Four months ago, Spanish ROVI reached an agreement with Moderna for the filling and packaging of its vaccine. Since then ROVI’s capitalisation has increased by more than €750 M (up 53%). So far this month alone, the stock price has risen by 27%. With a central scenario of about 550 M of Moderna’s vaccines per year outside the US and Japan, the unit income for ROVI would be 0.75 €/vaccine (3.5% higher than the total price of the vaccine) which means a T.P. rise of +6, 5 €/shr. (+22% vs. before) up to 36 €/acc.