Crossject

We have only fine-tuned our numbers after the release of FY18 results, which are anyway insignificant before the group’s products actually reach the market in FY2021, i.e. results (losses) before 2021 are almost simply the sum of operating costs.

The SOTP goes down a tick after the dilution stemming from the conversion of bonds at the beginning of the current year, the total number of shares rising from 13.6m to 15.7m.

The DCF goes up, despite the increased number of shares (partly compensated by a lower debt level) since the positive cash flows are actually “nearer” (by a year), with our forecasts now starting from FY19 on.