AlphaValue Corporate Services
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Bloomberg   ALCJ FP
Supergenerics  /  France  Web Site   |   Investors Relation
Things get moving
Target
Upside 116%
Price (€) 4.48
Market Cap (€M) 163
Perf. 1W: 4.80%
Perf. 1M: 34.1%
Perf. 3M: 21.7%
Perf Ytd: 36.0%
10 day relative perf. to stoxx600: 11.3%
20 day relative perf. to stoxx600: 20.1%
EPS change18/03/2019

No major change post FY18 results

Change in EPS2019 : € -0.51 vs -0.50ns
2020 : € -0.39 vs -0.39ns

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.



Change in NAV€ 10.0 vs 11.9-15.4%

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.



Change in DCF€ 15.0 vs 13.9+7.91%

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.



Updates

20 Nov 19 Financing issue
A €2.6m non-dilutive issue

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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