Sphene Capital GmbH: Ikonisys SA | Rating: Buy
Original-Research: Ikonisys SA - von Sphene Capital GmbH
Einstufung von Sphene Capital GmbH zu Ikonisys SA
Unternehmen: Ikonisys SA
ISIN: FR00140048X2
Anlass der Studie: Aufnahme der Coverage
Empfehlung: Buy
seit: 25.01.2022
Kursziel: EUR 7,70
Kursziel auf Sicht von: 24 Monate
Letzte Ratingänderung: -
Analyst: Peter Thilo Hasler, CEFA
Restart of a technology leader in laboratory automation
With a share price target of EUR 7.70 and an expected share price performance of 176.0%, we initiate research coverage on the shares of Ikonisys SA with a Buy rating. Our price target is derived from a threestage discounted cash flow entity model (primary valuation method), for which we calculate an equity value of EUR 7.70 per share in the base case scenario. In a Monte Carlo analysis, we have used alternative revenue, earnings and other key performance indicator scenarios and calculate equity values in a range between EUR and 6.10 per 9.20 share. An alternative economic profit model supports the results of the DCF model, while significantly higher price targets can be derived from peer group multiples (both secondary valuation methods).
Ikonisys is a provider of a robotic and software-based microscopy application that, according to the company, enables fully automated detection and quantification of rare and very rare cells in tissues and biological fluids. This is used in particular for cell diagnosis in oncology and genetic diseases. With the help of the FDA-approved Ikoniscope microscope, up to 2 million cells can be automatically scanned and analysed on a single slide without the manual involvement of laboratory staff. Ikonisys provides a range of diagnostic fluorescence in situ hybridisation (FISH) tests that can be used to visualise different types of cancer at an early stage using fluorescent tumour markers. We see considerable additional potential in the recently possible detection and characterisation of circulating tumour cells (CTCs) in liquid biopsies.
Ikonisys will generate one-off revenues from the production and sale of the Ikoniscope and recurring revenues from the sale of platform-optimised ownbrand probe kits, software applications and service agreements on the maintenance of the devices. Due to the pursued outsourcing of production, we estimate that expenses are mostly variable. We expect Ikonisys to generate its first significant revenues from microscope sales in 2022e. By 2026e, we expect revenues to rise to EUR 35.7m and the operating result (EBITDA) to just under EUR 10.0m in our base case scenario. The equity ratio of the virtually debt-free company should then be 85.3%.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/23294.pdf
Kontakt für Rückfragen
Peter Thilo Hasler, CEFA
+49 (89) 74443558/ +49 (152) 31764553
peter-thilo.hasler@sphene-capital.de
-------------------übermittelt durch die EQS Group AG.-------------------
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