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Radiology, bone densitometry….and more!

  • 07 Jul 16

Recommendation and upside We initiate coverage of DMS, a specialist in radiology and bone densitometry which has also started to invest in side-businesses (electronic noses through Alpha Mos, fundamental and applied research on adipose tissue through Stemcis…). The current market capitalisation stands at c. €26m based on a share price of €0.17, but we see significant potential upside (over 70%), with a target price of €0.29, reflecting the company’s sound growth prospects. Business and Trends The group is engaged in the segments of radiology and bone densitometry, its two core and historic businesses, where it provides hospitals, clinics and practitioners with diagnostic tools based on X-ray and digital technologies. The business is supported by the population ageing and new technologies. The radiology segment is dominated by large groups (such as General Electric, Siemens, Toshiba….) but niche players offer flexibility and also an OEM activity, as is the case with Toshiba and Carestream for DMS, which does not rule out other agreements with majors. On the bone densitometry side, two main players dominate the market: General Electric (through Lunar, which was acquired in 2001) and Hologic, both achieving the bulk of their sales in the US, with DMS ranking number three worldwide and also considering future OEM agreements in that segment. The group has gone through a restructuring phase after the new CEO took the helm in 2009 and now looks set to deliver, while it is also investing in side and promising businesses, as evidenced by the take-overs of Alpha Mos and Stemcis. The group outperformed the market during the past few years, which will further be supported by new OEM agreements, the ramp-up of former ones as well as the launch of new products. Need to know In 2014, DMS acquired Alpha Mos for €6m (72.88%, currently 62% held after the exercise of options), which is an analytical instrumentation company set up in 1993 to develop and market electronic noses and tongues. In 2015, DMS acquired AXS Medical, specialising in imaging and 3D modelling in the field of orthopaedics. Lastly, DMS took control of Stemcis by means of a contribution in kind worth €2.3m (fundamental and applied research on adipose tissue, protocols and innovative medical devices for use in human and veterinary medicine), aimed at the osteoarthritis market, as well as reconstructive and cosmetic surgery, ophthalmology and maxillofacial surgery. Today, the group is thus structured as follows: In short, one can proclaim that the DMS group is primarily a Medtech company with two correlated businesses (radiology and bone densitometry) which is also ready to invest in side businesses (AXS) or businesses that may have strong potential and growth rates (Stemcis, Alpha Mos) without necessarily offering obvious synergies with the core businesses, but potentially benefiting from huge growth prospects. Lastly, on 17 June 2016, the group announced it will proceed with a reverse share split (10 old shares for 1 new one) with a first listing of the new shares on 21 July (the price of which will therefore be 10 times more than on 20 July).