Crossject

This research has been commissioned and paid for by the company and does therefore not constitute an inducement caught by the prohibition under MiFID II

Crossject ^CR	Bloomberg ALCJ FP
Supergenerics / France	Web Site \| Investors Relation

Things are getting going...hopefully

Pros

A unique product (Zeneo) protected by numerous long patents (>400, up to 2036).
The addressable market is almost “limitless” thanks to the large number of NTEs the group could consider (over 200 compared to the current 6 under developed).
The potential upside is huge for Crossject, which is to be considered a start-up company.

Cons

The group still has no products on the market.
Crossject’s development has sometimes been slowed by delays in the production/registration processes and the group’s communication is not optimal.

Updates

07/10/24	EPS	We have fine-tuned our forecasts for the ...
25/09/24	Earnings	H1 24: no real surprise, but a glimpse of ...
17/07/24	Target	We have substantially revisited our mode...
17/07/24	EPS	Our EPS goes down with the downward r...
17/07/24	NAV	Our NAV valuation, based on future reve...
17/07/24	DCF	Our DCF valuation goes down due to the ...
05/06/24	Financing i...	Success of the capital increase
02/05/24	Financing i...	We welcome the securing of the group’s f...
03/04/24	Earnings	Patience is a virtue… hopefully
28/02/24	Financing i...	Securing the financing needs
08/02/24	Strategy	No news is not always good news...
06/01/24	Latest	Marketing initiative in the US
03/01/24	Other news	A new distribution agreement in Northern...
28/09/23	Other news	H1 23: no surprises before the release of ...
27/03/23	EPS	We have updated our model after the rele...
23/03/23	Earnings	FY22: not much to learn from the release
12/01/23	Financing i...	Crossject has announced it has raised €1...
26/09/22	EPS	We have only changed our short-term est...
23/09/22	Earnings	A rather reassuring H1 22
05/09/22	EPS	We have adjusted our numbers to the cur...
05/09/22	NAV	We have adjusted our numbers to the cur...
05/09/22	DCF	We have adjusted our numbers to the cur...
25/07/22	Target	Despite the fact we have quite significant...
25/07/22	EPS	Our short-term EPS forecasts have little ...
25/07/22	NAV	We have reviewed our assumptions regar...
25/07/22	DCF	Despite the fact we have changed our mi...
22/07/22	Latest	The update of our assumptions confirms ...
20/06/22	Latest	A major breakthrough for Crossject
29/03/22	Earnings	FY21: not very meaningful, as expected
17/12/21	Financing i...	New financing
24/09/21	Earnings	H1 21: unsurprising (as usual)
31/08/21	EPS	We have fine-tuned our numbers on the b...
18/08/21	EPS	We have only integrated the detailed num...
18/06/21	Latest	Another good piece of news for the group
17/06/21	Latest	A licensing agreement for Zeneo Hydroco...
31/03/21	Earnings	FY20 unsuprising; waiting for more
15/12/20	Financing i...	A double bond issue
21/09/20	Earnings	Update on the group's business

Key Data

	12/22A	12/23A	12/24E	12/25E	12/26E
Adjusted P/E (x)	-7.92	-18.0	-8.45	114	6.48
Dividend yield (%)	0.00	0.00	0.00	0.00	0.00
EV/EBITDA(R) (x)	-16.4	-32.3	-17.4	10.6	3.64
Adjusted EPS (€)	-0.36	-0.22	-0.24	0.02	0.31
Growth in EPS (%)	n/a	n/a	n/a	n/a	1,654
Dividend (€)	0.00	0.00	0.00	0.00	0.00
Sales (€M)	9.72	13.3	15.7	32.2	49.2
EBIT margin (%)	0.00	0.00	17.2	78.3	100
Attributable net profit (€M)	-11.2	-8.64	-9.82	0.73	12.7
ROE (after tax) (%)	798	669	175	-13.9	188
Gearing (%)	435				138