2invest AG
Original-Research: SYGNIS AG (von GBC AG): BUY
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: 4,35 Euro
Kursziel auf Sicht von: End FY 2014
Letzte Ratingänderung:
Analyst: Cosmin Filker, Felix Gode
9-month figures for 2013 in line; further cost savings successfully
implemented; price target of EUR 4.35 and rating BUY confirmed
The 9-month figures for 2013 presented by SYGNIS AG were ‘in line’ as
expected. As the marketer and developer of molecular biology technologies
is about to market its current main product, QualiPhi, as anticipated and
accordingly cannot yet demonstrate any product turnover, the sales revenues
were still at a low level. In the first nine months of 2013, the turnover
revenues amounted to EUR 0.40 million (PY: EUR 0.20 million). The turnover
revenues are primarily revenues in connection with the licence agreement
with Qiagen. Due to the consolidation made in December 2012 between X-Pol
and the former SYGNIS Pharma AG, a comparison with the figures of the
previous year is not expedient.
The further implementation of the cost savings measures should be given a
positive mention; as a result of this, cost savings were generated
specifically in the HR sector. This effect is particularly visible in a
quarterly comparison. In total, sales and administration costs as well as
research and development costs were EUR 0.89 million in Q3/13. The
comparison with the figures of the two previous quarters amounting to EUR
1.40 million (Q1/13) and EUR 1.07 million (Q2/13) highlights the
cost-reducing effect of the measures initiated.
As expected, the 9-month EBIT was still negative, at EUR -2.83 million, but
on a proforma basis substantially better than in the previous year (9M 2012
proforma: EUR -8.1 million). In addition, according to company
expectations, the first turnover from product sales (QualiPhi) should be
generated in the fourth quarter of 2013. Furthermore, an outlicensing could
shortly be pending with two further projects. Accordingly, the break-even
point should be reached in the coming 2014 financial year.
The financial basis, until break-even is reached, was substantially
extended in the current financial year. In addition to a loan from the main
shareholders Genetrix Life Sciences and dievini Hopp BioTech amounting to
EUR 0.71 million, SYGNIS AG also received an investor loan amounting to EUR
0.55 million. Furthermore, at the end of October 2013, gross issue revenues
of EUR 2.7 million were generated as part of a capital increase. The still
unused sum from this capital increase amounting to EUR 0.40 million could
be placed as a further tranche by the end of the year 2013.
In light of the premises unchanged compared to our last valuation (cf.
Research Update dated 08/10/13), we confirm the price target of EUR 4.35
per share. On the basis of the current price level of EUR 2.64 (XETRA price
on 25/11/13), we are renewing the BUY rating.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/12151.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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