Listed companies let Imperial down

IC VIEW:

Valuing Imperial is not dissimilar to valuing early-stage biotechnology companies – haphazard. The shares trade at a big premium to book value, but that’s because of the value locked up in the unquoted portfolio. However, with little sign that the next Circassia is just around the corner, we downgrade to hold.

Last IC view: Buy, 470p, 15 October 2014

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