Novartis: Ups and downs result in final upgrade of FV by CHF2 and much better sentiment

BUY, Fair Value CHF70 vs. CHF68 (+12%)

News published on January Thursday 24, 2013
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We are upgrading our FV by CHF2 on Novartis, o/w CHF1 is the introduction of RLX030 into our forecasts for the first time with a probability-adjusted peak sales of USD1.4bn and the other CHF1 the halving of our stock-specific risk premium which reflected the gap in shareholder friendliness compared to peers (disclosure, guidance, share buy-backs, communication) that has already improved and is likely to continue to do so with changes at the Board level.

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