Member Info for Mulder

BTG P/E 85 Abcam P/E 49 AstraZeneca P/E 18 GSK P/E 15 Novartis P/E 29 Merck P/E 54 Pfizer P/E 22 Shire? P/E of just 9 and yet this is one the market chooses to hammer and sees as over-valued! Highlights the dirty and rogue market.

**Ornskov said a decision on whether to spin off Spire�s neuroscience drugs, which analysts say could be worth up to $8.5 billion, would be made by year-end. The franchise, which mainly addresses attention deficit hyperactivity disorder (ADHD), achieved growth of 12 percent. It successfully launched Mydayis in August and the once-daily ADHD drug had been prescribed to more than 11,000 patients by Oct. 17, he added. Shire has reviewed its manufacturing portfolio after the Baxalta deal, and Ornskov said it had identified $100 million in annual savings from 2019. The company reported a 20 percent rise in non-GAAP earnings per share, its preferred measure, of $3.81 on total revenue of $3.70 billion, and reiterated its guidance for the year.

Fact is Q3 results were better than the market expected yet the rally was pathetic. $1 BILLION in FREE CASH FLOW! Debt is coming down nicely. There was nothing to justify the current share price. >2% down again today for what reason? As soon as the DOW opens the SP crashes. Credit Suisse' and their expert analysts just gave an update saying even in a worst case scenario re: Roche and competition concerns Shire is wildly undervalued and is worth 4600p+ None of the brokers have a target as low as the current SP with most re-iterating 5000p; others as high as 6000p Are the shorters saying all the brokers and Credit Suisse analysts are talking rubbish or is that they are privy to inside information/insider dealing? I favour the latter.

With gold rising it is now the turn of PAF to misbehave. Needs to be pushing up to 15p and the 200 day moving average of 14.9p Ex-div 7th Dec

Still here I assume and shorting? The mini rally lasted a day or two and then gets hammered again without any justification or logic. I would like the short sellers to give me 3 good reasons why they believe Shire is 'overvalued' trading as it is on a historic and sector low P/E of 9. It smacks of inside information and insider dealing to me and we have said as much directly to the FCA, CEO, IR and intelligence teams.

Those with large holdings may want to call rather than email + raise the probability of a leak given the 15% drop in a week. Tel: 0207 399 2760 Hikma Pharmaceuticals PLC 1 New Burlington Place, London W1S 2H Tel: +44 (0) 20 7399 2760 Fax: +44 (0) 20 7399 2761 Email: investors@hikma.uk.com

I had a similar experience at Spire Healthcare recently. Sent numerous emails to IR and not one reply. Same as here no directors were buying even after the SP collapsed 30% in a week and was at 4 year lows. Couple of weeks later got an RNS saying a bid had been received from Mediclinic. Just saying.

No. The CEO Ornskov has committed to having finalised plans regarding the spin off by the end of the year. So could be anytime. The lack of director buys and high degree of unrest among major investors and activists + low SP means discussions are likely to be going on regarding M&A.

Anesthesia Drugs Market Is Expected To Boom Worldwide USD 4.9 Billion By 2022 Anesthesia Drugs Market is expected to grow at the average CAGR of 3.7% during 2015-2022. Global Anesthesia Drugs Market is expected to grow US$ 4.9 billion by 2022 from US$ 3.1 billion in 2015. Companies Involved: Abbott Laboratories (US), Astrazeneca PLC (British�Swedish), Baxter International Inc. (US) Hospira, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), **HIKMA Pharmaceuticals PLC (UK)**, AbbVie Inc. (US), Fresenius Se & Co. Kgaa (Germany).

REVENUE INJECTABLES 2016 - $781M 2017 projected - $775M* BRANDED 2016 - $556M 2017 projected - $556M* GENERICS 2016 - $604M 2017 projected - $620M* H1 2017 revenue was up $13M on last year Gross Profit also up $456M vs $449M 2016 Full year revenue 2017 up $10M despite generics revenue guidance cut to $620M So again none of the figures above justify such a large drop. I predict FY EPS of 118c broadly flat on last year Minimum SP should be 1350p As for shorts they were heavily in Home Retail group/Argos and got burnt when Sainsbury's bought them.

EPS up 23% Free cash flow up 9% Dividend up 5% Dividend covered 3x P/E 12-13 historic low Equity ratio >2 Low debt Struggling to find any real negatives here.

Fair SP here? Historically Hikma has always enjoyed a far stronger H2 compared to H1. H1 revenue and profits were broadly flat on last year. Full year EPS last year was 118.5c Given peers like AZN and GSK are trading on P/E's around 15 this gives an SP of 1350p I expect full year results to be broadly flat on last year but the more bearish brokers are expecting full year EPS to be around 100c (approx 20% drop) which gives an SP of 1150p However these same brokers expect a rebound in growth in 2018 with EPS up 10% = 1250p+ The lack of recent director buys could indicate they are in talks over a sale or taking it back private i.e. closed period.

The last major purchase I can see is from December 2016. DIRECTOR DEALINGS: Hikma Directors Up Stake As Darhold Buys Shares LONDON (Alliance News) - Hikma Pharmaceuticals PLC on Friday said Darhold Ltd has purchased LONDON (Alliance News) - Hikma Pharmaceuticals PLC on Friday said Darhold Ltd has purchased shares in the company over the past three days, affecting the interests of three board members that hold a stake in Darhold. Darhold acquired 150,000 shares in Hikma at an average price of 1,679.0 pence over November 30, December 1 and 2. Chairman and Chief Executive Said Darwazah owns a 21.67% stake in Darhold, Executive Vice Chairman Mazen Darwazah owns a 10.92% stake and Mohammed Al-Husry holds a stake of 8.01%. Hikma did not state what holding Darhold or any of the directors have following the transactions. Darhold last purchased shares in Hikma in September, paying 2,099.0 pence per share. http://www.morningstar.co.uk/uk/news/AN_1480702258770746300/director-dealings-hikma-directors-up-stake-as-darhold-buys-shares.aspx

Shares jump as Hikma Pharmaceutical sell-off may be back on After the Darwazah family put Hikma Pharmaceutical�s injectables business up for sale in March 2013, saying it had received a �significant amount of interest� before surprisingly taking it off the market only weeks later, sector followers were of the opinion that it had effectively hoisted a For Sale sign above the entire group. Shares of the Jordanian branded and generic drugs group touched 1635p before closing 33p higher at 1620p amid growing speculation that Meda Pharmaceuticals had approached the Darwazah family, which owns a controlling 42 per cent stake, with an offer rumoured to be in the region of �4.3billion or �22 a share. It knows it would take a sizeable premium offer for the family to sell out. Speculation intensified yesterday after the Meda boss told the world that the group had built a sizeable war-chest for merger and acquisition activity. http://www.dailymail.co.uk/money/markets/article-2622778/MARKET-REPORT-Shares-jump-Hikma-Pharmaceutical-sell-on.html?ITO=1490&ns_mchannel=rss&ns_campaign=1490 ********************************************************************************* �22/share? A �4.3Bn bid now equates to 1800p/share. Note the controlling 42% stake held by the Darwazah family - a lot through a company called DARHOLD Ltd.

Just increased their position here held through shares.

3.4p/year. At current SP yielding 8.1% Final dividend 2.4p Ex-dividend 7th December

Looks like a good entry price here. Trading on a low P/E of just 13 now - a large discount to its historic P/E around 20. Yielding close to 3% almost 3x covered by earnings. Very solid equity ratio of 2.25 with minimal intangibles/goodwill Overseas/China growth potential also. Costa shops always packed. SP should be >4000p minimum.

It is also worth taking time to reflect on why this was trading at 2300p as recently as March this year. Just as the SP seems far too low now trading on a P/E around 12-13 it is clear this was way over priced when trading at 2300p on a P/E around 30. The lesson is to be wary of so called 'growth' stocks. The market (and brokers) falls out of love with them at some point and hammers them. Those invested in BTG, Abcam, SSPG, Fevertree etc trading on P/E's as high as 85 need to be very careful. Even big companies like Merlin and Reckitt Benckiser got hammered recently as growth has 'slowed'. Better to buy in when the P/E of a stock is 10-15 IMO This is 1 of 25 holdings for me and my average P/E is 11 including utilities. Debenhams is in the troubled retail sector but is trading on a P/E of just 6 and yields >8% twice covered by earnings. Whibread/Costa has an amazing balance sheet, good growth prospects and is trading on a P/E of just 13. Equity ratio/balance sheet/intangibles is arguably the most important thing to analyse before buying any share though. Hikma is ticking all of the boxes above.

It's a joke of a market folks. They i.e. the short sellers are treating Hikma like it is a debt ridden miner or oil&gas company about to go bust if they don't strike black gold soon. Not only is Hikma's balance sheet very solid as highlighted many times but the pharmaceutical sector is supposed to be defensive! BTG and Abcam are trading on P/E's around 80 (!) Look at Fevertree today - up 12% in a day on a vague 'profits will beat expectations' statement but they are already trading on a P/E around 65! It will require some growth to bring that in line with a more reasonable P/E of 13 which this is now trading at. More proof of the BS that is the stock market.

Uncanny how it bounced off 1022p I must have a wider readership than I thought... So that's a 15% fall in 5 days based on NOTHING. EMAIL market.abuse@fca.org.uk intelligence.team@fca.org.uk