Research-Studie


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 three-
stage 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 own-
brand 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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