Member Info for Mulder

The equity ratios are perhaps even better at highlighting how ludicrous the current SP is. GSK Equity ratio 1.09 AstraZeneca Equity ratio 1.36 Hikma Equity ratio 2.32

Ashley increasing stake held directly through shares; 15.8% Vs 14.7% previously Resulting situation on the date on which threshold was crossed or reached 15.79% 5.41% 21.20% 1,227,822,150 Position of previous notification (if applicable) 14.74% 6.46% 21.20%

What am I missing? The only anomaly here is the share price which has been obscenely manipulated down by the short sellers to a crazy level.

Down 7% today to 87p based on no news? Griffiths increasing stake here.

Core EPS 118.5c/91p P/E 10.4 Dividend approx 3% - covered 3x by earnings Gross annual profit ~ $1Bn ********************************************************************************************************************************* The data below just highlights again the strength of Hikma's balance sheet especially compared to others in this sector. GSK Assets �59Bn Intangibles/goodwill �25Bn [42%] Liabilities �54Bn Net Assets �5Bn Shareholder equity - intangibles/goodwill = -�20Bn AstraZeneca Assets $62.5Bn Intangibles/goodwill $39Bn [62%] Liabilities $46Bn Net Assets $16.5Bn Shareholder equity - intangibles/goodwill = -$22Bn HIKMA Assets $4.4Bn Intangibles/goodwill $1.7Bn [39%] Liabilities $1.9Bn Net Assets $2.5Bn Shareholder equity - intangibles/goodwill = +$0.8Bn

If they do walk away they are not allowed to make another bid for a while according to takeover rules. It would open the door for someone like HCA. Would also sour relations between the two companies, Woodford etc which would not be productive! Have to reach a compromise. My guess is 330-340p

I believe Mediclinic results are on Thursday morning.

Shares in the FTSE 100 druggie Shire PLC (LON:SHP) were in demand late morning following an upgrade by the City broker Liberum. The �buy� call was made on valuation grounds with the stock having fallen 21% since the start of June. ***Liberum says the risk of a new Shire competitor in the haemophilia market has now been baked into the company�s valuation as has the prospect of management making further big and potentially tricky acquisitions. Risks now discounted **�With the stock now below �35, we believe almost the entire value of hemophilia has been discounted from the shares,� Liberum said in a note to clients. �Furthermore, there are welcome signs that management could re-orient from away from M&A to cash returns as it looks at strategic options for neuroscience.� It has moved its recommendation to �buy� from �hold�, while its price target is �42 a share. In the afternoon session, stock in Shire had nudged up to 3,573p, a rise of 74p (and mainly the result of the Liberum note). Of the 17 analysts logged as following Shire by the Broker Forecasts site, 15 hold �buy� recommendations. The remainder see the equity as fully valued. The consensus price target is �49.37. http://www.proactiveinvestors.co.uk/companies/news/187224/shire-shares-in-demand-after-liberum-turns-positive-on-ftse-100-druggie-187224.html

European advisory group backs Shire's long-acting Factor VIII for hemophilia A https://seekingalpha.com/news/3311344-european-advisory-group-backs-shires-long-acting-factor-viii-hemophilia

Hikma's third operating division, which sells branded drug products across the Middle East and North Africa, has reported a steadily improving performance despite some impact from currency fluctuations. Trading in branded and injectables has provided some comfort for investors as Hikma stuck by its full-year guidance for $2 billion of group revenues today. This figure, alongside the recent slump in the Hikma share price, prompted Numis Securities analyst Paul Cuddon to suggest that the time may now be right to buy into Hikma as a recovery prospect. The shares traded as low as 934p Thursday, their worst in more than four years. Cuddon said: "The generics industry is clearly going through a cyclical downturn, and Hikma is one of the companies well-positioned to emerge the other side in a stronger position, with the cash-flow from injectables and branded providing the sustainable platform to take a longer-term view. "How long the downturn lasts, and how aggressive the more heavily indebted companies become is uncertain, and caution is warranted." He said his analysis supported a 1,300p target, adding that shares now trade on 12x FY18 price/earnings (PE), a significant discount to global peers and Hikma's five-year average. "We therefore see the weakness as an excellent entry point." http://www.iii.co.uk/articles/458923/hikma-pharmaceuticals-tipped-gain-30

The market places far too high a premium on 'growth' stocks. Focus on: - 'On a reported basis, we continue to expect revenue and core operating profit to be broadly in line with 2016' Injectables Our global Injectables business is delivering a good performance this year, driven by strong demand for our marketed portfolio and new product launches, which has more than offset the impact of increased competition on a number of our products. For the full year in 2017, we continue to expect global Injectables revenue to be around $775 million, with a VERY STRONG core operating margin of around 39% Branded The performance of our Branded business has been steadily improving in the second half and we expect sales to accelerate through the remainder of the year as a result of seasonality and new product launches. We are reiterating our expectation for Branded revenue GROWTH in the mid-single digits in constant currency in 2017. They may even sell the generics business and focus on branded and injectables - returning capital to shareholders so you may get your �5 special dividend!

They may well increase the dividend yes as 3x cover is massive with its peers again having barely 1x cover. Current yield is around 3%. Even a dividend around 5% would be nearly 2x covered by earnings. Important to remember this is a still a well capitalised pharmaceutical company making around $900M in gross profit annually. Important American assets also - Roxane Boehringer. Surely the Darwazah are looking at taking it back private as well at these prices - they would be mad not to.

GSK's equity ratio 1.1 Hikma's equity ratio 2.3

GSK has an awful balance sheet and can not afford its dividend. Hikma's dividend is covered 3x by earnings and has an excellent balance sheet with equity ratio >2

REVENUE INJECTABLES 2016 - $781M 2017 projected - $775M* BRANDED 2016 - $556M 2017 projected - $560M+* The performance of our Branded business has been steadily improving in the second half and we expect sales to accelerate through the remainder of the year as a result of seasonality and new product launches. We are reiterating our expectation for Branded revenue growth in the mid-single digits in constant currency in 2017. GENERICS 2016 - $604M 2017 projected - $600M* H1 2017 revenue was up $13M on last year Gross Profit also up $456M vs $449M 2016 Full year revenue 2017 to be flat on 2016 despite the generics revenue guidance cut to $600M which is actually the same as last year. The company is still expecting full year revenue of $2Bn and profits flat on last year of $419M FY EPS of $118.5c *On a reported basis, we continue to expect revenue and core operating profit to be broadly in line with 2016. As previously guided, this reflects an adverse currency impact, primarily due to the devaluation of the Egyptian pound against the US dollar. EPS 118.5c ~ 91p **Current P/E = 10.4** Minimum SP should be 1350p (15x P/E is more in line with peers) As for shorts they were heavily in Home Retail group/Argos and got burnt when Sainsbury's bought them

BTG P/E 85 Abcam P/E 49 AstraZeneca P/E 18 GSK P/E 14 Novartis P/E 29 Merck P/E 54 Pfizer P/E 22 Hikma? P/E 12

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He must be confident of a deal. 330p

Vectura has been hammered again and again for the same news about one inhaler. 160p to 86p. Wow must be some inhaler!! Advair/Seretide is old news by the way! Lots of rivals now like Relvar, Flutiform. All LABA/ICS.

Pets was stuck at 155p for 3 months then rose to 190p in a week on the back of no news.