2invest AG
Original-Research: SYGNIS AG (von GBC AG): BUY
Original-Research: SYGNIS AG – von GBC AG
Einstufung von GBC AG zu SYGNIS AG
Unternehmen: SYGNIS AG
ISIN: DE000A1RFM03
Anlass der Studie: Research Report (Anno)
Empfehlung: BUY
Kursziel: EUR 3.95
Kursziel auf Sicht von: End FY 2016
Letzte Ratingänderung:
Analyst: Cosmin Filker; Felix Gode, CFA
‘Next Generation SYGNIS’; The planned acquisition of Expedeon creates great
potential for sales in the USA and Asia; Post-money target price raised
SYGNIS AG plans on passing a resolution for a capital increase of up to
20.54m new shares at the Annual General Meeting on 20 June 2016. The core
component of this capital measure is the acquisition of the life sciences
company Expedeon through a planned capital increase in kind whereby the
shareholders of Expedeon Holdings Ltd. will be able to transfer their
participation in full against 15.72m SYGNIS shares (plus a cash settlement
of EUR 1.70m).
After the conclusion of this planned transaction, SYGNIS AG will have a
majority shareholding in Expedeon Group, which is based in the UK and
operates in the proteomics sector. This will combine the second important
sector of molecular biology beside the core genetics segment within SYGNIS
AG, leading to a horizontal expansion of the product range. This means that
SYGNIS AG will have a presence in the fastest growing markets in the life
sciences industry. Average annual growth of 20.8% is predicted for the core
NGS (next-generation sequencing) market up to 2021. The proteomics sector
should increase by an average of 15.4% annually up to 2019. A significant
factor in this dynamic development is the high level of technological
progress which should further increase the massive economies of scale,
while at the same time an entry into high-volume markets (e.g. the hospital
sector) will follow.
With its products, SYGNIS AG is in an excellent position to participate in
this development. With the completion of the product development, the
company focuses now on the marketing of existing products and the short-
term launch of new products. The planned acquisition of Expedeon will lead
to an expansion of the product range and also to a quick growth in sales
capacity. The Expedeon Group has direct sales channels in the UK, Germany,
France, Asia and the USA, which is the largest market for life sciences
applications. Furthermore, various OEM agreements have been closed in
recent years, thus opening up additional sales channels. Synergy effects
will result from the combination of production and administrative
structures.
We have included these in our consolidated (post-money) estimates. Both
companies combined should grow more strongly due to the stated synergy
effects than they would in their current standalone status. The expected
high growth in revenue should result in breakeven in financial year 2018,
and breakeven should even be reached on a quarterly basis in 2017. Expedeon
Holdings Ltd. has already shown positive results for several years, and
also has good internal financing capability.
We have included the consolidated revenue and earnings estimates and the
planned capital increase in our adjusted DCF valuation model. The resulting
fair value per share at the end of the 2016 financial year corresponds to a
target price of EUR 3.95 per share. We have therefore slightly raised the
previous target price of EUR 3.75. The target price increase is due to the
improved risk structure of the consolidated company (SYGNIS AG + Expedeon
Holdings Ltd.) and reflects the potential synergy effects arising from the
merger of the two companies. Based on the current share price of EUR 1.44,
we rate it a BUY.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/13965.pdf
Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (4,5a,5b,6a,7,10,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
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