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The company released preliminary H1 23 results, in line with our expectations. Financing is secured for FY22 at least, with no dilutive instruments in sight. Crossject will release more detailed numbers for H1 23 before the end of October.
Companies: Crossject (ALCJ:EPA)Crossject SA (ALCJ:PAR)
AlphaValue
No real news in the FY22 results. EPS CHANGE CHANGE IN EPS 2023 : € (0.23) vs (0.33) ns 2024 : € 0.49 vs 0.41 +20.8% We have updated our model after the release of the FY22 results. The latter were not meaningful (as usual) since the investment case is based on future product launches (hopefully as of FY24). Concerning our short-term earnings forecasts, they have been fine-tuned to factor in a slightly-higher contribution to revenues from the BARDA agreement signed last June. This is
As usual, the FY results are not meaningful. The financing is secured for the short term, but this is not new news. No real news either on the progress made on various fronts (BARDA, EUA, filings). The market remains hungry for more. We see room to improve the group’s communication.
The group has raised €14m in new debt, securing the group’s financing ahead of product launches. We appreciate that it did not have to resort to dilutive instruments. Since this had been our assumption, no change to our numbers or valuation. The upside potential remains very significant.
Minor changes after H1 22 EPS CHANGE CHANGE IN EPS 2022 : € (0.32) vs (0.23) ns 2023 : € (0.35) vs (0.25) ns We have only changed our short-term estimates after the release of the H1 22 results. These changes are minor and are limited to FY23-24) even if they look more significant in EPS terms due to the fact that the result is a small loss, implying that any change to our numbers translates into an apparent bigger change in percentage terms. The impact on our valuation of the stock i
The H1 22 results came in line with expectations, “as usual” The group continues with its efforts on Midazolam, Hydrocortisone and Adrenaline The bioequivalence study for Midazolam should be ready this autumn After the positive result of the BARDA, we expect more on the commercial front
Adjusting our forecasts to the new number of shares EPS CHANGE CHANGE IN EPS 2022 : € (0.23) vs (0.26) ns 2023 : € (0.25) vs (0.31) ns We have adjusted our numbers to the current number of shares (after the latest exercise of subscription rights) which now stands at 34.83m as of August 2022. As a result, the loss per share for FY22/23 decreases. CHANGE IN NAV € 12.3 vs 13.3 -7.88% We have adjusted our numbers to the current number of shares (after the exercise of subscription ri
Companies: Crossject SA
The update of our assumptions confirms a huge upside potential EPS CHANGE CHANGE IN TARGET PRICE € 11.3 vs 10.3 +9.17% Despite the fact we have quite significantly changed our assumptions after extensive talks with management, our target price does not move much. On the one hand, it is boosted by the NAV valuation based on future sales multiples of the products to be launched from FY24 onwards but, on the other, it is penalised by short-term losses. Actually, the peer-based comparison i
We have estimated the future contributions of all seven NTEs (New Therapeutic Entities) currently under development We detail here the main assumptions we made, including the probability of success of each NTE The update of our model after talking to management confirms the huge potential for the share price (over 250% in the mid-term)
The tender for Zeneo Midazolam with BARDA was a success It will translate into the first orders for the French company It will also accelerate the approval process with the FDA and other regulatory authorities This excellent news can only support our very positive stance on the stock
Crossject released an expected set of FY21 results The industrialisation process of Zeneo is on track The group’s financing for FY22 seems to be secured We will adjust our model to account for the latest developments
Crossject has announced the issuance of convertible bonds. It also grants free subscription rights to existing shareholders. The financing of FY22 is thus secured and gives the group time to reach the market. We will fine-tune our model and integrate this issuance.
The H1 21 results were in line with expectations The group continues its efforts on Midazolam, Hydrocortisone and Adrenaline The bioequivalence study for Midazolam should start before year-end The result of the Barda call for tender is still expected
EPS CHANGE CHANGE IN EPS 2021 : € (0.28) vs 0.18 ns 2022 : € 0.63 vs 0.91 -30.7 % We have fine-tuned our numbers on the back of the FY20 detailed accounts. Forecasts were also partly amended but net results remain low in the next few years which explains why a small change in the estimates translates into a more significant one in percentage terms at the EPS level.
EPS CHANGE CHANGE IN EPS 2021 : € 0.18 vs 0.18 -0.32 % 2022 : € 0.91 vs 0.91 -0.32 % We have only integrated the detailed numbers for FY20, which translate into a slightly lower EPS. However, the change is not meaningful given the still very low level of results of the company before its products reach the market.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Crossject SA. We currently have 0 research reports from 2 professional analysts.
Companies: Warpaint London PLC
Shore Capital
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol
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Hardman & Co
Avon Protection’s capital markets day highlighted its continued focus on medium-term margin expansion (targeting operating margin of 14–16%), concentrating on its core business of respirators and head protection. The unwinding of the armour business, alongside the consolidation of Team Wendy (acquired in H220) should enable Avon to benefit from rising global defence spending. Its strong relationship with the US DoD, and organic growth opportunities with recurring revenue from necessary product r
Companies: Avon Protection PLC
Edison
15th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio
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Hybridan
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Cavendish
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17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
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TRX is focused on the development and commercialisation of two proprietary processing technologies for the repair of soft tissue (dCELL®) and bone (BioRinse®). It has a broad portfolio of products used in biosurgery, orthopaedics and dental markets. Investment in tissue processing, manufacturing capacity and strong commercial partners, together with its “4S” strategy, has generated six consecutive reporting periods of strong growth, with TRX turning EBITDA-positive in 2023. Further growth in 202
Companies: Tissue Regenix Group plc
Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We
Companies: Cambridge Nutritional Sciences PLC
Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli
Companies: Venture Life Group Plc
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The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
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Diaceutics has released a trading statement for the year to December 2023 guiding to revenue growth of 22% YoY to £23.7m, up 19% on a constant currency basis. The order book jumped 57% to £26.6m, of which c£12.3m is expected to be realised in FY24, and which currently stands at £30.8m. The proportion of recurring revenue continues to increase and is now over 50% (FY22 35%). Cash at YE23 stood at £16.7m, indicating a near halving of the rate of cash burn in 2H23 compared to 1H23. We adjust our FY
Companies: Diaceutics Plc
Capital Access Group
Zoetis delivered a decent set of results for the last quarter of 2022 meeting analyst expectations as well as the high end of its management guidance. Despite the economic challenges, ongoing pandemic recovery, and the political unpredictability brought on by the war in Ukraine, they delivered operational growth for the year in each of their top 13 markets. The company's unique companion animal portfolio drove its 8% operational revenue increase for the year, growing 14% operationally. In compar
Companies: Zoetis (ZTS:NYSE)Zoetis, Inc. Class A (ZTS:NYS)
Baptista Research
Companies: NTQ KMK JNEO DCTA
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