The delayed launch of Zeneo implies a lower target price

Our EPS forecasts only move marginally in the short term and are not very significant since the company will start selling Zeneo as of 2021.

They mostly depend on the level of external charges and staff costs engaged to prepare for the commercial launch of Zeneo.

Our SOTP valuation goes down in line with a smaller than expected turnover over 2020-23, which is the basis for our calculation of the average level of sales by NTE, due to the one-year postponement of registration filings announced on 27 September.

Our DCF valuation goes quite substantially down, mainly due to the fact the group’s first sales are postponed by a year (i.e. 2021 instead of 2020) for most NTEs (and 2022 for the last one).

This implies a higher discount due to time obviously, while our other assumptions have not materially changed.

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