Epstein Secrets

argin 18E Dec 14 Mar 15 NASDAQ 100 (Rebased) Fiscal year end 31-Mar Financial Summary DB EPS (CNY) Reported EPS (CNY) DPS (CNY) BVPS (CNY) Bloomberg: BABA US USD 80.00 USD 104.00 USD 79.54 - 119.15 EURm 167,983 USDm 190,720 Weighted average shares (m) Average market cap (CNYm) Enterprise v

USDm 190,720 Weighted average shares (m) Average market cap (CNYm) Enterprise value (CNYm) Valuation Metrics P/E (DB) (x) P/E (Reported) (x) P/BV (x) FCF Yield (%) Dividend Yield (%) EV/Sales (x) EV/EBITDA (x) EV/EBIT (x) Income Statement (CNYm) Sales revenue Gross profit EBITDA Depre

Deutsche Bank Markets Research Rating Buy North America United States Reuters Health Care Biotechnology RTRX.OQ Bloomberg RTRX US Exchange Ticker NMS RTRX Company Retrophin Agrees to sell PRV for $245M, new TP of $52 Retrophin agrees to sell its PRV to SNY for $

Valuation Metrics Price/Sales (x) Bloomberg: RTRX US USD 26.87 USD 52.00 USD 8.09 - 26.98 USDm 949 EURm 871 P/E (DB) (x) P/E (Reported) (x) P/BV (x) FCF yield (%) Dividend yield (%) EV/Sales EV/EBITDA EV/EBIT Income Statement (USDm) Sales EBITDA EBIT Pre-tax profit Net income Cash

0 1 yr 3 year 5 year Source: Deutsche Bank, Bloomberg LP EM relative valuations are not as cheap as th

aversion towards those sectors which face the most severe structural challenges, and nothing has changed in the past twelve months. Figure 2: EM — P/BV (x) versus RoE (%) 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Healthcare Consumer Staples Consumer Discretionary Industrials Financials