Jan 10th 2013 - Edison Investment Research today published a report on SkyePharma (SKP.L, LSE:SKP, LON:SKP) entitled "Clearer Outlook But Lower Valuation". In summary, the report says:
In a busy 2012, Skypharma has restructured the convertible bonds so that the debt repayments better match cash inflows and five products (including flutiform) have been approved in various markets. The consequent risk reduction means the investment case is now based on the extent of flutiform’s success. The company has detailed the finance charges expected and we have reviewed our forecasts to reflect these, also taking the opportunity to review our revenue expectations. As a result, our NPV model suggests the equity is now worth 204p a share (previously 250p).
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