Ikonisys SA Receives Buy Rating Despite Lower 2023 Figures

Sphene Capital GmbH has updated its rating for Ikonisys SA, maintaining a buy recommendation but lowering the price target to EUR 5.50 per share from the previous EUR 6.30. The adjustment follows the company's financial results for 2023, which fell below expectations due to a significant decline in sales of the Ikoniscope20, down 26.1% year-on-year.

Despite lower sales, Ikonisys managed to cut operating costs substantially, resulting in improved EBITDA and EBIT figures of EUR -0.927 million and EUR -2.194 million, respectively. This compares favorably to the previous year's figures of EUR -1.352 million and EUR -2.435 million.

Last week, Ikonisys issued 166,666 new ordinary shares in a private placement with CC Holding at EUR 1.50 per share, raising EUR 0.250 million. These funds are earmarked for future commercial development and working capital needs. The dilution effects on 2024 EPS and BVPS are considered negligible at 1.5%.