Ascendis (ASC) – FY19 HEPS Update

We are concerned about ASC’s lack of a clear strategic direction. Should the Remedica disposal come through, we show that the new ASC will not be that much different from the old pre-listing ASC as the Consumer division will contribute the largest portion of both the revenue and EBITDA. The forced selling of ASC shares by Coast to Coast (C2C) has reduced C2C ownership of ASC from 28.3% to 17.5%.