Good signs for development - BUY - TP 6,6€ (vs 6,8€)
After a return to dynamic growth (+43%) in 2015 aided by a favourable comparison basis effect in organic terms as well as a positive USD/EUR exchange rate effect in terms of sales, 2016 should benefit from (i) consolidation of SpineGuard’s commercial position on its different markets, (ii) geographical expansion in China, Japan and Taiwan and (iii) a new source of growth coming from the pipeline with the company’s “Smart Screwâ€. Given the expected rise in sales and dense newsflow, we are maintaining our BUY rating with a target price lowered to €6.6 vs €6.8 previously following the update of our valuation (peer comparisons and DCF).SpineGuard SA is a France-based company that develops and markets a product for spine surgery. The Company offers PediGuard, a handheld wireless device that is used to detect possible cortex perforation during pedicle preparation for screw placement. There are three varieties of the product: Classic PediGuard; Curved PediGuard, which has a curved gearshift, and Cannulated PediGuard, which has a cannulated shaft.
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