Update on Synektik S.A.
Although Synektik remains a highly-interesting long-term story due to the potential of diagnostic services in CEE and globally, we have lowered our estimates for 2016 and beyond, which results in a new 12-months price target (80% DCF, 20% peer group) of PLN 20, down from PLN 26 before. As the new Polish government announced plans of NFZ reform, we are cautious when it comes to SNT’s business in its local market, despite the high catch-up potential of the diagnostic segment and inflow of EU funds. However, this should be increasingly offset by growing sales of high-margin special radiopharmaceuticals to foreign markets e.g. Slovakia and the Czech Republic. The cardiac tracer, for which SNT secured patent protection until 2031 in the US, will likely enter Phase II of clinical trials in late 2016. We will account for the new product in our model after the publication of the company’s strategy in June 2016.​
Synektik SA is a Poland-based company active in the medical sector. It produces PACS software which allows running a diagnostic imaging laboratory. It runs a research laboratory which performs acceptance and specialist tests of X-ray equipment. The Company sells medical equipment and operates a services center for imaging equipment. Synektik SA is a partner of Siemens. On November 28, 2013, the Company raised its stake in Miedzynarodowe Centra Medyczne Inwestycje Sp z o o to 100%.
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