First Berlin Equity Research has published a research update on Sirona Biochem Corp. (SBM:tsxv) (ISIN: CA82967M1005). Analyst Ellis Acklin reiterated his BUY rating and maintained his CAD 0.90 price target.
This is an abbreviated summary. The full text of this story is included just below.
Abstract:
Sirona published Q3/15 figures for the period ending 31 July (FYE: October). As expected, the period centred mainly on R&D activities and no sales were generated. Although operating costs increased Q/Q, the nine month results were in line with our expectations. In the recent quarter, Sirona also reported the scale-up of TFC-1067 and we learned that TFC-837 is currently being evaluated by a leading cosmetic company. The company also recently received a cash boost from exercised warrants. We remain positive on the progress of Sirona’s pipeline and reiterate our BUY recommendation with a CAD0.90 price target.
Financial Forecasts: |
2012 |
2013 |
2014 |
2015E |
2016E |
2017E |
Revenue (CADm) |
0.00 |
0.00 |
0.00 |
0.00 |
7.26 |
18.51 |
EBIT (CADm) |
-3.02 |
-2.64 |
-3.48 |
-3.80 |
3.66 |
15.02 |
EPS (diluted) (CAD) |
-0.04 |
-0.03 |
-0.03 |
-0.03 |
0.02 |
0.08 |
FCF (CADm) |
-2.22 |
-2.62 |
-2.09 |
-4.10 |
1.74 |
10.86 |
First Berlin – Sirona Biochem Corp. Equity Research – October 15, 2015.