A.J. Noronha of Desai Capital Management presented his investment thesis on Emergent Biosciences (US: EBS) at Best Ideas 2022.

Thesis summary:

One of the last places A.J. expected to find a value opportunity is a company that had some of the most direct covid-related negative headlines of 2021. However, after further research, A.J. believes Emergent Biosciences may well be the rare exception and provide a compelling opportunity despite the large setbacks earlier in 2021.

EBS weathered the major vaccine manufacturing contamination event that became front-page news into a stronger partnership with JNJ, trades at a significant discount to intrinsic value, has both a diversified revenue-generating product line and a promising pipeline, and has strong alignment of management and shareholder incentives.

EBS appears prepared to provide vaccine solutions for either a pandemic or endemic situation over the forecast period, and also has travel health products that should benefit from a return toward normalcy.

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About the instructor:

A.J. Noronha, CFA has over ten years of investment management experience, and has worked closely with Mr. Desai since Desai Capital Management’s inception in 2013 with all aspects of the fund, with his primary responsibilities being equity research, due diligence, and developing investment theses for DCM’s portfolio.

He has been ranked as highly as #1 (Value), #6 (Long), and #9 (both Overall and North America) in SumZero’s independent analyst rankings, and his independent research on Dow Chemical was selected as one of their top ideas of 2015.. He served as an instructor for MOI Global’s Best Ideas 2018 and Wide Moat Summit 2018, and was an invited participant (non finalist) in the 2017-2018 Sohn Conference Foundation Idea Contests, 2017 SumZero/Van Biema Value Partners Idea Challenge, and 2019 SumZero Best Short Ideas Challenge.

Prior to DCM, Mr. Noronha gained investment experience working for a mid-market PE/VC fund, and also co-founded and served in a C-level role for a biomedical engineering startup. He earned a degree in Finance, magna cum laude, from the University of Notre Dame, where he was selected to be a member of the prestigious Applied Investment Management honors finance course where students manage a portion of the University endowment under the guidance of the Chief Investment Officer, and also holds a JD with Dean’s List honors & a concentration in business enterprise (selected coursework taken through the Kellogg School of Management) from Northwestern University. He is a proud CFA Charterholder, is an active Candidate Member of the CFA Society of Chicago & serves on its Professional Development Advisory Group Board, and is a member of Irish Entrepreneurs & Harvard Alumni Entrepreneurs.

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