Original-Research: CLINUVEL Pharmaceuticals - from Parmantier & Cie.

Original-Research: CLINUVEL Pharmaceuticals (von Parmantier & Cie. GmbH): BUY

GmbH

07.03.2025 / 16:21 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

---------------------------------------------------------------------------

Classification of Parmantier & Cie. GmbH to CLINUVEL Pharmaceuticals

     Company Name:                CLINUVEL Pharmaceuticals
     ISIN:                        AU000000CUV3

     Reason for the research:     Update
     Recommendation:              BUY
     from:                        07.03.2025
     Target price:                22 AU$
     Target price on sight of:    12 month
     Last rating change:          no change
     Analyst:                     Thomas Schiessle, Daniel Großjohann

H1/25 with another record result - more speed + higher opportunities

CLINUVEL Pharmaceuticals Ltd (CLINUVEL or CUV for short) has delivered
convincing and record-high figures for H1/FY25, exceeding market
expectations in our view. High revenue growth and controlled cost
development have expanded H1/FY25-EPS by 27.4% to AU$28.1 cents. At the same
time, the company is investing heavily in future growth and liquidity is
increasing.
We are adjusting our estimate and our target price from 19,27 to AU$ 22,00.
We expect a strong newsflow (on EPP, CUV105, CUV107) and reiterate our BUY
recommendation.
The aim is to accelerate both development and revenue generation. Under the
new strategy - with a focus on the development of three advanced clinical
projects (vitiligo; ACTH, VP) - we believe the opportunity for a leap in
growth is increasing, triggered by the targeted SCENESSE approval® (possibly
in 2028) for the treatment of the large vitiligo patient group. The US
national market will play a decisive role.
The launch of "PhotoCosmetics" (non-Rx; OTC) will be an important step
forward to establish a non-Rx revenue stream. In our opinion, CUV is leading
the emerging industry trend towards science-based cosmetic products. The
market launch of CYACÊLLE Radiant is now planned for later CY2025. Improved
visibility in the user groups is an explicit objective and includes the
capital market (supplemented by efficiency measures).
Despite the successes in the operating business and in focusing the business
model, the Board of Directors is looking for a new CEO.

PCR valuation: Low valuation; Risks are product and competition related.


DISCLAIMER
LEGAL NOTICE

This research report ('Investment Recommendation') has been prepared by
Parmantier & Cie. Research, with the participation of Mr. Thomas Schiessle
and Daniel Großjohann, and is distributed exclusively by Parmantier & Cie.
Research. It is intended solely for the recipient and may not be shared with
other entities, even if they belong to the same group of companies, without
prior written consent. The report contains selected information and does not
claim to be exhaustive. The investment recommendation is based on publicly
available information ('Information') which is believed to be accurate and
complete. However, Parmantier & Cie. Research does not verify or guarantee
the accuracy or completeness of this Information. Possible errors or
omissions do not give rise to any liability on the part of Parmantier & Cie.
Research, which accepts no liability for direct, indirect or consequential
damages.
In particular, Parmantier & Cie. Research assumes no responsibility for the
accuracy of statements, forecasts or other content in this investment
recommendation that relate to the companies analyzed, their subsidiaries,
strategies, economic conditions, market and competitive positions,
regulatory frameworks and similar factors. Although care has been taken in
the preparation of this report, errors or omissions cannot be ruled out.
Parmantier & Cie. Research, including its shareholders and employees,
assumes no liability for the accuracy or completeness of the statements,
estimates or conclusions derived from the information provided in this
investment recommendation.
Insofar as this investment recommendation is provided as part of an existing
contractual relationship (e.g. financial advisory services), the liability
of Parmantier & Cie. Research is limited to cases of gross negligence or
willful misconduct. In the event of a breach of material obligations,
liability shall extend to simple negligence, but shall in all cases be
limited to foreseeable and typical damages. This investment recommendation
constitutes neither an offer nor a solicitation to buy or sell securities.
Partners, directors or employees of Parmantier & Cie. Research or its
subsidiaries may hold positions of responsibility, such as directorships, in
the companies mentioned in this report. The opinions expressed in this
investment recommendation are subject to change without notice and reflect
the personal views of the research analyst(s). Unless otherwise stated, no
part of the research analyst's compensation is directly or indirectly
related to the recommendations or opinions contained in this report. All
rights reserved.


You can download the research here: http://www.more-ir.de/d/31928.pdf

Contact for questions:
PARMANTIER & Cie. GmbH
[e-mail]

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

---------------------------------------------------------------------------

2097406 07.03.2025 CET/CEST