Company Valuation: Bavarian Nordic A/S

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 18,904 15,064 13,830 14,877 14,938 14,316 - -
Change - -20.32% -8.19% 7.57% 0.41% -4.16% - -
Enterprise Value (EV) 1 16,160 13,341 11,979 12,717 11,617 10,363 9,180 7,934
Change - -17.44% -10.21% 6.15% -8.64% -10.8% -11.41% -13.58%
P/E -36.3x -43.6x 9.24x 15x 10.8x 21.8x 20.9x 16.3x
PBR 2.57x 2.1x 1.34x 1.31x 1.18x 1.12x 1.06x 0.99x
PEG - 1.3x -0x -0.4x 0.3x -0.4x 4.64x 0.6x
Capitalization / Revenue 9.96x 4.78x 1.96x 2.6x 2.39x 2.58x 2.57x 2.4x
EV / Revenue 8.51x 4.23x 1.7x 2.22x 1.86x 1.86x 1.65x 1.33x
EV / EBITDA 216x 40.7x 4.58x 7.93x 4.57x 6.75x 5.84x 4.38x
EV / EBIT -51.6x -188x 5.81x 13.5x 6.44x 12.4x 10.6x 7.18x
EV / FCF -19.2x -94.5x 12.3x 6.81x 4.62x 7.26x 7.76x 6.37x
FCF Yield -5.21% -1.06% 8.15% 14.7% 21.7% 13.8% 12.9% 15.7%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -7.4 -4.9 19.2 12.6 17.6 8.598 8.985 11.5
Distribution rate - - - - - - - -
Net sales 1 1,898 3,151 7,062 5,716 6,244 5,557 5,563 5,969
EBITDA 1 74.8 328 2,615 1,603 2,542 1,535 1,572 1,811
EBIT 1 -312.9 -70.78 2,060 939.8 1,804 836.3 862.3 1,104
Net income 1 -464.8 -347.4 1,475 988 1,375 672 699.3 900.4
Net Debt 1 -2,745 -1,723 -1,850 -2,160 -3,320 -3,953 -5,136 -6,382
Reference price 2 268.80 213.40 177.45 189.35 190.85 187.50 187.50 187.50
Nbr of stocks (in thousands) 70,329 70,589 77,937 78,567 78,270 76,352 - -
Announcement Date 3/4/22 3/2/23 3/6/24 3/5/25 3/12/26 - - -
1DKK in Million2DKK
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.81x1.86x6.75x - 2.19B
34.75x12.42x25.87x0.58% 1,043B
26.86x6.13x16.78x2.15% 602B
33.14x7.52x15.43x2.7% 449B
17.71x4.39x10.82x3.02% 327B
21.31x5.47x13.24x2.89% 279B
21.26x4.48x12.39x1.96% 264B
24.37x6.42x11.35x2.71% 201B
-49.1x5.86x32.41x2.38% 169B
12.77x3.12x7.88x6.86% 143B
Average 16.49x 5.77x 15.29x 2.81% 347.93B
Weighted average by Cap. 23.88x 7.73x 18.23x 2.11%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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