Original-Research: Ikonisys SA - from Sphene Capital GmbH 23.07.2024 / 10:06 CET / CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG.
23.07.2024 - 10:06:32Original-Research: Ikonisys SA (von Sphene Capital GmbH): Buy
Original-Research: Ikonisys SA - from Sphene Capital GmbH
23.07.2024 / 10:06 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group AG.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of Sphene Capital GmbH to Ikonisys SA
Company Name: Ikonisys SA
ISIN: FR00140048X2
Reason for the research: Update Report
Recommendation: Buy
from: 23.07.2024
Target price: EUR 5.50 (previously: EUR 6.30)
Target price on sight of: 36 months
Last rating change: -
Analyst: Peter Thilo Hasler, CEFA
2023 below our estimates - 2024e driven by collaborations
The financial figures for the 2023 fiscal year published last week were
below our expectations. After adjusting our sales and earnings forecasts for
the years 2024e-26e, we reduce our price target derived from a three-phase
DCF entity model (base case scenario) to EUR 5.50 from EUR 6.30 per share,
but confirm our Buy rating for the shares of Ikonisys SE. We have used
alternative sales and earnings scenarios in a Monte Carlo analysis and
calculate equity values in a range between EUR 4.40 (10% quantile) and EUR
6.40 (90% quantile) per share.
The figures published last week for the past financial year 2023 were well
below our expectations. This was mainly due to lower sales of the
Ikoniscope20, which at EUR 0.284 million were even below the previous year's
figure of EUR 0.385 million (-26.1% YoY). As a result, the highly profitable
probe sales, the amount of which can be derived from the total number of
microscopes ever sold, were also well below our estimates.
Due to significant savings in operating costs-personnel expenses were more
than halved year-on-year-EBITDA and EBIT improved to EUR -0.927 million and
EUR -2.194 million, respectively, compared to the previous year's figures of
EUR -1.352 million and EUR -2.435 million, respectively. But due to the
weaker sales mix, profitability was also below our expectations.
Also last week, Ikonisys has issued 166,666 new ordinary shares in a private
placement with the Italian investment company CC Holding. At a placement
price of EUR 1.50 per share, the proceeds of the capital increase were EUR
0,250 Mio. As stated, the proceeds will be used to fund the commercial
development by financing the future working capital needs. With 1.5%, the
dilution effects on 2024e EPS and BVPS are negligible, in our view.
You can download the research here: http://www.more-ir.de/d/30273.pdf
Contact for questions:
Peter Thilo Hasler, CEFA
+49 (89) 74443558/ +49 (152) 31764553
peter-thilo.hasler@sphene-capital.de
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1952129 23.07.2024 CET/CEST
