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: 3.75 Euro
Kursziel auf Sicht von: End FY 2016
Letzte Ratingänderung:
Analyst: Cosmin Filker, Felix Gode, CFA
Product launch plan fulfilled; sales network expanded; capital increase
significantly improves financial scope for further sales expansion
In its 2015 nine-month report, SYGNIS AG presented figures that were within
our expectations. The continued low revenue level of EUR0.31m (9M/14:
EUR0.30m) reflects the fact that its two most important product lines,
TruePrimeTM and SunScriptTM, are still in the early marketing phase. Both
product lines were only globally launched in the current financial year
2015, meaning, that they first have to go through a typical lead time.
Based on the continued low revenue contributions, despite a recorded
increase in kits sold to 149 in Q3 2015 (1 HY 2015: 102), in the nine-month
figures for 2015, SYGNIS AG still posted a negative EBIT of -EUR2.71m
(9M/14: EUR-2.27m), as expected. This includes extraordinary expenses
related to the optimisation of administrative structures (reduction of
workforce, relocation within Heidelberg and transformation of Heidelberg
into a production site) totalling EUR0.36m. Without extraordinary effects,
SYGNIS AG would have achieved near constant development of the EBIT
(adjusted EBIT: -EUR2.35m).
In the period under review, SYGNIS AG therefore focused on launching its
two new product lines and expanding its sales network, as an important
component of its own sales. With the launch of five kits within the two
product lines, the company fulfilled its product launch plan. In addition
to Germany, the products are currently also being sold in Spain, France,
Belgium, Canada, the UK, Australia, China, Finland, Ireland, Switzerland,
Taiwan and Japan. They can also be purchased directly from the newly
established online shop.
A further important aspect is SYGNIS AG’s cash position, given the
continued low revenues and the associated negative cash flow. As at
30/09/2015, the company’s cash position totals EUR0.61m (31/12/14:
EUR3.76m) and will significantly increase following a successful capital
increase. By issuing 3.86m new shares at a subscription price of EUR1.90
per share (7:2 subscription ratio), the company aims to increase its equity
by EUR7.33m. The company aims to use the cash proceeds primarily to finance
operating business until break-even is achieved, at the latest on 31
December 2017. Furthermore, SYGNIS AG plans to partially repay promotional
loans and retain liquidity to increase financial flexibility.
We have not changed our last published forecasts (see the research study
dated 08/10/2015) and therefore have not yet included the currently ongoing
capital increase (pre-money). After completion of the capital increase, we
will update our forecast planning to include the cash proceeds.
In view of these unchanged forecasts, we reaffirm the price target
calculated as part of the DCF valuation model of EUR3.75 per share
(pre-money) as at the end of financial year 2016. Based on the current
price level, our previously issued BUY rating remains unchanged.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/13409.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,5b,6a,10,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
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