Starpharma Holdings Limited (SPL)



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General Information
Company Name: Starpharma Holdings Limited
Stock Code: SPL
Website: www.starpharma.com
GICS Sub-Industry: Biotechnology
Market Cap ($M): 166
Equiv. Shares (M): 319

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.520 $ 0.520 $ 0.530 $ 0.500 $ 0.520 134,531 0%

Current Broker Consensus Recommendation more
Recommendation: Buy (1.5)
Recommendation Date: 18th Dec 2014
Brokers Surveyed: 2

Company Overview

Business Description:
Starpharma Holdings Limited (SPL) is a biotechnology company that engages in the development of dendrimer products for pharmaceutical, life science and other applications. SPL's underlying technology is built around dendrimers, a type of synthetic nanoscale polymer that is highly regular in size and structure and well suited to pharmaceutical uses. SPL has three core development programs: VivaGel portfolio, drug delivery, and agrochemicals.

Strategy Analysis:
Starpharma Holdings reported a net loss of $1.83m for the half-year ended 31 December 2012. Revenues from ordinary activities were $1.29m, up 24% from last year. Basic and Diluted EPS was (1.0) cent compared to (2.0) cents last year. The net operating cash outflow was $10.24m compared to an outflow of $3.9m in the pcp. No dividend was declared.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016  F -- 0.4 -91.4 130.0 -- 0.0 --
2015  F -- 4.6 -- 11.2 -- 0.0 --
2014  A -14.6 -5.2 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
Bionomics (BNO) $175 M -- 6.3117 0.3108 54.5455 7.4600 5.6911 0.00 0.00 0.00
CSL (CSL) $40,487 M 0.0899 0.2398 0.0991 29.8526 24.0795 21.9077 1.41 1.77 1.88
Mesoblast (MSB) $1,303 M -- -- -- -- -- -- 0.00 0.00 0.00
Starpharma (SPL) $166 M -- -- -0.9138 -- 11.2069 130.0000 0.00 0.00 0.00
Sirtex Medical (SRX) $1,462 M 0.2906 0.5174 0.3448 62.6392 41.2797 30.6953 0.54 0.65 1.04

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
SPL 2.35 -- 4.50 -- 520.0
Market 0.90 15.0 1.19 1.94 1.48
Sector 0.81 16.3 2.51 1.44 7.24

Directors
Name Position Start Date
Dr Jacinth (Jackie) Kincaid Fairley Chief Executive Officer,Executive Director 01 July 2006
Dr Peter J Jenkins Non-Executive Deputy Chairman,Non-Executive Director 13 May 1997
Ms Zita Peach Non-Executive Director 01 October 2011
Mr Peter R Turvey Non-Executive Director 19 March 2012
Mr Richard A Hazelton Non-Executive Director 01 December 2006
Mr Robert Bain Thomas Non-Executive Director,Non-Executive Chairman 04 December 2013

Management
Name Position
N J Baade Chief Financial Officer
Nigel Baade Chief Financial Officer,Company Secretary
C P Barrett VP, Business Development
J R Paull VP, Development and Regulatory Affairs
D J Owen VP, Research

Substantial Shareholders
Holding Name
34,174,302 (12.04%) M&G Investment Funds
14,406,827 (5.08%) The Dow Chemical Company
35,194,434 (12.40%) Allan Gray Australia Pty Ltd
36,614,463 (12.90%) Acorn Capital Limited

Calendar of Events
Date Event
12 August 2015 Report (Annual)
12 August 2015 Report (Prelim)
23 February 2015 Report (Interim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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