Original-Research: IGEA Pharma N.V. - von GBC AG

Einstufung von GBC AG zu IGEA Pharma N.V.

Unternehmen: IGEA Pharma N.V.

ISIN: NL0012768675

Anlass der Studie: Research Report (Initial Coverage)

Empfehlung: BUY

Kursziel: 1.05 EUR

Kursziel auf Sicht von: 31.12.2022

Letzte Ratingänderung: -

Analyst: Matthias Greiffenberger, Felix Haugg

Reverse IPO of Blue Sky Natural Resources in IGEA Pharma. Realignment to

CBD extraction. Aggressive growth expected with strong scaling effects.

Blue Sky Natural Resources Ltd. (Blue Sky) was contributed to IGEA Pharma

N.V. (IGEA Pharma) on 27 September 2021 via a capital increase in kind. The

business model is now to change fundamentally. The wellness and prevention

sector is to be addressed with a focus on CBD. The goal is to become the

quality and cost leader in the field of CBD in Europe. To this end, a GMP

pharma compliant plant is being built in Switzerland. The supercritical CO2

extraction process is to be used to achieve the highest standard of

quality. A proprietary system has been developed for this purpose. Due to

its very high quality, the product should be able to be sold at

significantly higher prices compared to CBD obtained by using solvent-based

methods. The marketing of CBD is to take place exclusively b2b in the

wholesale trade. According to the management, the sales price can amount

to about CHF 8,500 / kg. Based on this assumption, we forecast substantial

sales and earnings developments.

According to the pro forma financial statements, no significant sales were

generated in the past 2020 financial year, with a net result of EUR -2.23

million. According to the pro forma financial statements, the contribution

created equity in the amount of EUR 9.06 million, which is largely offset

by goodwill.

Blue Sky already has extensive quantities of raw material in stock. In

total, there are 64,700 kg of frozen and 9,600 kg of dried hemp in stock.

The hemp corresponds to the best organic quality (GMT). This is sufficient

raw material for production in 2022. In 2021, samples will initially be

produced in smaller machines and no significant sales revenues are expected


The extensive production or CBD extraction is scheduled to start in 2022.

Initially, this will be set up with one production line and one shift, and

then expanded to a two-shift system. The production lines are then to be

expanded to two in 2023, followed by three in 2024 and four in 2025.

Bottling facilities will also be added to the production.

With raw materials already in stock, production should be able to start

promptly and we expect revenues of EUR 51.05 m in 2022, followed by EUR

170.15 m in 2023. The business model is well scalable and we expect a

gradual margin increase and earnings improvements. We already forecast

EBITDA of EUR 23.12m in 2022 and EUR 88.23m in 2023, representing an EBITDA

margin improvement from 45.3% (2022) to 51.9% (2023). Business operations

are mainly conducted in the joint venture, in which IGEA indirectly holds a

50% interest. Minority interests are correspondingly high. In our opinion,

50% of the pre-tax result should flow to the joint venture partner. We

therefore expect outflows for minorities of EUR -10,01 million in 2022 and

EUR -42,12 million in 2023. It should be possible to use most of the loss

carryforwards in IGEA Pharma to reduce the tax burden and we expect a tax

rate of 10% in 2022 and 15% in 2023, resulting in net income of EUR 8.01m

(2022) and EUR 28.45m (2023).

The CBD market is growing strongly and with the focus on quality leadership

and pure extraction, IGEA Pharma's new business model should be able to

occupy an attractive niche market. With the proprietary supercritical CO2-

extraction technology, other markets such as vanilla, rose or rosemary can

be developed in the medium term.

Based on our DCF model, we have determined a fair value of EUR 1.05 (CHF

1.13) per share and assign a BUY rating.

Die vollständige Analyse können Sie hier downloaden:


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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:


Date and time of completion of the study: 19.11.2021 (11:00)

Date and time of the first disclosure of the study: 22.11.2021 (10:00)

-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.