Edison initiates coverage of Tissue Regenix
Our sum-of-the-parts DCF valuation is ?325m, or 43p/share, using a 12.5% WACC. We value the wound care franchise at ?175m, orthopaedics at ?95m and the cardiac division at ?35m. The current market capitalisation, which is subject to an estimated funding requirement of ?15m needed to develop OrthoPure XT and XM in the US, does not reflect the full pipeline potential, which could ultimately be attractive to larger medtech companies.
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