AlphaValue Corporate Services
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CR
Bloomberg   ALCJ FP
Supergenerics  /  France  Web Site   |   Investors Relation
Things get moving
Target
Upside 196%
Price (€) 3.31
Market Cap (€M) 120
Perf. 1W: -9.81%
Perf. 1M: -15.1%
Perf. 3M: -2.38%
Perf Ytd: 16.8%
10 day relative perf. to stoxx600: -12.8%
20 day relative perf. to stoxx600: -21.7%
Target Change29/11/2018

A €3.9m capital increase before year-end

Change in Target Price€ 11.1 vs 14.9-25.6%

Our target price is revised downward on the capital increase to come (December), which will lead to the issuance of c. 3.4m new shares.



Change in EPS2018 : € -0.76 vs -0.91ns
2019 : € -0.53 vs -0.73ns

Our forecasts have not changed. The higher number of shares simply implies that short-term losses are divided by a bigger number, thus the (wrong) impression on an EPS basis that forecast losses have shrunk.



Change in NAV€ 12.7 vs 17.2-26.1%

Our NAV valuation is adjusted one the one hand by a decrease in net debt thanks to the capital increase and, on the other, by the increase in the number of shares, from c.9.3m to 12.7m.



Change in DCF€ 14.8 vs 19.8-25.4%

Our forecasts remain unchanged. The higher number of shares post the capital increase and the injection of €3.9m in the balance sheet lead to a lower target price, due to the significant dilution caused by the capital increase.



Updates

28 Nov 18 Financing issue
A €3.9m capital increase

23 Oct 18 Other news/comments
Bond conversion

27 Sep 18 Earnings/sales releases
H1 18: insignificant; some more time needed to ...

05 Sep 18 Target Change
On its way to reaching the market

17 May 18 Latest
Business update

22 Mar 18 Earnings/sales releases
On its way to reach the market…

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