bought in 2010 have had a good run and could sell up to a third of their stock. They might even consider putting surplus funds in Vectura, which makes respiratory drugs. The shares, tipped by Midas last month at 72p, are now 84p and encouraging news is expected in the coming months, The Financial Mail on Sunday´s Midas column says.
Daily mail...update...p 76......Gla...
Medical devices maker Consort Medical also gets the nod from Tempus. It has some intriguing products under development, notably a smokeless cigarette, while its video laryngoscope is producing stellar sales after just a year on the market. Trading at 13.5 times earnings, the suggestion is “buy on weakness”.
http://www.edisoninvestmentresearch.co.uk/researchreports/Consort180612Outlook.pdf
Outlook Both Bespak and King Systems Divisions have started the year well. We are confident that we will deliver revenue and profit growth in 2012/13 in line with expectations, despite minor delays to some of the Bespak programmes. We believe that the medium term outlook remains strong.
Jon Glenn, Chief Executive Officer, commented: "We are delighted that Consort Medical has delivered record revenues and profits in this uncertain global economic environment. During the year, we have launched two major new products, Bespak's Integrated Dose Counter and the King Vision laryngoscope, as well as expanding our growth pipeline with three new development contracts. Our core business continues to perform well and our new diversified range of opportunities positions us well for sustained future growth."
Other Financial Highlights · Consort Medical delivered record revenues* and profits · Bespak revenue* increased by 12% to £93.3m and operating profit** increased by 17% to £18.2m · King Systems revenue grew by 2% at CER to £43.3m, with operating profit** down by 31% to £3.3m (at constant exchange rates). Excluding an increased charge of corporate overheads, like-for-like operating profits fell by 10% due to cost pressures and dual running of processes (see finance review for details) · Final dividend maintained at 12.1p per share · Balance sheet remains strong with net debt at 1.3x EBITDA Operational Highlights · 12% growth in Metered Dose Inhaler valve volumes · A device containing Bespak's Integrated Dose Counter approved and launched on the US market · Three development contracts added to the growth portfolio in Bespak, achieving the strategic goals of drug handling and of entry into a new drug delivery device market · King Vision revenues have met expectations, with the product achieving particular success in the emergency medicine setting · Further funding round in Atlas Genetics supported by global healthcare companies
http://www.investegate.co.uk/Article.aspx?id=201206140700123330F
Canaccord Genuity maintained its "buy" recommendation for Consort Medical (CSRT) with a 744p target price. The broker expects the medical technology company to report revenue growth of 7.3% to 136.1 million pounds for the year to April 2012. Canaccord added that the transformation of the group's King Systems division is scheduled for completion in the coming months, while noting that the inhaler market remained strong. The broker expects Consort to continue diversifying into higher value markets, which should lead to faster growth and improved profitability
"We are very pleased to announce that the FDA has approved the use of our IDC with Teva's QNASL, making this our first commercially marketed integrated dose counter," said chief executive Jon Glenn.
The firm had been developing its IDC for several years in response to a patient and compliance need to let patients know if their device contained sufficient drug and to indicate when they need to seek a further prescription. It provides patients with an indication of how many doses are left inside the canister in line with FDA guidance.
Consort Medical said the first product to use its built-in dose counter had been given the go-ahead by the US Food and Drug Administration. Consort's Integrated Dose Counter (IDC) is being used in Teva's QNASL nasal aerosol, which treats of nasal seasonal allergy symptoms.