Original-Research: SYGNIS AG (von GBC AG): BUY
(firmenpresse) - Original-Research: SYGNIS AG - von GBC AG
Aktieneinstufung von GBC AG zu SYGNIS AG
Unternehmen: SYGNIS AG
ISIN: DE000A1RFM03
Anlass der Studie: Research Report (Update)
Empfehlung: BUY
Kursziel: EUR4.35
Kursziel auf Sicht von: End FY 2014
Letzte Ratingänderung:
Analyst: Cosmin Filker, Felix Gode
Break-even expected in 2014; capital increase to strengthen liquidity and
financing further growth
SYGNIS AG's H1 2013 results reveal an absence of commercialisation
revenues, as expected, although they do reflect revenues related to the
out-licensing of QualiPhi to Qiagen. Thus, as a result of the low revenues
of EUR0.32m, the company posted negative earnings (net loss of EUR2.04m).
A noticeable feature is the realisation of savings potential with regard to
total costs. As part of the restructuring and the resulting change in the
organisational structure, the number of employees was reduced to 18 (from
29 on 31st Dec 2012). At the same time, the total cost base fell to
EUR2.36m in the first six months of 2013. Pro-forma figures for the
previous year reveal that total costs in H1 2012 equated to EUR4.2m, which
is considerably above thecurrent figure.
SYGNIS's shareholder's equity declined to EUR4.31m (vs. EUR6.30m on 31st
Dec 2012), in line with the net loss of EUR2.04m. Nevertheless, the
corresponding equity ratio remains solid at 47.6% (down from 65.6% on 31st
Dec 2012). Particular attention needs to be paid to SYGNIS's liquidity. As
of 30th Jun 2013 the company had cash and cash equivalents of EUR0.23m (vs.
EUR0.59m on 31st Dec 2012). However, in July 2013 a group of international
investors approved a loan of EUR0.60m. According to the company, its
financial resources including the loan should last through to the end of Q3
2013. According to a company announcement (2/10/13), a capital increase is
carried out to strengthen the company's liquidity and for financing further
growth. The issuance of up 1.17m new shares at a price of EUR2.65 is
expected to generate gross proceeds of up to EUR3.10m. This capital measureis currently reflected in our valuation model.
In light of almost unchanged assumptions our current forecasts (for
detailed forecasts, please refer to our research report from 4th Jul 2013)
changed marginally. Based on our expectations regarding the timing of
approval and commercialisation, we continue to anticipate first
commercialisation revenues for QualiPhi in 2013. Out-licensing of the
product to Qiagen, one of the world's leading suppliers of testing
technologies in the area of molecular diagnostics, was completed in the
previous financial year 2012. Additional products currently in SYGNISs
product portfolio should reach the market in the coming financial years.
On this basis, we expect first sales for QualiPhi in 2013. In 2014 we
anticipate a significant revenue increase, which should allow the company
to achieve operational break-even. Overall, we therefore forecast a
sizeable revenue increase to EUR1.05m in 2013, EUR4.13m in 2014 and
EUR7.37m in 2015.
Our DCF-derived fair value per share (post money) is equivalent to EUR4.35
(YE 2014). Comparing the previous target price of EUR4.55 the slight
discrepancy is primarily related by the planned increase in capital and the
resulting dilution. The new target price (post money) considers a scheduled
gross income of EUR3.10 million as well as an increase in the number of
shares upon to EUR10.53 million. In light of the current stock price of
EUR3.89 per share (XETRA, 4/10/13) and even more regarding the strike price
of the capital increase of EUR2.65, our fair value suggests an attractive
upside. Hence, we maintain our Buy rating for SYGNIS AG.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/12079.pdf
Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research(at)gbc-ag.de
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