Report
Victor Floc’h

CECONOMY - BUY | EUR7(+44%) A two-scenario FY outlook depending on German lockdown lifting Q2 LfL strongly affected by German lockdown at -4.6% Q2 EBIT margin down 60bp to -3.4% A two-scenario FY outlook A new CEO from the outside to run a

SENSORION - CORPORATE | EUR6 VS. EUR5 (+190%)
Adding the GJB2 opportunity to our scenario, TP raised to EUR6/share

KOL event with Dr. Lenarz highlighted unmet medical needs
Inner ear is the perfect environment for gene therapies
Over 60% of congenital deafness has genetic causes
GJB2: one of the largest opportunities in the field
Pasteur and Necker put Sensorion ahead of competitors in the GJB2 race
GJB2 economic opportunity
Sensorion is establishing itself as a powerhouse in gene Tx with a strong edge in the EU market
Valuation
Underlying
Sensorion SAS

Sensorion SA is a France-based company principally engaged in the biopharmaceutical sector. The Company is principally active in the development of targeted therapeutic solutions to treat inner ear diseases. The Company develops also drug treatments, from molecular biology all the way to animal pharmacology, toxicology, and clinical research and therapeutic solutions to treat vestibular deficits. Sensorion SA is a spin-off of the research team Pathophysiology and Therapy of Vestibular Deficits in Montpellier Neuroscience Institute.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Victor Floc’h

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