Original-Research: SYGNIS AG - von GBC AG
Einstufung von GBC AG zu SYGNIS AG
Unternehmen: SYGNIS AG
ISIN: DE000A1RFM03
Anlass der Studie: Research Report (Update)
Empfehlung: BUY
Kursziel: 4,60 EUR
Kursziel auf Sicht von: End FY 2015
Letzte Ratingänderung:
Analyst: Cosmin Filker, Felix Gode
Marketing activities of SensiPhi(R) started after delays, break-even
forecasted for 2016
With revenues of EUR0.16m (EUR0.32m in 2013), SYGNIS AG had lower revenue
in the first half of 2014. The main product, SensiPhi(R), was launched on
the market in the first quarter of 2014, but the worldwide licence partner,
Qiagen, has delayed in launching marketing activities. Furthermore, the
licence agreements concerning other products of the SYGNIS range have not
progressed as projected. Even though a patent agreement was made concerning
the DoubleSwitch technology with the German company SYSTASY Bioscience GmbH
in the first half of 2014, the resulting revenue has also been lower
according to the expectations.
Due to the low sales volume, the operating profit (EBIT) was negative with
EUR-1.53m. On the positive side, there were cost savings measures
implemented resulting in the reduction of overall expenses from EUR2.36m
(first half of 2013) to EUR1.69m (first half of 2014).
The revenue level required to reach operative break-even is approx. EUR3.4m
based on the present cost structure of the company. In the 2014 business
year, however, reaching break-even is not expected based on the expected
sales revenue of EUR0.71m. The same applies for the coming business year in
2015 with a predicted sales volume of EUR2.62m and an EBIT in the amount of
EUR-0.85m. This is due to the delayed growth curve of the completely new
technology based on the SYGNIS enzyme SensiPhi(R). The lower expected sales
revenue is based on the assumption that there will be no significant
front-up-fees incurred connected to licensing new products in the current
business year.
In the 2016 business year, however, SYGNIS AG could reach a significant
positive EBIT of EUR2.65m and thus reach break-even based on the expected
sales volume of EUR6.23m. Besides the expected increase of revenue of
Qiagen kits containing the SensiPhi(R) enzyme, the expected market launch
of PrimPol by the company is a decisive criterion. Marketing by the company
primarily yields higher revenues, because all sales proceeds are included
in the revenue. There are no significant investments required in this
respect, because PrimPol can be produced using the existing laboratory
facilities and the enzyme is completely developed. Resellers shall be
involved in case of an OEM business to reach broader marketing channels.
Based on increased revenue and lean organisational structures, the
operating profit is expected to show markedly stronger growth as compared
to sales. The profit is based on our long-term expected high EBIT margin of
65.0%.
Using a DCF model, we calculated a fair value per share of EUR4.60
(earlier: EUR6.00). Based on the current lower share price, we confirm our
BUY rating.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/12461.pdf
Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
-------------------übermittelt durch die EQS Group AG.-------------------
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