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

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CR
Bloomberg   ALCJ FP
Supergenerics  /  France  Web Site   |   Investors Relation
Things get going
Target
Upside 486%
Price (€) 1.95
Market Cap (€M) 71.2
Perf. 1W: -12.9%
Perf. 1M: -42.4%
Perf. 3M: -65.2%
Perf Ytd: -60.8%
10 day relative perf. to stoxx600: -36.8%
20 day relative perf. to stoxx600: -41.1%
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

10 Sep 19 Earnings/sales releases
H1 19: no surprise

10 Jul 19 Financing issue
Warrants to existing shareholders

19 Jun 19 Latest
A commercial success

18 Apr 19 EPS change
The 2018 bonds fully converted

18 Mar 19 EPS change
No major change post FY18 results

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

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