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 (Update)
Empfehlung: BUY
Kursziel: 4,05 EUR
Kursziel auf Sicht von: End FY 2015
Letzte Ratingänderung:
Analyst: Cosmin Filker, Felix Gode
TruePrime(TM) global launch announced; further launches based on
TruePrime(TM) technology are in the pipeline; forecasts and BUY rating
confirmed with a target price of EUR4.05.
Sales of the SYGNIS product pipeline are being expanded to include
self-marketing. While marketing activities have previously focussed on
outlicensing the product pipeline, in the future the emphasis will be on
self-marketing (also see study dated 19/11/2014). The plan is to make more
intensive use of marketing potential and reduce the reliance on licensing
partners. Furthermore, within the framework of the new strategy, the entire
earnings contribution accrues to SYGNIS AG (when outlicensing, the
licensing partner only pays the licence contribution).
Self-marketing will start with the sales launch of the TruePrime(TM) Single
Cell WGA KIT, the first product from the TruePrime(TM) product range for
whole genome amplification from single cells. This is based on Multiple
Displacement Amplification (MDA) technology, which requires only a small
initial quantity of DNA for reading and reproduction. The SYGNIS
TruePrime(TM) product range has featured the further development of this
technology, as a result of which so-called primers (which establish the
specific section of DNA to be amplified) are no longer needed for the
amplification of DNA. According to the company’s own data, the first tests
with potential clients have been successfully completed, revealing both a
high level of acceptance as well as high revenue potential. Alongside the
initiated self-marketing of the TruePrime(TM) kit, in December 2014 a
non-exclusive agreement was signed with BioCat GmbH of Heidelberg, in order
to benefit from their specialised client network. SYGNIS AG has also signed
a distribution agreement with bioNova cientifica s.l. to sell the
TruePrime(TM) kit in Spain.
We believe that this has cleared the way to achieve positive net income in
the 2016 financial year. What’s more, the financial situation saw a marked
improvement in late 2014 with the full placement of a capital increase
(gross inflow of EUR4.95 million). In this context, we believe that the
current financial basis is sufficient for the further development of
TruePrime(TM) kits and for accelerating the company’s own sales. Further
launches based on TruePrime(TM) technology are planned for the short term.
On this basis, we see our revenue and earnings forecasts for the next two
financial years as being highly achievable. The growing role played by
self-marketing is expected to lead to a dynamic increase in revenue. We
forecast that during the 2016 financial year, the break-even EBIT will be
achieved on a whole year basis for the first time. However, this should
already be achieved on a quarterly basis in the second half of 2015, so the
current liquidity situation constitutes a sufficient buffer until achieving
positive earnings.
In the light of the unchanged premises, we confirm our forecast and thus
our 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 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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