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


Bloomberg   ALCJ FP
Supergenerics  /  France  Web Site   |   Investors Relation
Things get going
Upside 149%
Price (€) 4.72
Market Cap (€M) 172
Perf. 1W: 7.40%
Perf. 1M: 5.48%
Perf. 3M: 16.7%
Perf Ytd: 43.1%
10 day relative perf. to stoxx600: 4.49%
20 day relative perf. to stoxx600: 1.61%
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.


15 Mar 19 Earnings/sales releases
Slowly but surely

04 Feb 19 Financing issue
Some extra non-dilutive financing

24 Dec 18 EPS change
Adjustment in the number of shares

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 ...