Original-Research: Ikonisys SA - von Sphene Capital GmbH

Einstufung von Sphene Capital GmbH zu Ikonisys SA

Unternehmen: Ikonisys SA

ISIN: FR00140048X2

Anlass der Studie: Aufnahme der Coverage

Empfehlung: Buy

seit: 25.01.2022

Kursziel: EUR 7,70

Kursziel auf Sicht von: 24 Monate

Letzte Ratingänderung: -

Analyst: Peter Thilo Hasler, CEFA

Restart of a technology leader in laboratory automation

With a share price target of EUR 7.70 and an expected share price

performance of 176.0%, we initiate research coverage on the shares of

Ikonisys SA with a Buy rating. Our price target is derived from a three-

stage discounted cash flow entity model (primary valuation method), for

which we calculate an equity value of EUR 7.70 per share in the base case

scenario. In a Monte Carlo analysis, we have used alternative revenue,

earnings and other key performance indicator scenarios and calculate equity

values in a range between EUR and 6.10 per 9.20 share. An alternative

economic profit model supports the results of the DCF model, while

significantly higher price targets can be derived from peer group multiples

(both secondary valuation methods).

Ikonisys is a provider of a robotic and software-based microscopy

application that, according to the company, enables fully automated

detection and quantification of rare and very rare cells in tissues and

biological fluids. This is used in particular for cell diagnosis in

oncology and genetic diseases. With the help of the FDA-approved Ikoniscope

microscope, up to 2 million cells can be automatically scanned and analysed

on a single slide without the manual involvement of laboratory staff.

Ikonisys provides a range of diagnostic fluorescence in situ hybridisation

(FISH) tests that can be used to visualise different types of cancer at an

early stage using fluorescent tumour markers. We see considerable

additional potential in the recently possible detection and

characterisation of circulating tumour cells (CTCs) in liquid biopsies.

Ikonisys will generate one-off revenues from the production and sale of the

Ikoniscope and recurring revenues from the sale of platform-optimised own-

brand probe kits, software applications and service agreements on the

maintenance of the devices. Due to the pursued outsourcing of production,

we estimate that expenses are mostly variable. We expect Ikonisys to

generate its first significant revenues from microscope sales in 2022e. By

2026e, we expect revenues to rise to EUR 35.7m and the operating result

(EBITDA) to just under EUR 10.0m in our base case scenario. The equity

ratio of the virtually debt-free company should then be 85.3%.

Die vollständige Analyse können Sie hier downloaden:


Kontakt für Rückfragen

Peter Thilo Hasler, CEFA

+49 (89) 74443558/ +49 (152) 31764553


-übermittelt durch die EQS Group AG.-

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