We are still believers (Crossject)
We are still believersTARGET CHANGE
CHANGE IN TARGET PRICE € 7.89 vs 11.2 -29.6%
We have substantially revisited our model on Crossject, including in particular: 1- new assumptions concerning the timing, volumes and prices for the different NTEs (New Therapeutic Entities) to be launched in FY25-28, which appear less optimistic than previously. 2- the dilution from the latest capital increase (€8m at €1.848 per share), 3- slightly more conservative assumptions regarding the working capital needs of the company in the next few years and 4- the €6.9m financing from the French Government, as part of the France 2030 innovation plan announced last week. At the end of the day, our target price resets materially lower but still leaves ample room for the share to outperform.
CHANGE IN EPS
2024 : € (0.12) vs 0.50 ns
2025 : € 0.02 vs 1.05 -98.3%
Our EPS goes down with the downward revision of our forecasts mainly based (among others) on a more conservative approach to the timing of the market launches of the group’s NTEs (see also the Target Price section).
CHANGE IN NAV € 10.3 vs 12.5 -17.2%
Our NAV valuation, based on future revenue multiples, goes down due to the revision of our forecasts (timing of market launches, working capital needs…). See also the Target Price section for more details.
CHANGE IN DCF € 9.11 vs 14.1 -35.5%
Our DCF valuation goes down due to the revision of our forecasts (timing of market launches, capital increase, working capital needs). See also the Target Price section for more details.
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.
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