TARGET CHANGE
CHANGE IN EPS
2022 : € (0.02) vs (0.02) ns
2023 : € (0.03) vs (0.03) ns

We have updated our model with the integration of the FY21 results and net loss of €1.55m. Estimates for FY22/FY23 are unchanged.


CHANGE IN NAV
€ 0.83 vs 1.01 -17.0%

Following the FY21 results, we have added a €4m capital increase, at a subscription price of €0.30 per share, leading to the creation of 13.3m shares. This represents a c. 30% discount on the 29/04/2022 closing price (day of the announcement). Note that this is temporary and will be updated as the split between the conversion of NEGMA’s OCABSA and fresh equity capital remain unknown at this stage.


CHANGE IN DCF
€ 0.67 vs 0.90 -25.2%

In line with the NAV, the DCF is impacted by the creation of 13.3m shares following a €4m capital increase.