H1 2015 results / new contract in Canada - BUY - TP 10€ (vs 8,6€)
Innoveox reported a loss for H1 2015. At the same time, the company announced the signing of a fourth service contract, its first contract in Canada. The company is still waiting for the necessary administrative authorisations for the start-up of its first industrial unit installed in Reunion Island, which otherwise is now operational. This unit did not generate revenues in H1 and to be cautious, we have pushed back its entry into service to the beginning of 2016. In contrast, the development of Syneox is taking place faster than expected and is being accompanied by a business model focused more on sales. These factors have led us to revise our 2015/2019 forecasts. We are maintaining our BUY rating with a target price raised to €10 (vs €8.6), indicating over 60% upside potential.
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