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Operating revenue up 46% on strong US growth

Pacific Edge 25 January 2021 Update
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Pacific Edge

Operating revenue up 46% on strong US growth

Financial update

Pharma & biotech

25 January 2021

Price

NZ$1.05

Market cap

NZ$763m

NZ$1.39/US$

Net cash (NZ$m) at 30 September 2020

28.5

Shares in issue

726.9m

Free float

93.2%

Code

PEB

Primary exchange

NZX

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(14.6)

36.4

782.4

Rel (local)

(17.8)

27.2

704.6

52-week high/low

NZ$1.23

NZ$0.07

Business description

Pacific Edge develops and sells a portfolio of molecular diagnostic tests based on biomarkers for the early detection and management of cancer. Tests utilising its Cxbladder technology for detecting and monitoring bladder cancer are sold in the US, New Zealand, Australia and Singapore.

Next events

Commercial launch updates

CY21

Analysts

Maxim Jacobs

+1 646 653 7027

Nathaniel Calloway

+1 646 653 7036

Pacific Edge is a research client of Edison Investment Research Limited

The company recently reported results for H1 FY21, featuring a 46% y-o-y increase in Cxbladder sales to NZ$3.3m. The US business grew 46% to NZ$2.9m and was assisted by the inclusion of Cxbladder into a local coverage determination (LCD) enabling reimbursement at US$760 per test from the US Centers for Medicare and Medicaid Services (CMS) on all tests after 1 July (corresponding to the second half of H1 FY21). The outlook for growth in the US business is strong due to the change in reimbursement, the Kaiser Permanente commercial agreement and the company’s intensified investment in its US operations.

Year end

Revenue (NZ$m)

PBT*
(NZ$m)

EPS*
(c)

DPS
(c)

P/E
(x)

Yield
(%)

03/19

4.8

(17.8)

(3.5)

0.0

N/A

N/A

03/20

5.0

(18.8)

(3.2)

0.0

N/A

N/A

03/21e

13.2

(14.5)

(2.0)

0.0

N/A

N/A

03/22e

34.3

(0.9)

(0.1)

0.0

N/A

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

LCD turbocharging US sales

Cxbladder sales in the US increased 46% to NZ$2.9m, mainly due to CMS reimbursement that was effective from 1 July (half of H1 FY21). For July to September, the company saw a 117% year-on-year increase in US revenue. The US accounted for 87% of total operating revenue in H1 FY21.

Test volumes recovering from COVID-19 effect

Because of COVID-19 related restrictions and lockdowns, in April and May commercial test volumes were down 43% compared to FY20 (volumes were down 16% for the entire H1 FY20). Due to easing restrictions and the in-home sampling option, volumes recovered and were up 11% year-on-year in September.

Kaiser Permanente up and running in November

In June, Pacific Edge announced it reached an agreement with Kaiser Permanente, one of the largest non-profit health providers in the US. Kaiser Permanente has more than 12 million members, operates 39 hospitals and employs 23,000 physicians, and hence is a significant opportunity for Pacific Edge. Commercial test orders began in November and should have a meaningful impact on revenues from H2 FY21 onwards.

Valuation: NZ$1,064m or NZ$1.46 per share

Our DCF-based valuation has increased to NZ$1,064m (NZ$1.46/share) from NZ$538m (NZ$0.78/share). This is mainly due to increasing our long-term revenue assumptions markedly, as we are increasingly confident in the company’s market opportunity and competitive positioning. We have also rolled forward our DCF. This was slightly offset by more conservative near-term estimates due to COVID-related lockdowns. We now expect profitability in FY23 (formerly FY22, although we still forecast positive cash flow in that year) due to the more conservative near-term estimates and do not forecast any additional financing needs for the company.

H1 FY21 results

Pacific Edge recently published H1 FY21 results with operating revenue growth of 46% to NZ$3.3m from NZ$2.3m in the same period a year ago. The US segment saw operating revenue increase 46% to NZ$2.9m while it increased 40% in the rest of world (primarily Australia, New Zealand and Singapore) to NZ$0.4m. Importantly, for July to September, the company saw a 117% year-on-year increase in US operating revenue (and reported record sales for the month of October). Total laboratory throughput decreased 16% globally while commercial test volume (81% of the total) fell 15% to 5,591 tests mainly due to the COVID-19 pandemic. In the US, commercial test volumes fell 25% while they grew by 18% in the rest of world. However, due to easing COVID-19 restrictions and the in-home sampling option, volumes recovered in the latter parts of the period and commercial test throughput was up 11% year-on-year in September.

The reason US operating revenues were still up 46% despite this decline in test volumes can be explained by the achievement of LCD inclusion, enabling reimbursement in the US by CMS. Before CMS reimbursement, approximately 43% of US Cxbladder commercial test volume was for CMS patients and those tests were typically not included in revenues as they were not reimbursed. Now they are reimbursed (with payment occurring within 30 days), they are being included in revenues and accounted for 67% of US commercial test volume in H1 FY21. Pacific Edge is negotiating the payment terms for the 22,634 tests previously billed but not paid (as of 30 June 2020). The revenue for these tests will be recognised if payment is obtained for these tests that were performed before CMS reimbursement was effective.

Outside of CMS, US private payers often base their own coverage decisions and reimbursement levels on the coverage listed in an LCD, so the success here with LCD inclusion is expected to lead to faster growth for the company and improves the prospects for coverage with other healthcare coverage providers. Pacific Edge is also seeking a positive shift in guideline inclusion language in bladder cancer, which may assist with obtaining additional private reimbursement.

Operating expenses for H1 FY21 were reported as NZ$11.2m, an 8% decrease compared to the prior year. This decrease is due to less expense from laboratory operations (due to lower throughput) and lower SG&A. Net operating cash flow loss decreased slightly from NZ$7.4m to NZ$7.6m in H1 FY21.

Kaiser Permanente commercial orders begun

In June, Pacific Edge announced it reached an agreement with Kaiser Permanente, one of the largest non-profit health providers in the US, on the commercial use of Cxbladder by its urologists in patients being evaluated for bladder cancer. Kaiser Permanente has more than 12 million members (approximately 3.6% of the US population), operates 39 hospitals and employs 23,000 physicians, so this commercial agreement is a major milestone for the company, which we expect should provide a meaningful increase in revenues now commercial orders have begun (in November). Of note, more than 95% of Kaiser Permanente’s medical consultations are now telehealth, highlighting the importance of Pacific Edge’s in-home sampling system.

Valuation

Our DCF-based valuation has increased to NZ$1,064m (NZ$1.46/share) from NZ$538m (NZ$0.78/share). This increase is mainly due to increasing our long-term revenue assumptions, as we are increasingly confident in the company’s market opportunity and competitive positioning despite the current temporary challenges related to COVID-19. Pacific Edge is investing heavily in the US business to maximize its ability to capitalise on the recent LCD inclusion as well as the validation from Kaiser Permanente. The company is adding frontline sales representatives, medical affairs experts and a dedicated team of specialists focusing on contract negotiations with private payers to gain greater coverage and inclusion in reimbursement networks. We previously estimated 2025 peak sales of NZ$228.5m with growth essentially being flat after that point. Our 2025 estimate is essentially unchanged, but we now expect meaningful growth to continue past that year, reaching over NZ$730m in 2030.

To put these estimates into perspective, EY-Parthenon has previously estimated the size of the addressable market in the US (see Exhibit 1). It includes seven million patients who present with haematuria each year and would be candidates for Cxbladder Triage. A further 3.4 million potential patients can then be evaluated for urothelial cancer by Cxbladder Triage or Cxbladder Detect. 81,000 patients who are diagnosed with urothelial cancer can then have their cancer graded by Cxbladder Resolve. Finally, there is the surveillance segment of 800,000 patients who are candidates for Cxbladder Monitor, who are monitored three to four times per year for recurrence for five years (2.4–3.2m tests for this segment). From end to end, this is a potential end-user market covering more than 13m tests. Using the current CMS reimbursement rate of US$760 per test, this indicates a total potential addressable market of approximately US$10bn (over NZ$14bn). The urology market alone (which is the initial focus for the company), with its more than 6m potential tests per year, has a total potential addressable market of just less than US$5bn (around NZ$7bn).

Exhibit 1: Addressable market in the US

Source: Pacific Edge, based on an EY-Parthenon business review of the market

Rolling forward our DCF and higher net cash also helped increase the valuation for the company. This was partially offset by more conservative near-term revenue estimates as a second wave of closures are occurring in the US. Additionally, we have increased our estimates for cost of goods (as it will take some time to recognize economies of scale) and operating expenses (as the company invests more for US growth). The per share value was also affected by share issuance related to a NZ$22m placement in July.

Exhibit 2: Valuation based on DCF

Discounted cash flow (NZ$000)

1,035,069

Net cash (NZ$000) at 30 September 2020

28,480

Valuation (NZ$000)

1,063,549

Number of shares (m)

726.9

Value per share (NZ$)

1.46

Source: Edison Investment Research

Financials

Following the results for H1 FY21, we are decreasing our FY21 revenue estimate to NZ$13.2m from NZ$20.2m and our FY22 estimate from NZ$44.1m to NZ$34.3m as the second wave of closures in the US due to COVID-19 may further affect test volumes in the near term as well as the growth trajectory in FY22 (we expect any impact from COVID-19 past this point to be minimal due to the recent vaccine announcements). Hence, it appears prudent in our view to err on the side of caution. Additionally, Kaiser Permanente commercial orders are just getting started and the ramp-up is unknown. In our previous note we calculated Kaiser Permanente as a NZ$33.4m annual opportunity for Pacific Edge, although that could take some time to achieve. We have also increased our estimate for operating expenses by NZ$2.8m in FY21 despite a lower-than-expected run rate in the first half as the company has stated its intention to invest in the US business by adding to commercial personnel. We have also increased our operating expense estimate for FY22 by NZ$10.0m mainly due to the increased cost of laboratory operations (which are a direct function of increased test volumes) and increased SG&A.

Exhibit 3: Forecast changes

FY21e

FY22e

Old

New

Old

New

Revenue (NZ$m)

20.2

13.2

44.1

34.3

PBT (normalised) (NZ$m)

(4.6)

(14.5)

17.4

(0.9)

EPS (NZ$)

(0.01)

(0.02)

0.02

(0.00)

Source: Edison Investment Research

The company reported NZ$29.3m in cash, cash equivalents and short-term deposits as of 30 September 2020. It has NZ$0.8m in debt, which is due to a loan from the US Paycheck Protection Program, a COVID-19 related business support scheme. The loan may potentially be forgiven without repayment but if not, it will need to be repaid by April 2022.

Pacific Edge raised NZ$22m in July from ANZ New Zealand Investments, one of New Zealand’s largest asset managers with NZ$33bn under management. These 33.8m shares were purchased at NZ$0.65 per share, which at the time was a 14% premium over the volume weighted average price over the preceding five days.

We now expect profitability in FY23 (formerly FY22, although it would be still cash flow positive in that financial year) due to the more conservative near-term estimates and do not forecast any additional financing needs for the company.

Exhibit 4: Financial summary

NZ$'000s

2019

2020

2021e

2022e

Year end 31 March

NZ GAAP

NZ GAAP

NZ GAAP

NZ GAAP

PROFIT & LOSS

Revenue

 

 

4,807

4,954

13,222

34,304

Cost of Sales

(4,594)

(5,181)

(7,676)

(10,172)

Gross Profit

213

(227)

5,546

24,133

EBITDA

 

 

(17,840)

(17,703)

(13,392)

783

Operating Profit (before amort. and except.)

 

 

(18,077)

(19,007)

(14,826)

(938)

Intangible Amortisation

(154)

(123)

(135)

(162)

Exceptionals

(4)

(101)

0

0

Operating Profit

(18,235)

(19,231)

(14,961)

(1,101)

Other

0

0

0

0

Net Interest

323

249

346

0

Profit Before Tax (norm)

 

 

(17,754)

(18,758)

(14,480)

(938)

Profit Before Tax (FRS 3)

 

 

(17,912)

(18,982)

(14,615)

(1,101)

Tax

(9)

0

0

0

Profit After Tax (norm)

(17,763)

(18,758)

(14,480)

(938)

Profit After Tax (FRS 3)

(17,921)

(18,982)

(14,615)

(1,101)

Average Number of Shares Outstanding (m)

504.4

581.3

730.9

760.1

EPS - normalised (c)

 

 

(3.5)

(3.2)

(2.0)

(0.1)

EPS - FRS 3 (c)

 

 

(3.6)

(3.3)

(2.0)

(0.1)

Dividend per share (c)

0.0

0.0

0.0

0.0

Gross Margin (%)

N/A

N/A

42%

70%

EBITDA Margin (%)

N/A

N/A

N/A

2%

Operating Margin (before GW and except.) (%)

N/A

N/A

N/A

-3%

BALANCE SHEET

Fixed Assets

 

 

1,002

2,412

4,492

4,320

Intangible Assets

233

179

176

83

Tangible Assets

769

652

664

585

Other

0

1,581

3,652

3,652

Current Assets

 

 

15,564

16,916

25,615

26,935

Stocks

842

796

791

791

Debtors

1,265

642

1,656

1,656

Cash

12,847

14,784

22,408

23,728

Other

610

694

760

760

Current Liabilities

 

 

(2,624)

(4,253)

(4,203)

(4,203)

Creditors

(2,572)

(3,270)

(2,136)

(2,136)

Short term borrowings

0

0

(803)

(803)

Short term leases

(52)

(983)

(1,264)

(1,264)

Other

0

0

0

0

Long Term Liabilities

 

 

(32)

(571)

(2,312)

(2,312)

Long term borrowings

0

0

0

0

Long term leases

(32)

(571)

(2,312)

(2,312)

Other long term liabilities

0

0

0

0

Net Assets

 

 

13,910

14,504

23,592

24,740

CASH FLOW

Operating Cash Flow

 

 

(17,830)

(15,385)

(14,734)

1,669

Net Interest

323

0

346

0

Tax

0

0

0

0

Capex

(156)

(183)

(349)

(349)

Acquisitions/disposals

0

0

0

0

Financing

14,569

20,136

22,204

0

Dividends

0

0

0

0

Other

(275)

(2,342)

(65)

0

Net Cash Flow

(3,369)

2,226

7,402

1,320

Opening net debt/(cash)

 

 

(16,143)

(12,763)

(14,784)

(21,605)

HP finance leases initiated

15

0

0

0

Other

(26)

(205)

(582)

(0)

Closing net debt/(cash)

 

 

(12,763)

(14,784)

(21,605)

(22,925)

Source: company accounts, Edison Investment Research

General disclaimer and copyright

This report has been commissioned by Pacific Edge and prepared and issued by Edison, in consideration of a fee payable by Pacific Edge. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

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Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

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London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by Pacific Edge and prepared and issued by Edison, in consideration of a fee payable by Pacific Edge. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison).

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Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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