Original-Research: SYGNIS AG - von GBC AG
Einstufung von GBC AG zu SYGNIS AG
Unternehmen: SYGNIS AGISIN: DE000A1RFM03
Anlass der Studie: Research Report (Update)Empfehlung: BUYKursziel: 4,05 EURKursziel auf Sicht von: End FY 2015Letzte Ratingänderung: Analyst: Cosmin Filker, Felix Gode
TruePrime(TM) global launch announced; further launches based onTruePrime(TM) technology are in the pipeline; forecasts and BUY ratingconfirmed with a target price of EUR4.05. Sales of the SYGNIS product pipeline are being expanded to includeself-marketing. While marketing activities have previously focussed onoutlicensing the product pipeline, in the future the emphasis will be onself-marketing (also see study dated 19/11/2014). The plan is to make moreintensive use of marketing potential and reduce the reliance on licensingpartners. Furthermore, within the framework of the new strategy, the entireearnings contribution accrues to SYGNIS AG (when outlicensing, thelicensing partner only pays the licence contribution). Self-marketing will start with the sales launch of the TruePrime(TM) SingleCell WGA KIT, the first product from the TruePrime(TM) product range forwhole genome amplification from single cells. This is based on MultipleDisplacement Amplification (MDA) technology, which requires only a smallinitial quantity of DNA for reading and reproduction. The SYGNISTruePrime(TM) product range has featured the further development of thistechnology, as a result of which so-called primers (which establish thespecific section of DNA to be amplified) are no longer needed for theamplification of DNA. According to the company's own data, the first testswith potential clients have been successfully completed, revealing both ahigh level of acceptance as well as high revenue potential. Alongside theinitiated self-marketing of the TruePrime(TM) kit, in December 2014 anon-exclusive agreement was signed with BioCat GmbH of Heidelberg, in orderto benefit from their specialised client network. SYGNIS AG has also signeda distribution agreement with bioNova cientifica s.l. to sell theTruePrime(TM) kit in Spain. We believe that this has cleared the way to achieve positive net income inthe 2016 financial year. What's more, the financial situation saw a markedimprovement in late 2014 with the full placement of a capital increase(gross inflow of EUR4.95 million). In this context, we believe that thecurrent financial basis is sufficient for the further development ofTruePrime(TM) kits and for accelerating the company's own sales. Furtherlaunches based on TruePrime(TM) technology are planned for the short term. On this basis, we see our revenue and earnings forecasts for the next twofinancial years as being highly achievable. The growing role played byself-marketing is expected to lead to a dynamic increase in revenue. Weforecast that during the 2016 financial year, the break-even EBIT will beachieved on a whole year basis for the first time. However, this shouldalready be achieved on a quarterly basis in the second half of 2015, so thecurrent liquidity situation constitutes a sufficient buffer until achievingpositive earnings. In the light of the unchanged premises, we confirm our forecast and thusour target share price of EUR4.05. With a current share price of EUR2.20(20/01/2015 at 16:56, XETRA), we are renewing our BUY rating.
Die vollständige Analyse können Sie hier downloaden:http://www.more-ir.de/d/12677.pdf
Kontakt für RückfragenJörg GrunwaldVorstandGBC AGHalderstraße 2786150 Augsburg0821 / 241133 0research@gbc-ag.