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
Things get going
Target
Upside 197%
Price (€) 3.9
Market Cap (€M) 142
Perf. 1W: -5.11%
Perf. 1M: -24.9%
Perf. 3M: -9.93%
Perf Ytd: -21.5%
10 day relative perf. to stoxx600: -23.8%
20 day relative perf. to stoxx600: -31.4%
Target Change14/03/2017

New valuation after the ongoing capital increase

Change in Target Price€ 16.6 vs 19.3-13.7%

Change in EPS2017 : € -0.41 vs -0.50ns
2018 : € -0.35 vs -0.36ns

We have not changed our assumptions and the apparent higher EPS only stems from the fact the company is still loss-making (thus the loss per share is lower after the capital increase).



Change in NAV€ 18.7 vs 24.5-23.7%

The SOTP valuation is only down on the higher number of shares and the fine-tuning of the net cash position at year-ends 2016 and 2017.



Change in DCF€ 22.2 vs 23.0-3.53%

Our DCF goes down on the increased number of shares, following the ongoing capital increase that will see the total number of shares reach 8.7m. We have not changed our main assumptions on future product launches.



Updates

25 Sep 17 Earnings/sales releases
H1 17: a new NTE in the pipeline...and further d...

06 Apr 17 Financing issue
The capital increase was successful

13 Mar 17 Earnings/sales releases
FY16 results - untelling (as expected) and a €4....

20 Sep 16 Earnings/sales releases
H1 16 results: not very telling as expected

29 Aug 16 Other news/comments
When apparent threats are also opportunities

25 Feb 16 Initiation cov.
Initiating coverage of Crossject.

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