AlphaValue Corporate Services
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Bloomberg   ALCJ FP
Supergenerics  /  France  Web Site   |   Investors Relation
Things get going
Upside 154%
Price (€) 4.63
Market Cap (€M) 169
Perf. 1W: 3.93%
Perf. 1M: 8.06%
Perf. 3M: 13.1%
Perf Ytd: 40.4%
10 day relative perf. to stoxx600: 5.13%
20 day relative perf. to stoxx600: -2.39%
Target Change03/10/2018

The delayed launch of Zeneo implies a lower target price

Change in Target Price€ 14.9 vs 17.7-15.8%

Change in EPS2018 : € -0.91 vs -0.94ns
2019 : € -0.73 vs -0.79ns

Our EPS forecasts only move marginally in the short term and are not very significant since the company will start selling Zeneo as of 2021. They mostly depend on the level of external charges and staff costs engaged to prepare for the commercial launch of Zeneo.

Change in NAV€ 17.2 vs 19.0-9.66%

Our SOTP valuation goes down in line with a smaller than expected turnover over 2020-23, which is the basis for our calculation of the average level of sales by NTE, due to the one-year postponement of registration filings announced on 27 September.

Change in DCF€ 19.8 vs 24.9-20.7%

Our DCF valuation goes quite substantially down, mainly due to the fact the group's first sales are postponed by a year (i.e. 2021 instead of 2020) for most NTEs (and 2022 for the last one). This implies a higher discount due to time obviously, while our other assumptions have not materially changed.


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 ...