Report

A €3.9m capital increase before year-end (Crossject)

A €3.9m capital increase before year-end

TARGET CHANGE

CHANGE IN TARGET PRICE€ 11.1 vs 14.9 -25.6%
Our target price is revised downward on the capital increase to come (December), which will lead to the issuance of c. 3.4m new shares.

CHANGE IN EPS2018 : € -0.76 vs -0.91 ns
2019 : € -0.53 vs -0.73 ns
Our forecasts have not changed. The higher number of shares simply implies that short-term losses are divided by a bigger number, thus the (wrong) impression on an EPS basis that forecast losses have shrunk.

CHANGE IN NAV€ 12.7 vs 17.2 -26.1%
Our NAV valuation is adjusted one the one hand by a decrease in net debt thanks to the capital increase and, on the other, by the increase in the number of shares, from c.9.3m to 12.7m.

CHANGE IN DCF€ 14.8 vs 19.8 -25.4%
Our forecasts remain unchanged. The higher number of shares post the capital increase and the injection of €3.9m in the balance sheet lead to a lower target price, due to the significant dilution caused by the capital increase.
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

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Analysts
Fabrice Farigoule

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