Original-Research: SYGNIS AG - von GBC AG
Aktieneinstufung von GBC AG zu SYGNIS AG
Unternehmen: SYGNIS AG
ISIN: DE000A1RFM03
Anlass der Studie: Research Comment
Empfehlung: BUY
Kursziel: EUR4.35
Kursziel auf Sicht von: End FY 2014
Letzte Ratingänderung:
Analyst: Cosmin Filker, Felix Gode
Successful capital increase; gross proceeds of issue total approx. EUR2.7
million secures financing for further growth
In a press release on 28/10/2013, SYGNIS AG announced the successful
completion of a capital increase. The issue of a total of 1,019,309 new
shares with an offer of subscription rights and a private placement at a
price of EUR2.65 per share netted gross proceeds of about EUR2.7 million.
New shares which were not subscribed by existing shareholders through the
rights offer, were placed with selected German and international investors
through a private placement. The inflow of liquidity resulting from the
capital increase will considerably expand SYGNIS AG's financial leeway.
According to our calculations and forecasts, the company should now have
sufficient financial resources until it reaches the break-even point.
After the merger with X-Pol Biotech S.L.U. in December 2012, the previous,
investment-intensive SYGNIS projects were abandoned. For this reason, the
current project pipeline is almost the same as the previous projects of
X-Pol Biotech S.L.U. The most important characteristics of the new product
portfolio are its short development cycle (generally under two years) and
the resultant lower financing requirements.
SYGNIS AG's core product is the fully developed product QualiPhi, which is
licensed to Qiagen. The first sales revenues from the partnership with
Qiagen should be realised in the current 2013 business year. SYGNIS AG's
core product QualiPhi places it within the field of molecular diagnostics.
In particular, QualiPhi ist used for the DNA-amplification, but at a
clearly higher efficiency. QualiPhi's significantly superior
characteristics make gradual displacement of previous application
technologies likely. In addition, three new SYGNIS products should begin to
be marketed in the next financial year 2014. These products also fall
within the field of molecular diagnostics, especially the area of DNA
amplification and sequencing.
After the expected initial sales turnover in the 2013 business year, our
forecasts predict revenues in the next business year in 2014 to increase
markedly to EUR4.13 million. Sales at these levels in turn will facilitate
the creation of economies of scale. We expect the EBIT break-even point to
be exceeded as soon as the next financial year (EBIT 2014e: EUR0.44
million).
In our opinion, the successful capital increase will allow SYGNIS AG
sufficient financial leeway until the break-even point is reached.
According to our calculations, the cash burn rate derived from the 2013
mid-year values is about 1.1 years, which covers the period until the
forecast break-even point.
The fair value per share of EUR4.35 determined as part of the research
study (update) of 08/10/2013 remains valid. We determined the fair
enterprise value based on a DCF model after taking into account the capital
increase (post money). In light of the current price level of EUR2.71
(XETRA closing price on 28/10/2013), we confirm our rating of BUY.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/12095.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.
Aktieneinstufung von GBC AG zu SYGNIS AG
Unternehmen: SYGNIS AG
ISIN: DE000A1RFM03
Anlass der Studie: Research Comment
Empfehlung: BUY
Kursziel: EUR4.35
Kursziel auf Sicht von: End FY 2014
Letzte Ratingänderung:
Analyst: Cosmin Filker, Felix Gode
Successful capital increase; gross proceeds of issue total approx. EUR2.7
million secures financing for further growth
In a press release on 28/10/2013, SYGNIS AG announced the successful
completion of a capital increase. The issue of a total of 1,019,309 new
shares with an offer of subscription rights and a private placement at a
price of EUR2.65 per share netted gross proceeds of about EUR2.7 million.
New shares which were not subscribed by existing shareholders through the
rights offer, were placed with selected German and international investors
through a private placement. The inflow of liquidity resulting from the
capital increase will considerably expand SYGNIS AG's financial leeway.
According to our calculations and forecasts, the company should now have
sufficient financial resources until it reaches the break-even point.
After the merger with X-Pol Biotech S.L.U. in December 2012, the previous,
investment-intensive SYGNIS projects were abandoned. For this reason, the
current project pipeline is almost the same as the previous projects of
X-Pol Biotech S.L.U. The most important characteristics of the new product
portfolio are its short development cycle (generally under two years) and
the resultant lower financing requirements.
SYGNIS AG's core product is the fully developed product QualiPhi, which is
licensed to Qiagen. The first sales revenues from the partnership with
Qiagen should be realised in the current 2013 business year. SYGNIS AG's
core product QualiPhi places it within the field of molecular diagnostics.
In particular, QualiPhi ist used for the DNA-amplification, but at a
clearly higher efficiency. QualiPhi's significantly superior
characteristics make gradual displacement of previous application
technologies likely. In addition, three new SYGNIS products should begin to
be marketed in the next financial year 2014. These products also fall
within the field of molecular diagnostics, especially the area of DNA
amplification and sequencing.
After the expected initial sales turnover in the 2013 business year, our
forecasts predict revenues in the next business year in 2014 to increase
markedly to EUR4.13 million. Sales at these levels in turn will facilitate
the creation of economies of scale. We expect the EBIT break-even point to
be exceeded as soon as the next financial year (EBIT 2014e: EUR0.44
million).
In our opinion, the successful capital increase will allow SYGNIS AG
sufficient financial leeway until the break-even point is reached.
According to our calculations, the cash burn rate derived from the 2013
mid-year values is about 1.1 years, which covers the period until the
forecast break-even point.
The fair value per share of EUR4.35 determined as part of the research
study (update) of 08/10/2013 remains valid. We determined the fair
enterprise value based on a DCF model after taking into account the capital
increase (post money). In light of the current price level of EUR2.71
(XETRA closing price on 28/10/2013), we confirm our rating of BUY.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/12095.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.