ORIGINAL RESEARCH

15:06 | 08.11.2017
SYGNIS AG

Original-Research: SYGNIS AG – von GBC AG

Einstufung von GBC AG zu SYGNIS AG

Unternehmen: SYGNIS AG
ISIN: DE000A1RFM03

Anlass der Studie: Research Report (Anno)
Empfehlung: BUY
Kursziel: 3.30 EUR
Kursziel auf Sicht von: End FY 2018
Letzte Ratingänderung:
Analyst: Cosmin Filker, Marcel Goldmann

Organic and Acquisitive Growth in Sales and Results; Critical Mass Reached
for Sales Success; High Upside Potential Present

SYGNIS AG further accelerated its ongoing acquisitive growth with its
takeover of Innova Bioscience in 2017. It is anticipated that the
acquisition of Cambridge (UK)-based Innova will result in an expansion of
the product range in the protein marking field, a procedure of great
significance in protein measurement. Based on its own data, Innova is one
of the leading providers in the field, with a product spectrum of over 300
products (patented in 24 countries). With this acquisition, SYGNIS AG now
clearly has much greater coverage of work flow in genetics and protein
research.

With its Innova acquisition, SYGNIS AG is pressing forward with the
acquisitive growth strategy that it began in financial year 2016. By taking
over Expedeon Holdings Ltd., the company absorbed a business already active
in the proteomics area, combining the two life science areas of genetics
and proteomics. SYGNIS AG had already acquired C.B.S. Scientific, a system
provider in electrophoresis, by the end of 2016.

Not least through the acquisition of Innova, SYGNIS AG has now reached a
critical mass both in terms of product level and company size, enabling the
company to participate in R&D-market potential. Additional potential lies
particularly in the diagnostics area, especially in the increasing use of
personalised medicine. A trend is basically becoming visible in which NGS
(next generation sequencing) applications, and so also the technologies
offered by SYGNIS AG, are increasingly shifting away from research into the
high-volume clinical area.

Based on the increased market potential, the current strongly enhanced
product range and the initial integration of Innova Bioscience Ltd.,
revenue in the range of EUR7-8 million will be achieved in this financial
year, after revenue of EUR1.79 million in financial year 2016. In the first
nine months of 2017 SYGNIS AG saw total revenue of EUR5.34 million
(previous year: EUR0.98 million). We anticipate a sustained upward trend in
revenue in the coming years, and predict revenue of EUR16.67 million in
2019.

Break-even should take place in 2018, as the extraordinary effects related
to the acquisition will weigh down on results for this financial year. We
foresee break-even as early as the fourth quarter of 2017 in operational
cash flow.

On this basis, we have updated our DCF valuation model and established a
new fair value of EUR3.30 per share (previously: EUR3.70). In particular,
the capital increase carried out in relation to the Innova acquisition at a
price of EUR1.38 and the effects from the related dilution effect will have
a negative impact on share price. Altogether, the declared fair company
value rose to EUR153.14 million (previously: EUR139.27 million). Based on
the current price level of EUR1.49, our previously issued BUY rating
remains unchanged.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/15845.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (4,5a,6a,7,10,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
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