All posts, for Daniel. – FROST & SULLIVAN

Vonetize. After delay, launch of operations in Russia expected by the end of 2018; the company needs additional sources of funding; acquisition by Desilu Studios is still awaiting completion; target price has been reduced to NIS 1.00.

Vonetize Plc: Update regarding the sale of the controlling shareholders’ shares to US based Desilu Studios Inc.; target price unchanged at NIS 1.43

Vonetize Plc: Possible acquisition of Takoomi will provide foothold in the smart video advertising space; price target unchanged

Vonetize Plc: Investment Opportunity in VOD for Emerging Countries and Israel; Agreement with Triple C is Expected to Significantly Increase Vonetize Revenues

Vonetize Plc: Growth in Revenues from a quarterly perspective; operational delay in Russia; forecasted revenues have decreased from previous estimate; target price reduced to NIS 1.43

Vonetize Plc: An Investment Opportunity in the Fast-Growing VOD/IPTV Domain

Vonetize Plc: Agreements signed with content providers expand operations to the US, LATAM, Africa, CIS and Europe; purchase of controlling interest by Desilu Studios Inc. materially confirms market potential for its product; target price raised to NIS 1.85

SAFE-T. NASDAQ IPO – $7.3M raised strengthens equity structure; significant growth in revenues and backlog offset by a substantially increased burn rate due to operational and technological expansion; valuation retained, however due to additional shares, target price decreased to NIS 3.85.

Safe-T: The company continues to successfully implement its growth strategy. Raised capital, launched a new web site and marketing activities, received first orders for its newly announced solution and is gearing up for dual-trading. Price target remains at NIS 9.38.

Safe-T: Private Investment of NIS 22.5M supports positive momentum that is in line with company’s strategy. Target price raised to NIS 9.38

Safe-T: Company’s 2017 financial results are in line with our expectations; stock target price unchanged at NIS 9.38

Safe-T: A Promising Entry Point to the Global Cybersecurity Technologies Industry

Revolutionary technology enables cardiologists to make better decisions and results in 30% assumed revenue growth by the end of 2019; Itamar Medical has a $6.8B addressable market with limited competition; we start our coverage with a price target of 1.51 NIS.

RedHill Biopharma: Net revenues for Q1-18 are lower than estimated; RedHill will have to raise capital in anticipation of its announcement of top-line Phase III results for Crohn’s disease, expected in mid-2018; target price remains at NIS 2.59

RedHill Biopharma: Net revenues for 2017 totaled $4M, and met our expectations. We expect Redhill to raise capital in anticipation of its announcement of top-line Phase III results for Crohn’s disease, expected in mid-2018; Price target raised to NIS 2.59

RedHill Biopharma Ltd.: The Strategic Expansion and Clinical Progress are in line with the Company’s plans. Stock Target Price Unchanged.

RedHill Biopharma Ltd.: The acceleration of RHB-104 Phase III Study in Crohn’s disease increases company value and share price.

RedHill Biopharma Ltd.: Strategic Expansion from R&D to Sales of Drugs in the US

RedHill Biopharma Ltd.: RedHill gives up migraine product (RHB-103). Upside remains, but the price target is decreased to NIS 2.27.

RedHill Biopharma Ltd.: Q3 results did not meet expectations mainly with GI drug sales; financially, capital raising of $20.6M (NIS 1.94 per share) positions Redhill with sufficient funds until 2018.

RedHill Biopharma announces positive top-line results from Phase III study of RHB-104 in Crohn’s Disease; remission rates at week-52 are low by market comparison; Redhill plans to raise additional capital to support future clinical development; target price remains at NIS 2.59

RedHill announces top-line results from Phase III study of RHB-104 in Crohn’s Disease; cash balance improved with $25M (gross) raised at a discount; Top-line results for TALICIA® (RHB-105) – H. pylori infection expected by the end of 2018; target price reduced to NIS 2.23

Oramed Pharmaceuticals Inc.: Sufficient funds for clinical development activity over the next 24 months; several clinical milestones are scheduled for 2018 and 2019; as Oramed’s clinical progress meets our expectations, stock target price remains at NIS 53.2.

Oramed Pharmaceuticals Inc.: An emerging player in the huge orally delivered therapeutics segment of the global diabetes care market; we initiate our coverage with a price target of NIS 53.2

Oramed has a sufficient cash balance to fund its clinical development timeline in the near term; several clinical milestones are scheduled for 2018 and 2019; stock target price remains at NIS 53.2.

Kadimastem offers treatment of diabetes and neurological diseases such as ALS by cellular therapy; Company is pursuing clinical trial (ALS), and pre-clinical processes (diabetes); target price set at NIS 0.85

Kadimastem has raised NIS 15M which will fund clinical and pre-clinical development for cellular therapy; target price unchanged.

Entera filed an updated F-1 for its Nasdaq IPO; BeamMed retained its sales pace, with a key focus on penetrating the US market; preparations for pre- IND (505(b)(2) submission; Target price remains unchanged.

Entera Bio Ltd., a subsidiary of DNA Biomedical Solutions Ltd. has announced the share pricing for its forthcoming IPO (Nasdaq); As pricing was at similar valuation to our initiation report, target price remains unchanged.

Entera Bio developed a delivery platform for replacing injections with pills; the Company has two drugs in clinical phases; market potential for their platform is significant; Entera Bio recently entered into a $270 million license agreement with Amgen; price target is set at $17.6

Enlight Renewable Energy. Increase in revenue from electricity sales in H1-2018 due to full commercial operation in Ireland and in Croatia; Housing Cabinet approval for the Bereshit Project received; Acquisition of rights to a wind energy project in Spain; All other projects are progressing as scheduled; In light of the company meeting our expectations stock target price remains unchanged.

Enlight Renewable Energy Ltd.: The Company may double its revenues within two years; price target is NIS 2.30.

Enlight Renewable Energy Ltd.: Purchase price/Kw for major project at Emek HaBacha conditional approved by the Electricity Authority; approved Growth in revenues from sales of electricity in Q1-2018; full commercial operation in Ireland and Croatia; progress made on wind farm in Kosovo; stock target price increased to 2.41.

Enlight Renewable Energy Ltd. is an Israeli company founded in 2008, and is publically traded on the Tel Aviv Stock Exchange. The company specializes in

Enlight Renewable Energy Ltd: Significant regualtory progress brings Enlight closer to final-stage approvals for the Bereshit wind farm; stock target price unchanged.

Enlight Renewable Energy Ltd: Revenues from sales of electricity in 2017 met expectations; full commercial operation in Ireland; a growing project pipeline; stock target price remains at 2.30.

Energix. Favorable regulatory changes in Poland support the continued growth of the company’s operations; Expectation of regulatory progress in the company’s flagship project – the Aran project in the Golan Heights; all projects in development are progressing according to schedule; target price remains at NIS 4.61.

Energix: Polish Power Exchange reforms have a positive effect; stake in Ilawa Wind Energy project in Poland increased from 75% to 100%; all projects in development are progressing according to schedule; target price raised to NIS 4.61

Energix: Entering the US market is a significant long-term growth opportunity; major project and regulatory milestones in Poland and Israel increase installed capacity; new in-house O&M and project management capabilities improve financial and operational efficiency; target price raised to NIS 4.05.

Energix Renewable Energies Ltd.: The revenues in H1 2017 attest the implementation of plans and expected growth in cash flows from projects. Target Price Unchanged.

Energix Renewable Energies Ltd.: Completion of stage II connection to the company’s flagship Polish project and successful capital raising are positive indicators. We have raised the price target to NIS 3.82.

Energix Renewable Energies Ltd.: Combining green energy growth opportunities with Fix Assets returns

DNA. Entera is now trading under NASDAQ:ENTX; Entera has completed Part 1 of a Phase 2 PK/PD Study in Hypoparathyroidism; BeamMed posted impressive revenue growth, with a strategic focus on the US; target price increased by 50% to NIS 1.19.

DNA Biomedical Solutions Ltd.: The company and its holdings can become a major force in the osteoporosis care market, pending success in next year’s clinical trials.

DNA Biomedical Solutions Ltd.: Preparations for pre-IND (505(b) (2) submission and expected capital raising by Entera; BeamMed retains a similar sales rate with a growing presence in the US; Target price remains unchanged.

DNA Biomedical Solutions Ltd.: Entera’s unsuccessful NASDAQ IPO is not expected to have a significant impact on its clinical plans; Price target affected by a change in the exchange rate.

DNA Biomedical Solutions Ltd. Entera filed an updated F-1 for its Nasdaq IPO; BeamMed retained its sales pace, with a key focus on penetrating the US market; preparations for pre-IND (505(b)(2) submission; Target price remains unchanged.

Cellect. On track with its strategic plans; successfully completed proof of concept for ApoTainerTM; sufficient cash to support clinical and preclinical trials; price target unchanged

Cellect. On track with its strategic plans; ApoGraft POC final results estimated to be published by mid-2019; sufficient cash to support clinical and preclinical trials; target price unchanged.

Cellect Biotechnology Ltd.: Significant recently reported findings open the ApoGraft™ platform to also be used in the fat-derived stem cell segment; price target raised to $16.9

Cellect Biotechnology Ltd.: Exposure to the global stem cells industry

Cellect Biotechnology Ltd.: Company’s clinical development on track; we expect positive interim results in the coming months. Target Price unchanged.

Brainsway Ltd.: The company continues with its lease-based model; we expect an operational balance by 2018; Credit line granted will support rapid growth. Target price unchanged.

Brainsway Ltd.: The Company continues to generate consistent growth based on the rental model; we assume operating balance in 2018; Capital raising reflects the confidence of institutional investors. Price target remains within the forecast range.

Brainsway Ltd.: Market Trends Drive Revenue Growth. An Opportunity for Increased Value based on the scenario of the Successful Execution of the New Business Model

Brainsway Ltd: The company’s main competitor has completed an IPO, providing for a new benchmark to Brainsway’s valuation; target price unchanged.

Brainsway Ltd: The Company continues to generate consistent growth based on the rental model with sufficient cash available for 2018; Mild setback in FDA marketing approval (OCD); Price target remains within the forecast range.

Brainsway Ltd: The Company continues to generate consistent growth based on the rental model with sufficient cash available for 2018, without the need for further capital raising; target price unchanged.

BiolineRx. An Opportunity to Invest in the Development of Unique Cancer Treatment Technologies

BiolineRx: Continued advancement and execution of BiolineRx’s lead oncology project – BL-8040; sufficient funds to support clinical strategy; stock target price remains at NIS 5.15

BioLineRx Ltd.: Continued execution of multiple clinical development programs for the Company’s lead project – BL-8040; Investment by a principal investor reflects confidence in the company’s strategy. Target Price unchanged.

BioLineRx Ltd.: Company is on track with its execution of multiple clinical development programs for the Company’s lead project – BL-8040; Sufficient funds to support this development; Stock price target raised to NIS 5.15

BioLineRx Ltd.: Additional Investment by A Principal Investor Reflects a Confidence in the Company. Target Price Unchanged

BiolineRX is on track with its execution of multiple clinical development programs for the Company’s lead product – BL-8040; the company has sufficient cash until H1-2020; target price remains unchanged as company’s clinical development is in line with our expectations

Allot Allows Telecom Providers to Leverage Their Networks for Increased Revenues; We view Allot`s Mobile Network Security operations as a growth engine for the company’s revenues in the coming years; we initiate coverage on Allot at a share price target of $12.0

Tel: +972(0)9.950.2888 Email: equity.research@frost.com

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Tel: +972(0)9.950.2888
Email: equity.research@frost.com