n 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: 4,05 EUR
Kursziel auf Sicht von: End FY 2015
Letzte Ratingänderung:
Analyst: Cosmin Filker, Felix Gode
From technology to production company with TruePrime; a capital increase
will be used to finance growth
As expected, the turnover level reached in the first nine months of 2014
and amounting to EUR0.30m (PY: EUR0.40m) was low due to the still low
commercialization revenues. The majority of the revenues was generated in
the third quarter of 2014 (EUR0.14m; PY: EUR0.08m), which is an indication
that the turnover level is tending to increase. However, the marketing of
SensiPhi, which represents the main focus, is still below expectations.
With virtually unchanged revenues, EBIT increased compared to the previous
year to EUR-2.27m (PY: EUR-2.83 m). This is primarily attributable to the
cost saving measures implemented and concluded in the 2013 financial year
(in particular HR area), which meant that the break-even level of revenues
has been reduced to approx. EUR3.5m.
The liquidity base, combined with the corresponding range, is of
fundamental importance for SYGNIS AG in the current phase. In the first
nine months, the cash burn was a total of EUR-2.92m (PY: EUR-2.26m). Some
of the financing requirements could be met via capital increases as part of
a SEDA agreement amounting to EUR1.19m. Nevertheless, liquid assets were
reduced as of 30/09/2014 to EUR0.36m (31/12/2013: EUR2.20m). The planned
capital increase in amounting to up to EUR4.95m, should substantially
increase the liquidity reserve and extend the range until the break-even
level is reached. In addition, the capital increase is to primarily be used
to finance the product pipeline and the development and production of the
SYGNIS kits.
As well as the further development and expansion of the product range, the
company's focus is clearly on the marketing of self-developed technology.
SensiPhi which has already been out-licensed to Qiagen and which
constitutes the basis for two amplification kits is just as much a focus as
the planned self-marketing activities of PrimPol (product line: TruePrime).
In particular the own marketing of PrimPol is representative of the new
marketing strategy of SYGNIS AG. The aim of this is to be less dependent on
the marketing partners.
As a result of an expected increase in revenues, we are anticipating
turnover of EUR2.06m for the 2015 financial year and of EUR5.45m for 2016.
According to our planning, the EBIT break-even should be reached in the
2016 financial year, with a EBIT-forecast of EUR1.27m. Fundamentally, we
thus see SYGNIS AG well positioned with its product portfolio to
participate in the high growth rates of the NGS market.
Based on the updated DCF model, we have determined a fair value per share
of EUR4.05 (up to now: EUR4.60). The share price target is based on our
adjusted revenue and earnings expectations for the next two years and the
unchanged long-term forecast. In addition, we took the capital increase
with the increased number of shares (dilution effect) into account,
assuming a full placement. With a current share price of EUR2.64, we are
thus renewing the rating BUY.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/12601.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.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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