Crossject

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.

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.

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.

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.