Morningstar

Morningstar, Inc.

Equity Bottom-Up

No-moat Sirtex Medical has announced that it has received approval from the Federal Court of Australia for the scheme of arrangement under which China-based CDH Genetech Ltd and China Grand Pharmaceutical and Healthcare Holdings Ltd, or CDH-CGP, will fully acquire the business. Sirtex’s shares will be suspended from close of trading on Sept. 13.
Analyst: Chris Kallos, CFA

In a surprise move, Sirtex has received an unsolicited nonbinding offer of a AUD 1.87 billion bid from China-based alternative asset fund manager CDH Investments. This equates to AUD 33 per share and comes ahead of next week’s shareholder meeting which was to vote on accepting the AUD 28 per share offer made by Varian Medical Systems, Inc. on Jan. 30, 2018.
Analyst: Chris Kallos, CFA

With the acquisition of Sirtex Medical at AUD 28 per share by Varian Medical Systems on track for completion, the posting of interim results, even though they meet our expectations, is largely redundant.
Rightsizing of the business following the disappointing clinical trial readouts in all three major studies in early 2017 lowered expenses and preserved cash. As such, cash in hand as at Dec. 31, 2017 was a healthy AUD 42.8 million. With net profit after tax, or NPAT, of AUD 23.6 million on group…

We maintain our AUD 15.50 fair value estimate for no-moat Sirtex Medical despite management’s positive trading update, with first-half fiscal 2018 EBITDA of approximately AUD 34 million expected, up 16% on the previous corresponding period. or PCP. Full-year fiscal 2018 EBITDA guidance is within a wide range of AUD 75 million-AUD 81 million, versus underlying EBITDA of AUD 61.5 million for fiscal 2017. Worldwide dose sales of SIR-Spheres were flat in first-half fiscal 2018 versus the PCP. We…

Australia

Sirtex Medical Limited is a medical company which researches, develops and commercializes medical products for the treatment of liver cancer.  The Company is based in Western Australia and markets its products throughout the world. The Company's products include "SIR-Spheres," which uses micro-particle technology to treat liver cancer.

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