Report

New valuation after the ongoing capital increase (Crossject)

New valuation after the ongoing capital increase

TARGET CHANGE

CHANGE IN EPS2017 : € -0.41 vs -0.50 ns
2018 : € -0.35 vs -0.36 ns
We have not changed our assumptions and the apparent higher EPS only stems from the fact the company is still loss-making (thus the loss per share is lower after the capital increase).

CHANGE IN NAV€ 18.7 vs 24.5 -23.7%
The SOTP valuation is only down on the higher number of shares and the fine-tuning of the net cash position at year-ends 2016 and 2017.

CHANGE IN DCF€ 22.2 vs 23.0 -3.53%
Our DCF goes down on the increased number of shares, following the ongoing capital increase that will see the total number of shares reach 8.7m. We have not changed our main assumptions on future product launches.
Underlying
Crossject SA

Crossject SA is a France-based company that designs and develops medical injection systems. The Company specializes in needle-free, pre-filled, single-use injection systems for intradermal, subcutaneous and intramuscular applications for pharmaceutical companies. Is also has a pipeline and three drugs in the preclinical or clinical phase of research. The Company's products, which are based on well-known injectable drugs (chemicals and biologics), are designed to enhance patients' safety, compliance and comfort. Crossject's first ZENEO SUPERGENERIC product is expected to reach the market in the year 2015. The Company has industrial partnerships with Hirtenberger and Recipharm.

Provider
AlphaValue Corporate Services
AlphaValue Corporate Services

AlphaValue Corporate Services capitalise on the research and credit analysis expertise deployed by AlphaValue with major institutional investors at European level over the past nine years. The proprietary tools and processes enabling AlphaValue Corporate Services to establish a valuation and/or a credit risk assessment are identical to those used by AlphaValue to the benefit of its institutional clients. The only difference is the recognition that a company evaluation cannot be dissociated from the fact that the latter is paying for the service (AlphaValue Corporate Services), as opposed to the investor footing the bill (AlphaValue). AlphaValue’s research tools are characterised by the transparency of the valuation methodologies, their responsiveness to market data and by nine years’ experience of a universe numbering more than 450 European companies. Through its coverage and sector exhaustiveness, AlphaValue ranks alongside the major research houses in Europe and constitutes the only new entrant to the European space in the past decade. This significant presence is reflected in an unrivalled distribution capability via platforms commonly adopted by investors to access research: Factset, Bloomberg, Capital IQ and the numerous websites. AlphaValue is one the largest research contributors to these platforms, to the benefit of AlphaValue Corporate Services issuer clients.  The AlphaValue Corporate Services analysts are AlphaValue’s sector specialists. Their robust knowledge of the business models in their sectors enables the rapid generation of incisive, relevant research and advantageous interaction with the management teams.

Analysts
Fabrice Farigoule

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