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portefeuille (99.61)

Qiagen

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July 27, 2010 – Comments (12) | RELATED TICKERS: QGEN

Qiagen is a spin-off of the University of Düsseldorf. I have lived in the Düsseldorf area for most of my life and while Qiagen is the only major company in a little town right next to Düsseldorf I think it is fair to say that almost no one in that town that is not working for them knows what they are doing. It is not really a secret, people just don't care. Excluding Genentech (Roche) and Serono (Merck) it might be the second largest (by market capitalisation, behind Actelion) "biotech company" in Europe. I think Qiagen has a decent chance of being a DAX30 component company in the not so distant future (see comment #9 here).

Qiagen shares are currently my third largest position (see comments #31,32 here).

12 Comments – Post Your Own

#1) On July 27, 2010 at 5:27 AM, portefeuille (99.61) wrote:

Excluding Genentech

The Genentech part of Roche can obviously not be considered "European", so maybe there was no need to specifically exclude it ...

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#2) On July 27, 2010 at 5:51 AM, portefeuille (99.61) wrote:

Qiagen in Frankfurt trading.



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#3) On July 27, 2010 at 9:09 PM, MegaEurope (21.49) wrote:

Speaking of Actelion, they are trading at 14.4x earnings, 11.6x cash flow, 4x tangible book. Growing revenue and earnings at about 24% per year over the past 5 years with 21% 5 year ROI.

Qiagen compares at 28x earnings, 15.9x cash flow, 18x tangible book. Growing revenue at 24% per year but income only 10% per year with 4% ROI.

That's why I green thumbed ALIOF.PK.  Although I suppose QGEN's current lineup might be stronger.

Actelion's marketed drugs: Tracleer (PAH), Zavesca (Gaucher), Ventavis (PAH).

Pipeline:

IV, Bosentan, Combination bosentan & sildenafil in PAH, COMPASS-2

IV, Miglustat, Type 1 Gaucher disease patients switched from ERT to miglustat, MAINTENANCE, H2 2010

III, Almorexant, Insomnia, RESTORA

III, Clazosentan, Prevention of vasospasm-related morbidity / mortality post aneurysmal subarachnoid hemorrage (SAH), CONSCIOUS-2, CONSCIOUS-3, H2 2010, 2011

III, Macitentan, Pulmonary arterial hypertension, SERAPHIN, H2 2011 

III, Olesoxime*, Amyotrophic Lateral Sclerosis, H2 2011

III, Selexipag, Pulmonary arterial hypertension, GRIPHON

II, Antibiotic, Anti-infective

II, CRTH2 antagonist, Asthma

II, CRTH2 antagonist, Allergic rhinitis, H2 2011 

II, Macitentan, Idiopathic pulmonary fibrosis (IPF), MUSIC, H2 2011

II, S1P1 agonist  Multiple sclerosis, H2 2011

II, S1P1 agonist, Plaque psoriasis

I, Cardiovascular, Cardiovascular 

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#4) On July 27, 2010 at 9:33 PM, MegaEurope (21.49) wrote:

Do you count Shire as biotech?  If so they would be the biggest in Europe.

I also have green thumbs on Novartis, AstraZeneca, GSK, Sanofi-Aventis, Grifols, H Lundbeck and Galenica.

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#5) On July 27, 2010 at 9:40 PM, portefeuille (99.61) wrote:

Well, Qiagen produces consumables (around 84% of revenue) and instrumentation (around 16%), so it can not really be easily compared to Actelion.

see for example this recent presentation.

webcast.

slides (pdf).

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#6) On July 27, 2010 at 9:44 PM, portefeuille (99.61) wrote:

I wanted to mention that the "biotech" category is somewhat difficult to define. Qiagen sometimes appears on "biotech company lists".

one of those lists.

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#7) On July 27, 2010 at 9:51 PM, portefeuille (99.61) wrote:

I used to pass one of their offices occasionally when I was much younger on my bike or doing some jogging and at the time I might have been able to buy 1% of the company (if my parents had given me the money, that is) ...

oh well ...

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#8) On July 27, 2010 at 9:56 PM, portefeuille (99.61) wrote:

My "outperform" call on Actelion is one of my worst calls so far.

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#917) On December 21, 2009 at 1:45 AM, portefeuille (99.96) wrote: ATLN.VX - 55.93 (58.35 CHF) - outperform

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(from here)

 

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#9) On July 27, 2010 at 10:01 PM, portefeuille (99.61) wrote:

Actelion in Frankfurt trading (not sure the chart is "correct").



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#10) On July 28, 2010 at 2:04 AM, WallstreetKnight (39.42) wrote:

Portefeuille, 

I am interested to know how you determine whether a company is worth investing in.  

Is it an overall 'big picture?'  Or is there a lot of charting/eyeballing?  Perhaps strong fundamentals or conviction in the products/services they offer?  I always enjoy your blogs.

 

Thanks! 

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#11) On July 28, 2010 at 7:26 AM, portefeuille (99.61) wrote:

I try to keep my portfolio reasonably diversified (sector-weighting, country-weighting, ...). And I think I am some kind of "value investor". The timimg of the my buys is often "event driven", the timing of the sells is sometimes "event driven". I usually buy and sell in tranches.

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#12) On July 28, 2010 at 7:41 AM, portefeuille (99.61) wrote:

I am afraid the reason I "notice" some stocks is often rather trivial, as in the case of Qiagen (passing one of their offices while jogging). I know someone working for VMware (no insider information, it just got me interested and this led me to making EMC my largest position). A relative of mine is CEO of a public company (again no insider information, just got me interested). Another relative works for another public company, I used to spend quite some time in front of an Aixtron sponsored traffic light, ...

So really entirely trivial "things" can get me interested, hehe. I should fight that tendency I think, but so far the job choices of my relatives have been rather fortunate as have been my choices of jogging paths and driving routes, so maybe I should not ...

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