Initiation of Coverage – 22.04.2024

OPT SpA (hereinafter “OPT” or the “Company”) is an Italian company active in the design and delivery of Healthcare High Value Added Services (HHVAS), a suite of services with high clinical and organizational content designed to support the public and private healthcare systems in serving specific therapeutic areas and related care pathways. In this context, the Company acts as a liaison between pharmaceutical companies and healthcare facilities, contributing to the generation of evidence and its translation into care models that can be effectively implemented. Founded in 1994, OPT has accumulated over thirty years of experience in the sector, building over time a distinctive positioning based on a strongly relationship-driven approach and an in-depth understanding of the decision-making dynamics of the healthcare system. The business is built on a multidisciplinary team that integrates clinical, scientific, organizational, and digital expertise, and on a well-established network of clinicians, institutions, and stakeholders, which facilitates complex processes and enables collaborative initiatives. The offering consists of an integrated suite of HHVAS services, including, among others, the definition of Clinical Governance and PDTA models, Quality Certification pathways, both at the system level and for competencies and services, ECM training and the organization of scientific events, the development of Digital & Patient Support Program solutions, and Medical Writing activities. OPT operates according to a one-stop-shop and end-to-end approach, accompanying clients from the needs assessment phase through to operational implementation and results monitoring. This model integrates consulting expertise, training, technology, and scientific output into a single framework, ensuring project continuity and execution capability. The integrated nature of the offering also enables synergies between different service lines, progressively expanding the scope of activities for existing clients. In a market that remains fragmented but is progressively evolving toward more structured models, OPT stands out for its long-standing track record in regulated and highly relationship-intensive contexts, for its ability to combine standardization with customization, and for the integration of consulting expertise with technological solutions. This positioning enables the Company to position itself as a strategic player for the pharmaceutical industry and the healthcare system, with a scalable model focused on creating value in the medium to long term. We conducted the valuation of OPT’s equity value based on the DCF methodology. The DCF method (which prudently includes a specific risk of 2.5% in the WACC calculation) yields an equity value of €9.5 million. The target price is €1.25, with a BUY rating and a MEDIUM risk.

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