AlphaValue Corporate Services Fundamental Analysis FR
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AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II


Bloomberg   ALIKO FP
Med Tech  /  France  Web Site   |   Investors Relation
A ‘fully-automated’ oncology diagnostic play
Upside 257%
Price (€) 2.79
Market Cap (€M) 26.5
Worth Knowing

Ikonisys was formed in 1999 with an objective to develop an automated digital microscope that could accurately detect, analyse and interpret rare cells. The R&D team was successful in developing such a product and Ikoniscope Robotic Digital Microscope reached the market in 2006. During FY07-10, the company sold 40 instruments but management lost plot thereafter – during FY10-15, the focus was on setting up a clinical laboratory in-house, rather than on the commercialisation of Ikoniscope.

As the strategy didn’t work, the erstwhile shareholders wanted to exit the business and this is when Cambria Funds came into the picture – since 2015, the fund has gradually built-up a stake in the company and now is the biggest shareholder of Ikonisys SA with c.89% shares. Importantly, with the entry of Cambria, focus shifted back to Ikoniscope and post the rigorous R&D efforts of the past few years, the next-gen platform is out in the market. In our view, Ikoniscope20 could revive the fortunes of the group.

Currently, Ikonisys has a one share one vote system in place but post the IPO, Cambria will hold more than half of the company’s share capital and may enjoy double voting rights from the second anniversary date of the IPO.

As far as the organisation structure is concerned, French-entity Ikonisys SA is listed on Euronext Growth. Ikonisys SA owns 100% of US-firm Ikonisys Inc. via Italian-entity Ikonisys Srl. The pro-forma numbers in our model retroactively reflect the effects of this internal restructuring.

Name% owned Of which
% voting rights
Of which
% free to float
Cambria Funds 88.9%88.9%0.00%
Mario CROVETTO 3.71%3.71%0.00%
Apparent free float  7.38%
Changes to Shareholding : 15/07/2021.
Business concepts
  • Family controls/influence
  • Golden ageing
  • One trick pony
  • Maintenance driven
Investment Concepts
  • Growth