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Original-Research: Ikonisys SA - von Sphene Capital GmbH
Einstufung von Sphene Capital GmbH zu Ikonisys SA
Unternehmen: Ikonisys SA
ISIN: FR00140048X2
Anlass der Studie: Update Report
Empfehlung: Buy
seit: 31.10.2022
Kursziel: EUR 6,70 (unverändert)
Kursziel auf Sicht von: 24 Monate
Letzte Ratingänderung: -
Analyst: Peter Thilo Hasler, CEFA
H1/2022 in-line with our expectations
Following the publication of the H1/2022-report, we are slightly adjusting
our revenue and earnings forecasts. After refreshing the valuation-relevant
risk parameters, we calculate an unchanged target price of EUR 6.70 from
our three-stage DCF entity model (base case scenario). In a Monte Carlo
analysis we used alternative sales and earnings scenarios and calculated
equity values in a range between EUR 67.3m (10% quantile) and EUR 96.9m
(90% quantile), which translates into price targets between EUR 5.30 and
EUR 7.60 per share (fully diluted), respectively. An alternative economic
profit model supports the results of the DCF model, with price targets
between EUR 5.20 (based on the economic profit of the year 2025e) and EUR
7.40 (economic profit 2026e, secondary valuation methods). Based on a
24-month expected upside potential of 311.0%, we confirm our Buy rating for
the shares of Ikonisys SA.
In the first half of the year, Ikonisys generated revenues of EUR 0.207m. Revenues from product sales of Ikoniscope microscopes and the included software application amounted to EUR 0.109m, while maintenance services from technical support were EUR 0.098m. Revenues were mainly generated from the sale of the complete solution to Comprehensive Urology, an established user of the former Ikoniscope Gen1 platform. The fact that this customer is now also buying Ikonisys' reagents confirms, in our view, Ikonisys' business model, which is based on a commercial all-in-one solution which will primarily be sold into the existing client-base.
The operating result (EBIT) for the first half of 2022 was EUR -1.016m, in line with our expectations. At the end of the first half-year, the net financial position of the company was EUR 0.204m. Additional financing needs can be filled with the recently concluded financing agreement with Atlas Capital Markets totalling EUR 5.1m.
In addition to a distribution agreement Ikonisys has signed with Biovendor Laboratory Medicine for countries where Ikonisys will not establish direct sales channels, the most notable event of recent weeks is the sale of an Ikoniscope20 solution to one of the largest urology organisations in the US with a physician network that spans more than ten states and treats more than 700,000 patients annually. The Ikoniscope20 solution will be used to automate the early detection of bladder cancer.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25749.pdf
Kontakt für Rückfragen
Peter Thilo Hasler, CEFA
+49 (89) 74443558/ +49 (152) 31764553
peter-thilo.hasler@sphene-capital.de
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