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 15/12/2020

A double bond issue

Fact

Crossject announced it had issued two bonds worth €5.24m each including a convertible one.


Analysis

Both bonds have been subscribed by the same investors as in FY19, including the main shareholder, Gemme Venture. They have been susbcribed at 100% and 97% of their nominal value, respectively, and do not carry interest, with a maturity in December 2023.

These two issues also imply an additional €2m stemming from the PGE (state loan from BPI France) which will complete the company’s financing for the coming year (together with €3m of public financing) even without any commercial agreements reached before FY22. This is good news for the company and gives management time to focus on the business as such, leaving more room before Zeneo reaches the market. It also confirms the confidence of Crossject’s shareholders.


Impact

We welcome the news since the financing is now secured until FY22, even if this will imply a dilution through the conversion of bonds (about 7% at the current share price). This is the price to pay before Zeneo can reach the market.


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

24 Sep 21 Earnings/sales releases
H1 21: unsurprising (as usual)

31 Mar 21 Earnings/sales releases
FY20 unsuprising; waiting for more

15 Dec 20 Financing issue
A double bond issue

21 Sep 20 Earnings/sales releases
Update on the group's business

29 Mar 20 Earnings/sales releases
Meaningless FY19 results and product update

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