Ipsen SA

IPN: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€174.00	Jtbwzq	Wcwxrgc

Ipsen's Narrow Moat Based on Strong Intangible Assets; FVE EUR 120, Shares Very Undervalued

Rachel Elfman

Jul 6, 2022

We've initiated coverage of Ipsen, a global biotechnology company headquartered in France that develops and commercializes medicines across three therapeutic areas: oncology, neuroscience, and rare diseases. We assign Ipsen a fair value estimate of EUR 120 per share and view the stock as very undervalued, currently trading in 4-star territory at 25% below our fair value estimate. We believe Ipsen merits a narrow economic moat rating based on its strong intangible assets, a medium uncertainty rating, and a negative moat trend.

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