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 in H2

Pros

A unique product protected by numerous long-duration patents.
The addressable market is “limitless” thanks to the large number of New Therapeutic Entities the group could consider (over 200 compared to currently 4 being developed).
The potential upside is huge for Crossject, with little real competition on the “needle-free concept”.

Cons

The group still has no revenues.
Crossject’s development is slowed down by delays in the production/registration processes while the group’s communication is not optimal.

Updates

09/06/25	Financing i...	Here we are for the announced capital in...
21/05/25	Financing i...	Another capital increase in the pipe…
07/05/25	Earnings	Back to life?
30/03/25	EPS	We have integrated the set of FY24 num...
30/03/25	DCF	Our DCF valuation has reset lower owing...
27/03/25	Earnings	FY24 and outlook: long is the road…
10/02/25	Financing i...	A complex financing given the amounts in...
11/12/24	Financing i...	An unsurprising additional financing round.
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...

Key Data

	12/23A	12/24A	12/25E	12/26E	12/27E
Adjusted P/E (x)	-17.7	-8.63	ns	6.65	3.94
Dividend yield (%)	0.00	0.00	0.00	0.00	0.00
EV/EBITDA(R) (x)	-31.8	-17.8	9.18	2.81	1.63
Adjusted EPS (€)	-0.22	-0.30	0.00	0.21	0.36
Growth in EPS (%)	n/a	n/a	n/a	n/a	68.8
Dividend (€)	0.00	0.00	0.00	0.00	0.00
Sales (€M)	13.3	13.3	32.2	49.2	70.4
EBIT margin (%)	0.00	0.00	78.3	100	100
Attributable net profit (€M)	-8.64	-12.8	-0.14	11.8	20.3
ROE (after tax) (%)	669	322	-2.33	48.6	45.5
Gearing (%)			70.5	18.1	1.32