TARGET CHANGE
CHANGE IN TARGET PRICE
€ 1.08 vs 1.31 -17.7%

Following the publication of the H1 16 sales number, we have revised our model. The main changes are a lowering in our 2016 revenue forecast from c.€30m to c.€18m for 2016 and a decrease in 2016 net income from €0m to €-2m, as well as the lowering of our forecasts for 2017. Beyond 2018, our hypothesis is mainly unchanged. We might have to reduce our net income forecast after the publication of the H1 16 financial statements if we deem that our forecasts are not conservative enough. Overall, this has a negative impact on the peers' valuation as we use 18-month forecasts. The NAV and the DCF are mainly unchanged as we maintain our opinion that the long-term potential remains intact, should Gaussin manage to find an industrial partner.


CHANGE IN EPS
2016 : € -0.05 vs 0.00 ns
2017 : € 0.04 vs 0.07 -48.3%

We were expecting a higher revenue than the one posted by the company. Following this release, we have reduced our forecasts for 2016 and 2017. We now expect 2016 net income to once again be in negative territory.