ACTELION: Our all-included new FV is CHF56

BUY, Fair Value CHF56 vs. CHF51 (+18%)
News published on January Friday 18, 2013
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We took Actelion out of the Top Pick exercise yesterday because we had stock-specific changes to make and did not want any misunderstanding about where the differences were coming from. In December, Actelion disclosed two positive phase II trials for ponesimod in psoriasis and cadazolid in C. difficile infections which we did not factor in our forecasts at that time. As we understood that Actelion is likely to finance phase III development for both, we are modifying our model accordingly and together with the changes in WACC and roll-over in 2013 drive a FV upgrade to CHF56 which leaves a significant upside and, more than before, deserves a BUY rating.

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