Summit Corporation - A Period of Excellent Progress

Summit Corporation A Period of Excellent Progress Summit Corporation continues to make excellent progress. The drug discovery and development company announced interim results which are in-line with our expectations, but we have updated our forecasts to better reflect the revenue recognition of the recent funding secured. The six-month period saw substantial progress - including the advancement of its lead drug candidates (SMT C1100 and SMT 19969) towards commencing patient clinical trials - as well as receiving broad financial support. We see this support as a further endorsement of the scientific and commercial potential of its drug programmes. We maintain our stance as speculative buy, with a target price of 22.32p. Click to Download Full Report Table: Financial overview Year to 31st Jan 2012A 2013A 2014E 2015E Revenue (£000) 1,765 1,814 1,250 2,400 PBT (£000) (2,998) (4,566) (4,816) (4,446) EPS (p) (1.44) (1.35) (1.12) (0.92) Dividend (p) 0.0 0.0 0.0 0.0 Source: GECR and company Speculative Buy Target price 22.32p Key data Share Price 14.75p 52 week high/low 16.00p / 3.00p Primary exchange AIM EPIC SUMM Shares in issue 447.36 m Market Cap £65.99m Sector Pharmaceuticals & Biotechnology Important: All disclaimer information can be found on the last page of the document

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