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Nachricht vom 01.12.2021 | 09:30

GBC AG: GBC Research initiates coverage of IGEA Pharma N.V.: Target price EUR 1.05; BUY rating

DGAP-News: GBC AG / Key word(s): Study
01.12.2021 / 09:30
The issuer is solely responsible for the content of this announcement.


GBC Research initiates coverage of IGEA Pharma N.V.: Target price EUR 1.05; BUY rating

- Realignment to European CBD market

- Aggressive growth expected with strong scaling effects

- EUR 170.15 million revenue and EUR 105.25 million EBITDA expected in 2023

- Company to present at MKK Munich Capital Markets Conference on Dec. 8, 2021 from 10:50 a.m. -11:25 a.m

Augsburg, December 01, 2021 - GBC Research has started coverage of IGEA Pharma N.V. (ISIN NL0012768675). The company is currently undergoing a realignment and will address the high-growth European CBD market in the future. With a focus on quality leadership and pure extraction, IGEA Pharma's new business model should be able to occupy an attractive niche market. After the start of production in 2022, sales should be able to grow rapidly with a very attractive EBITDA margin. We expect IGEA Pharma to generate revenues of EUR 170.15 million in 2023 with EBITDA of EUR 105.25 million. Based on our DCF model, we have determined a fair value of EUR 1.05 (CHF 1.13) per share and assign a BUY rating.

The reorientation of IGEA Pharma is based on a reverse IPO. For this purpose, Blue Sky Natural Resources Ltd. was contributed to IGEA Pharma on September 27, 2021 through a capital increase in kind. The business model is now to change fundamentally. The wellness and prevention sector is to be addressed with a focus on CBD. The goal is to become the quality and cost leader in CBD in Europe. To this end, a GMP-compliant facility is being built in Switzerland. To achieve the highest quality standard, the supercritical CO2 extraction process will be used. For this purpose, a proprietary system has been developed. Due to the very high quality, the product shall be sold at significantly higher prices compared to CBD extracted by solvent-based methods. CBD is to be marketed exclusively B2B in wholesale. According to management, the selling price may be around CHF 8,500 / kg. Based on this assumption, we forecast a substantial sales and earnings development. With the proprietary supercritical CO2-extraction technology, other markets can be developed in the medium term, such as vanilla, roses or rosemary.

The subsidiary Blue Sky already has extensive quantities of raw material in stock. In total, 64,700 kg of frozen and 9,600 kg of dried hemp are in stock. The hemp corresponds to the best organic quality (GMT). The extensive production or CBD extraction is planned to start in 2022. Initially, this will be set up with one production line and one shift, and then expanded to a two-shift system. By 2025, the production lines will then be gradually expanded to four.

With raw materials already in stock, production should be able to start promptly and we expect sales revenues of EUR 51.05 million in 2022, followed by EUR 170.15 million in 2023. The business model is well scalable and we expect successive margin increases and earnings improvements. We are already forecasting EBITDA of EUR 28.22 million for fiscal year 2022 and EUR 105.25 million in 2023.

You can download the complete analysis here (German version): or as an English version here:

In addition, the Company will present at the MKK Munich Capital Market Conference (online) on

08.12.21 from 10:50 to 11:25 a.m. in the virtual room GBC II.

Interested investors can participate under the following link:

The meeting ID is: 840 9084 0082

The identification code is: 794739

Contact for queries
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
Disclosure of possible conflicts of interest pursuant to Section 85 of the German Securities Trading Act (WpHG) and Art. 20 MAR The following possible conflict of interest exists at the company analyzed above: (5a,6a,11); A catalog of possible conflicts of interest can be found at:

01.12.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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