The broker points out that the most recent offering valued the unit at £50 billion, around 20 times its 2022 EBITDA estimate for the business, a 33% premium to its last SOTP (sum of the parts) valuation. .
‘It is now difficult to see the unit trading at a significant 20x discount, and it is now likely to be sold at that multiple or more. Above all, a sale would put the new GSK on a solid footing with an excellent balance sheet,’ he said.
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