Research
Van Leeuwenhoeck Research provides continuing research coverage on both listed and private Life Sciences companies.
The one-year coverage commences with an in depth initial report, followed by three quarterly updates that are issued by the analyst following the release of subsequent quarterly earnings. Additionally, research notes issued periodically, comment on changes in our ratings or analyses or on major company announcements (such as a new breakthrough, new key personnel, new product developments). This package can be extended with specific intermediate updates which address certain news facts. As with all quality research programs, the analyst spends time with management and thoroughly reviews each company's industry and competitive position. The analyst maintains close contact with the management of the company during the course of the coverage cycle.
Part of the company research is a unique and highly specialized valuation model that gives an in depth financial analysis of the company. The VLR valuation model Pre-Size™ is a three-dimensional model featuring product development through all phases (research – preclinical – Phases I-II-III – registration - market) for all products in the pipeline. In essence every product is characterised by the existing and expected contingencies in time and money related to each product. All expenses per phase, detailed to the lowest level (such as cost per patient in Phase-III, cash burn, out-of-pocket costs), and all revenues (such as milestone related capital injections, license revenues) are matched with uncertainties per phase transition (characterised as a distribution with a mean and a spread).
Initial Report
The initial, institutional type report contains our Pre-Size valuation model that gives an in depth analysis of the value of the company. This model provides the basis for our 6 - 12 month investment recommendation.
Quarterly Updates
The corporate business and relevant industry events, along with both the earnings and valuation models, are updated in the quarterly reports. This includes our price targets and recommendations. These update reports are prepared and issued after quarterly earnings releases.
Research Notes
Given that markets are continually receiving new corporate information, Van Leeuwenhoeck Research analysts issue research notes to immediately comment on corporate developments, as well as to change price targets and recommendations. These research notes are issued whenever the analyst desires to immediately communicate or comment on the impact of a corporate announcement or a change in competitive position or economic condition underlying the investment thesis for that company.
Examples of our in depth Research reports are: