Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

Samsung Biologics   / Equity Capital Markets

<p>This Insight finalizes our view of the listing of Samsung BioLogics (SB) using information presented at the company’s roadshow meeting and included in the prospectus. We continue to think that the proposed valuation of US$7 billion is too high based on the risks inherent in management’s long-term forecasts. The company should play a significant role in the growth of biologics globally, and is worth monitoring for opportunities post-listing. We think that a lower valuation of no more than US$5 billion would be interesting.</p>

This Insight finalizes our view of the listing of Samsung BioLogics (SB) using information presented at the company’s roadshow meeting and included in the prospectus. We continue to think that the proposed valuation of US$7 billion is too high based on the risks inherent in management’s long-term forecasts. The company should play a significant role in the growth of biologics globally, and is worth monitoring for opportunities post-listing. We think that a lower valuation of no more than US$5 billion would be interesting.

Samsung Biologics

Pass on the Deal, Put on the Watchlist