BAVARIAN NORDIC A/S |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 148.8 DKK | +3.26% |
|
+1.02% | -16.12% |
| Mar. 13 | Swiss Regulator Clears Bavarian Nordic’s Jynneos for Smallpox Immunization in Adults | MT |
| Mar. 13 | Bavarian Nordic A/S Receives Approval of Smallpox and Mpox Vaccine in Switzerland | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 5,541 | 10,910 | 18,904 | 15,064 | 13,830 | 11,602 | - | - |
| Enterprise Value (EV) 1 | 6,840 | 9,710 | 16,160 | 13,341 | 11,979 | 11,033 | 10,741 | 9,580 |
| P/E ratio | -16 x | 36.7 x | -36.3 x | -43.6 x | 9.24 x | 18.3 x | 13.6 x | 17.8 x |
| Yield | - | - | - | - | - | - | - | - |
| Capitalization / Revenue | 8.36 x | 5.89 x | 9.96 x | 4.78 x | 1.96 x | 2.22 x | 2.29 x | 2.23 x |
| EV / Revenue | 10.3 x | 5.24 x | 8.51 x | 4.23 x | 1.7 x | 2.11 x | 2.12 x | 1.84 x |
| EV / EBITDA | -25.2 x | 13.1 x | 216 x | 40.7 x | 4.58 x | 7.47 x | 7 x | 6.21 x |
| EV / FCF | -10.8 x | 26.5 x | -19.2 x | -94.5 x | 12.3 x | -138 x | 15.3 x | 5.59 x |
| FCF Yield | -9.3% | 3.78% | -5.21% | -1.06% | 8.15% | -0.73% | 6.55% | 17.9% |
| Price to Book | 2.97 x | 2.23 x | 2.57 x | 2.1 x | 1.34 x | 1.07 x | 1.01 x | 0.9 x |
| Nbr of stocks (in thousands) | 32,321 | 58,342 | 70,329 | 70,589 | 77,937 | 77,944 | - | - |
| Reference price 2 | 171.4 | 187.0 | 268.8 | 213.4 | 177.4 | 148.8 | 148.8 | 148.8 |
| Announcement Date | 2/20/20 | 3/12/21 | 3/4/22 | 3/2/23 | 3/6/24 | - | - | - |
1DKK in Million2DKK
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 662.5 | 1,852 | 1,898 | 3,151 | 7,062 | 5,217 | 5,057 | 5,212 |
| EBITDA 1 | -271.4 | 739.8 | 74.8 | 328 | 2,615 | 1,477 | 1,534 | 1,543 |
| EBIT 1 | -328.4 | 395.7 | -312.9 | -70.78 | 2,060 | 815 | 1,096 | 1,160 |
| Operating Margin | -49.57% | 21.36% | -16.49% | -2.25% | 29.17% | 15.62% | 21.67% | 22.26% |
| Earnings before Tax (EBT) 1 | -344.7 | 282 | -454.4 | -331.6 | 1,483 | 770.8 | 996.4 | 983 |
| Net income 1 | -346.8 | 277.5 | -464.8 | -347.4 | 1,475 | 630.1 | 855.4 | 765.3 |
| Net margin | -52.35% | 14.98% | -24.49% | -11.03% | 20.89% | 12.08% | 16.92% | 14.68% |
| EPS 2 | -10.70 | 5.100 | -7.400 | -4.900 | 19.20 | 8.146 | 10.92 | 8.350 |
| Free Cash Flow 1 | -636 | 367.1 | -841.6 | -141.2 | 976.7 | -80.15 | 704 | 1,715 |
| FCF margin | -96% | 19.82% | -44.35% | -4.48% | 13.83% | -1.54% | 13.92% | 32.9% |
| FCF Conversion (EBITDA) | - | 49.62% | - | - | 37.36% | - | 45.89% | 111.15% |
| FCF Conversion (Net income) | - | 132.27% | - | - | 66.21% | - | 82.3% | 224.09% |
| Dividend per Share 2 | - | - | - | - | - | - | - | - |
| Announcement Date | 2/20/20 | 3/12/21 | 3/4/22 | 3/2/23 | 3/6/24 | - | - | - |
1DKK in Million2DKK
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 449 | 544 | 320 | 537 | 1,004 | 1,290 | 1,252 | 1,987 | 1,376 | 2,447 | 1,198 | 1,342 | 1,395 | 1,303 |
| EBITDA | 51.58 | 31.2 | -94 | -118 | 226 | 313.6 | 481.5 | 689.7 | 380 | 1,063 | - | 339 | 369 | 286 |
| EBIT | -46.98 | -71.31 | -192.1 | -217.6 | 128 | 211 | 369.8 | 546.2 | 231.6 | 912.6 | - | - | - | - |
| Operating Margin | -10.46% | -13.11% | -60.03% | -40.53% | 12.75% | 16.35% | 29.53% | 27.49% | 16.83% | 37.29% | - | - | - | - |
| Earnings before Tax (EBT) 1 | -78.82 | -97.75 | -270.6 | -235.9 | 19.34 | 155.5 | 376.5 | 542.7 | -334.5 | 898.2 | 203 | 196 | 225 | 143 |
| Net income 1 | -81.44 | -102.2 | -271.9 | -237.2 | 12.11 | 149.6 | 376.4 | 538.1 | -340.6 | 901.3 | 159 | 153 | 176 | 111 |
| Net margin | -18.14% | -18.79% | -84.98% | -44.17% | 1.21% | 11.59% | 30.06% | 27.09% | -24.76% | 36.83% | 13.27% | 11.4% | 12.62% | 8.52% |
| EPS 2 | -1.300 | -1.600 | -3.900 | -3.400 | 0.2000 | 2.200 | 5.100 | 7.100 | -4.400 | 11.70 | 2.000 | 2.000 | 2.200 | 1.400 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 11/12/21 | 3/4/22 | 5/9/22 | 8/24/22 | 11/9/22 | 3/2/23 | 5/9/23 | 8/23/23 | 11/16/23 | 3/6/24 | - | - | - | - |
1DKK in Million2DKK
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,298 | - | - | - | - | - | - | - |
| Net Cash position 1 | - | 1,200 | 2,745 | 1,723 | 1,850 | 569 | 861 | 2,022 |
| Leverage (Debt/EBITDA) | -4.783 x | - | - | - | - | - | - | - |
| Free Cash Flow 1 | -636 | 367 | -842 | -141 | 977 | -80.2 | 704 | 1,715 |
| ROE (net income / shareholders' equity) | -17.1% | 8.21% | -7.58% | -4.78% | 16.9% | 6.22% | 8.16% | 7.1% |
| ROA (Net income/ Total Assets) | -6.86% | 3.51% | - | -2.84% | 11% | 3.92% | 5.54% | - |
| Assets 1 | 5,054 | 7,903 | - | 12,240 | 13,371 | 16,057 | 15,448 | - |
| Book Value Per Share 2 | 57.70 | 83.70 | 105.0 | 102.0 | 132.0 | 139.0 | 148.0 | 166.0 |
| Cash Flow per Share 2 | -8.550 | 10.60 | -5.680 | 3.120 | 14.60 | 2.900 | 18.80 | 25.00 |
| Capex 1 | 360 | 205 | 483 | 361 | 143 | 296 | 278 | 198 |
| Capex / Sales | 54.36% | 11.06% | 25.46% | 11.47% | 2.02% | 5.67% | 5.5% | 3.8% |
| Announcement Date | 2/20/20 | 3/12/21 | 3/4/22 | 3/2/23 | 3/6/24 | - | - | - |
1DKK in Million2DKK
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
BUY
Number of Analysts
5
Last Close Price
148.8
DKK
Average target price
264.8
DKK
Spread / Average Target
+77.90%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -16.12% | 1.66B | |
| +25.83% | 661B | |
| +27.00% | 566B | |
| -6.76% | 352B | |
| +20.34% | 332B | |
| +3.00% | 283B | |
| +13.09% | 231B | |
| +5.46% | 200B | |
| -9.61% | 195B | |
| -6.26% | 145B |
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- Financials Bavarian Nordic A/S
