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

Crossject

CR
Bloomberg   ALCJ FP
Supergenerics  /  France  Web Site   |   Investors Relation
Some patience still required
Financing issue 10/07/2019

Warrants to existing shareholders

Fact

Crossject indicated that it would grant shareholders free warrants (BSA). Each share held could translate into one warrant, with nine warrants entitling holders to get a share in Crossject at €1.80.


Analysis

The move was expected and the main shareholder (Gemmes Venture, 26.74%) has already indicated it will exercise its warrants. Altogether, should all warrants be exercised, this would lead to the issuance of 18,447k warrants and 2,049k shares, or €3,689m. The warrants will be granted on 18 July and exercisable between 18 July and 10 December 2019. The maximum dilution will be c.11.11%. The (expected) move is welcomed insofar as it solves the financing issue (on top of advances, subsidies, CIR, commercial agreements, etc.), the company estimating it needs €12m in the next 12 months. However, Crossject is also working on additional (ideally non-dilutive) means to increase its financial firepower to finance its development programme before the market launch of Zeneo.


Impact

The impact will be minor on our numbers, the potential extra-dilution being compensated by the cash inflow.


Target
Upside 302%
Price (€) 2.58
Market Cap (€M) 65.4
Perf. 1W: -8.67%
Perf. 1M: -19.4%
Perf. 3M: -19.9%
Perf Ytd: -15.8%
10 day relative perf. to stoxx600: -12.5%
20 day relative perf. to stoxx600: -14.5%
Updates

23 Dec 19 Financing issue
Extra-financing to increase visibility

20 Nov 19 Financing issue
A €2.6m non-dilutive issue

10 Sep 19 Earnings/sales releases
H1 19: no surprise

10 Jul 19 Financing issue
Warrants to existing shareholders

19 Jun 19 Latest
A commercial success

18 Apr 19 EPS change
The 2018 bonds fully converted

18 Mar 19 EPS change
No major change post FY18 results

15 Mar 19 Earnings/sales releases
Slowly but surely

04 Feb 19 Financing issue
Some extra non-dilutive financing

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