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

Crossject

CR
Bloomberg   ALCJ FP
Supergenerics  /  France  Web Site   |   Investors Relation
Things get moving
Target
Upside 114%
Price (€) 4.58
Market Cap (€M) 166
Perf. 1W: 8.27%
Perf. 1M: 32.8%
Perf. 3M: 20.1%
Perf Ytd: 39.0%
10 day relative perf. to stoxx600: 5.19%
20 day relative perf. to stoxx600: 31.9%
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.



Updates

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 ...

05 Sep 18 Target Change
On its way to reaching the market

17 May 18 Latest
Business update

.