Tuck,
Being a French company quoted on the French "nouveau marché", the quality of financial statements is not as high as the ones available for the US quoted companies.
I'll post what I can find. According to their site cerep.fr they are followed by
Close Brothers Equity Market
BancBoston Robertson Stephens
Cyril Finance
Pinatton Analyse Financière
CCF Securities
The latest report I have seen about them is from Credit Lyonnais Securities Eur, (Analyst: Christophe-Raphael Ganet ). Dated November 6th.
They are ranked as buy (which does not say much) with a target price of 123 Euros.
Here are the main sentences:
"
Cerep has an original approach, operating as a ‘drug discoverer’ from a platform which we believe is highly differentiated from what one normally finds in the bio–tech sector in Europe.
Cerep was the only French bio–tech company to break even in 3Q00. This success is the result of its unique business development model, a mix between services, access to the
BioPrint database, R&D agreements and milestones plus royalties.
x
Over the next five–to–six months, we expect new agreements to be signed, which will take the form of subcriptions to BioPrint or partnership research accords. BioPrint should gain progressive recognition as these new agreements are finalised and we are convinced that new subscribers will join the BioPrint consortium. At the same time, we think that the market will grant Cerep a higher rating.
We have a price target of 123 – but this would only constitute an initial stage given the valuation multpiles of companies which are active in closely related areas. Of the companies which make up our bio–tech universe, Cerep is preferred stock.
"
This is the latest PR with third quarter results
Rueil-Malmaison, France, November 2, 2000 - Cerep (Nouveau Marché: CEREP) today announced third quarter sales for the three-month period ended September 30, 2000.
The drug discovery company reported third quarter sales of Euros 4.6 million (FF 30.0 million) compared to Euros 2.3 million (FF 15.0 million) for the same period in 1999, an increase of 100 %. For the nine months, the sales were Euros 12.6 million (FF 82.8 million) compared to Euros 6.9 million (FF 45.0 million) for the same period in 1999, an increase of 84 %.
Fee-for-service activities were Euros 2.7 million (FF 17.9 million) in the third quarter, an increase of 59 % over the Euros 1.7 million (FF 11.3 million) recorded in the same period in 1999, while collaborative efforts increased by 216 % to Euros 1.8 million (FF 12.0 million) from Euro 0.6 million (FF 3.8 million) in 1999. For the nine month period, service revenue increased to Euros 7.4 million (FF 48.5 million) compared to Euros 5.1 million (FF 33.7 million) in 1999, a progression of 44 %. Collaborative drug research programs sales grew to Euros 5.2 million (FF 34.4 million) versus Euros 1.7 million (FF 11.3 million) for the same nine month period in 1999, an increase of 204 %.
“The sales for the third quarter and nine months are extremely gratifying and demonstrate the appropriateness of our strategy” commented Thierry Jean, President and CEO of Cerep.
About Cerep:
Cerep’s mission is to optimize the drug discovery process. Cerep provides solutions to the pharmaceutical industry allowing faster and more cost effective drug discovery by identifying at early stages compounds that will fail in development. Cerep’s integrated platform encompasses a the complete range of technologies including chemistry, biology, and informatics. Cerep provides its technologies to more than 130 pharmaceutical and biotechnological companies worldwide including most of the top pharmaceutical firms. Cerep has signed several strategic alliances for drug discovery with leading pharmaceutical and agrochemical companies, including Bristol-Myers Squibb, Sanofi-Synthelabo and Aventis CropScience.
The company was introduced on the Nouveau Marché on 18 February 1998 (Sicovam code: 6179).
Statements included in this press release which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The company cautions readers that forward-looking statements, including without limitation those relating to the company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Factors that may affect future operations and business prospects include, but are not limited to, clinical and scientific results and developments concerning corporate collaborations and the company’s proprietary rights and other factors described in the prospectus relating to the company’s recent public offering.
Contacts :
Cerep
Thierry JEAN, President and CEO
Tél :+33 (0)1 55 94 84 00
fincom@cerep.fr
CICOMMUNICATION
Catherine ISNARD
Tél :+33 (0)1 47 23 90 48
cicom@cicommunication.fr
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