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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: 08.05.2023
Kursziel: EUR 4.50 (previously EUR 6.70)
Kursziel auf Sicht von: 36 Monate
Letzte Ratingänderung: -
Analyst: Peter Thilo Hasler, CEFA
Accelerated business expected
With a strong product pipeline in Circulating Tumor Cells (CTC) based early
cancer detection and treatment monitoring and the integration of AI into
the existing platform, as well as secure funding from Atlas Capital
Markets, we see Ikonisys to be well on track to expand its global reach and
to meet our long-term financial targets. We are confirming our Buy rating
for the shares of Ikonisys SA. Our target price of EUR 4.50 is based on 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 45.1m (10% quantile) and EUR 67.6m
(90% quantile), which translate into price targets between EUR 3.50 and EUR
5.30 per share (fully diluted).
Ikonisys published its annual report for the fiscal year 2022. Driven by
first sales of the Ikoniscope20, mainly in the US, Ikonisys generated
revenues of EUR 0.617m, significantly above previous year's levels (2021:
EUR 0.365m, +68.9% YoY), but well below our forecast of EUR 1.310m. With
product sales of EUR 0.385m, the shortfall is mainly caused by a longer
than anticipated sales cycle. With product sales below our forecast,
maintenance sales (EUR 0.197m) and sales of reagents (EUR 0.018m) also did
not meet our estimates.
The operating result (EBIT, reported) in 2022 was EUR -2.638m (2021: EUR
-0.564m), in line with our expectations and significantly impacted by sales
and marketing start-up costs in addition to R&D expenses related to the
Ikoniscope20 and the newly launched Ikoniscope20max, which includes a
high-volume slide loader that is particularly adapted for laboratories with
high processing volumes.
Net financial position at the end of 2022 was EUR 0.094m. Additional
financing needs can be served from the financing agreement with Atlas
Capital Markets which totals EUR 5.1m and was concluded recently, yet only
a small fraction has been drawn according to our view.
Around 80% of the market volume is generated by the sale of reagents and
consumables and can thus be classified as recurring. Reagents dominate the
in vitro diagnostics market. The growth in this submarket is driven by an
increasing demand for rapid, accurate, and sensitive tests, as well as the
demand for self-testing and point-of-care products. We expect this segment
will grow significantly at Ikonisys.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/26935.pdf
Kontakt für Rückfragen
Peter Thilo Hasler, CEFA
+49 (89) 74443558/ +49 (152) 31764553
peter-thilo.hasler@sphene-capital.de
-übermittelt durch die EQS Group AG.-
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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