2invest AG
Original-Research: SYGNIS AG (von GBC AG): BUY
Original-Research: SYGNIS AG – von GBC AG
Einstufung von GBC AG zu SYGNIS AG
Unternehmen: SYGNIS AG
ISIN: DE000A1RFM03
Anlass der Studie: Research Report (Anno)
Empfehlung: BUY
Kursziel: 3.75 Euro
Kursziel auf Sicht von: End FY 2016
Letzte Ratingänderung:
Analyst: Cosmin Filker, Felix Gode, CFA
Significant mid-term revenue and earnings potential expected from in-house
distribution of the product pipeline; further products expected to be
introduced in 2015/2016
In the previous financial year 2014, SYGNIS AG achieved a
lower-than-expected revenue of EUR 0.39m (previous year: EUR 0.48m). A
significant factor for overall revenue performance remaining below
expectations was the so far low revenue contribution from the distribution
of QualiPhi(R). As part of the out-licensing to Qiagen, the sale of
QualiPhi(R) in 2014 only generated a small amount of revenue and the
expected revenue momentum has not materialised.
As a result, SYGNIS AG realigned its corporate strategy for 2014. While
out-licensing of the product pipeline was previously a major focus, the
future focus will be on in-house marketing. The aim is to more intensively
exploit marketing opportunities and therefore reduce dependencies on
licence partners. As such, in the current financial year 2015, the first
two of the SYGNIS product families, TruePrimeTM and SunScriptTM, were
introduced into the market. In conjunction with its in-house marketing
strategy, distribution activities were intensified. In addition to the
expansion of its in-house distribution, a range of non-exclusive
distribution partnerships were concluded. In addition to Germany,
distribution partnerships currently cover Spain, France, Belgium, Canada,
the UK, Australia, China, Taiwan, Finland Ireland and Japan, the world’s
second-largest life science products market.
Further kits within the first two product families are planned for
introduction in the current financial year. Consecutively, new products are
being specially developed for the high-volume hospital segment and will
also be introduced into the market within the next 12 months. In terms of
products, the most significant revenue contributions should be generated
from the distribution of TruePrimeTM, SunScriptTM and the new products for
the hospital segment. Given a typical preliminary phase of around six
months, we forecast a continuously low revenue of EUR 0.70m (previously:
EUR 2.06m) for the current financial year 2015. We forecast significant
revenue contributions in 2016 (EUR 2.75m) and in 2017 (EUR 4.80m).
In full-year terms, we expect the operating break-even point (in terms of
EBIT) to be achieved in financial year 2017. Generally, we assume a
disproportionately low increase in operating costs and a reduction in
research expenses and administration costs.
Using a DCF model, we have determined a fair value per share of EUR 3.75
(previously: EUR 4.05). Given the current share price of EUR 2.60, there is
high upside potential and we have therefore issued a BUY rating.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/13317.pdf
Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (4,5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
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