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    DYA   CA26780A1084


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Original-Research: dynaCERT Inc (von GBC AG): Buy

10.08.2020 | 10:02


Original-Research: dynaCERT Inc - von GBC AG

Einstufung von GBC AG zu dynaCERT Inc

Unternehmen: dynaCERT Inc
ISIN: CA26780A1084

Anlass der Studie: Research Report (Anno)
Empfehlung: Buy
Kursziel: 2.20 CAD
Kursziel auf Sicht von: 31.12.2021
Letzte Ratingänderung: 
Analyst: Matthias Greiffenberger, Julien Desrosiers

Significant leaps in sales to be expected
Possible technological revolution
dynaCERT has a unique technology that makes it possible to achieve emission
and fuel reductions. The research and development was carried out over
several years and is now to be marketed. In our initial research report
(20.09.2019), we expected a significant jump in sales in 2020 and we
confirm our assumption with this report. Nevertheless, we expect a lower
sales level due to the corona crisis. Because of the corona crisis, hardly
any units could be produced in the first half of 2020, as the production
facility had to remain closed. Production should now have resumed by now
(August 2020). dynaCERT was able to continue successful sales negotiations
despite the production being halted and therefore has a very large order
Production and sales got off to a good start at the end of 2019 and were
then slowed down by the corona crisis. In the past 2019 financial year,
sales revenues rose to CAD 1.06 million (previous year: CAD 0.09 million).
A total of 305 systems were sold, of which 189 systems were sold in the
fourth quarter. A net result of CAD -12.67 million was achieved in fiscal
year 2019, with a very high gross margin of 71.4%. Overall, operating costs
rose to CAD 8.79 million (PY: CAD 7.69 million), driven by higher marketing
and corporate development costs.
The first Quarter 2020 initially continued the positive trend and recorded
sales increases until the corona crisis brought production to a halt. Sales
revenues of CAD 0.31 million (previous year: CAD 0.00 million) were
achieved with a net result of CAD -2.46 million (previous year: CAD -3.78
million). Sales continued successfully and, under an exclusive agreement
for the truck market in the USA, Karbon Klean has guaranteed a minimum
quantity of over 150,000 units for the next three years.
In the past, technologies that contribute to fuel savings established
themselves on the market extremely quickly. On the one hand, buyers can
reduce their running costs and, on the other hand, competitors must also
adopt the technology in order to remain competitive. For example, the
market penetration of trailer skirts began in 2008 and reached a market
penetration of over 60% just two years later. We expect that dynaCERT's
technology will also establish itself dynamically in the market. We have
drawn up conservative planning and still expect significant sales leaps. We
expect sales revenues to increase to CAD 32.00 million in the current
fiscal year 2020 and to reach CAD 200.00 million in 2021 and CAD 350.00
million in 2022. On the earnings side, a similar development should take
place and we expect a net result of CAD -1.34 million in 2020, CAD 45.02
million in 2021 and CAD 76.26 million in 2022. This forecast model does not
yet include the extensive sales and earnings potential from the CO2
certificates (carbon credits).
The transition of the Company from TSX-Venture to the TSX demonstrates the
quality of the Company and should provide even better access to
institutional investors and capital.
Should the company be able to roll out the patent-protected technology on
the market quickly, massive valuation leaps should be possible. On the
basis of our DCF model, we are raising the price target to CAD 2.20 (USD
1.65; EUR 1.40) and assigning a Buy rating in view of the high upside

Die vollständige Analyse können Sie hier downloaden:

Kontakt für Rückfragen
Jörg Grunwald
Halderstraße 27
86150 Augsburg
0821 / 241133 0
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben
analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,11); Einen
Katalog möglicher Interessenkonflikte finden Sie unter:
Date and time of study completion: English: 10.08.2020 (09:30)
Date and time of first transmission: English: 10.08.202 (10:00)
Target price valid until: 31.12.2021

-------------------übermittelt durch die EQS Group AG.-------------------

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. 
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.


© dpa-AFX 2020
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