Iconovo: Progressing according to plan - Danske Bank
Iconovo’s Q3 20 report was better than expected on both net sales and EBIT. We argue that Iconovo has an impressive operational balance between investments in drug-development capabilities and progress in its out-licensed projects with milestone payments covering most of its operational expenses. Our fair value range points to a valuation range between SEK77-101 per share, corresponding to an upside in the share of between 45-91%.