Original-Research: Ikonisys SA (von Sphene Capital GmbH): Buy

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Original-Research: Ikonisys SA - from Sphene Capital GmbH

23.07.2024 / 10:06 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

Group AG.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of Sphene Capital GmbH to Ikonisys SA

Company Name: Ikonisys SA

ISIN: FR00140048X2

Reason for the research: Update Report

Recommendation: Buy

from: 23.07.2024

Target price: EUR 5.50 (previously: EUR 6.30)

Target price on sight of: 36 months

Last rating change: -

Analyst: Peter Thilo Hasler, CEFA

2023 below our estimates - 2024e driven by collaborations

The financial figures for the 2023 fiscal year published last week were

below our expectations. After adjusting our sales and earnings forecasts for

the years 2024e-26e, we reduce our price target derived from a three-phase

DCF entity model (base case scenario) to EUR 5.50 from EUR 6.30 per share,

but confirm our Buy rating for the shares of Ikonisys SE. We have used

alternative sales and earnings scenarios in a Monte Carlo analysis and

calculate equity values in a range between EUR 4.40 (10% quantile) and EUR

6.40 (90% quantile) per share.

The figures published last week for the past financial year 2023 were well

below our expectations. This was mainly due to lower sales of the

Ikoniscope20, which at EUR 0.284 million were even below the previous year's

figure of EUR 0.385 million (-26.1% YoY). As a result, the highly profitable

probe sales, the amount of which can be derived from the total number of

microscopes ever sold, were also well below our estimates.

Due to significant savings in operating costs-personnel expenses were more

than halved year-on-year-EBITDA and EBIT improved to EUR -0.927 million and

EUR -2.194 million, respectively, compared to the previous year's figures of

EUR -1.352 million and EUR -2.435 million, respectively. But due to the

weaker sales mix, profitability was also below our expectations.

Also last week, Ikonisys has issued 166,666 new ordinary shares in a private

placement with the Italian investment company CC Holding. At a placement

price of EUR 1.50 per share, the proceeds of the capital increase were EUR

0,250 Mio. As stated, the proceeds will be used to fund the commercial

development by financing the future working capital needs. With 1.5%, the

dilution effects on 2024e EPS and BVPS are negligible, in our view.

You can download the research here: http://www.more-ir.de/d/30273.pdf

Contact for questions:

Peter Thilo Hasler, CEFA

(89) 74443558/ (152) 31764553

peter-thilo.hasler@sphene-capital.de

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1952129 23.07.2024 CET/CEST

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