Selvita’s FY17 revenues were PLN105.9m, up 59% y-o-y, with adjusted operating profit rising from PLN4.7m to PLN13.2m. This reflects strong organic growth, but profitability was also boosted by the SEL24 out-licensing deal to the Menarini Group, which contributed PLN13.0m to profit. The share issue completed in February 2018 raised PLN134m gross. This new money and funds from additional sources will support Selvita’s new R&D-focused strategy, which we have already included in our model. Our updated valuation is slightly higher at PLN1.30bn or PLN81.7/share.

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