Biovica
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Rapid and effective evaluation of cancer treatments
Biovica
Biovica is a biotechnology company whose patented technology platform, DiviTum, measures the cell growth rate of patients with solid cancer tumours. The test is designed to provide a measure of how fast cancer grows, as well as whether targeted cancer treatment is effective. Biovica has initially chosen to focus on evaluating the treatment effect on metastatic breast cancer. The company is in an early commercial phase and currently has sales to the research market. Commercial launch in 2020 is estimated for Europe and the United States.
We believe there are good opportunities for Biovica to receive reimbursement for the company's product DiviTum in a number of markets. DiviTum's advantage over existing methods is that only a blood sample is required, and the technology is expected to enable an assessment of treatment effect already after 2-4 weeks, which can be compared to the average time for most of today's methods in about 2-4 months.
We note a number of risks factors for Biovica, including market risk, partnership risk, competition, legal and regulatory risk, product development risk and currency and macroeconomic risk. In addition, there is a risk that Divitum will not receive reimbursement on key markets in Europe and the United States and that today's standardized methods could be considered better.
Financials
BIOVICA
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3 | 1 | 1 | 0 | 0 | 2 | 2 | 1 | 1 | 3 | 3 | 3 | 3 | 14 | 14 | 36 | 36 | ||
| Sales growth (%) | -8,2 | N/A | N/A | -47,8 | -47,8 | 430,1 | 430,1 | -74 | -74 | 330,9 | 330,9 | -8,2 | -8,2 | 470 | 470 | 150 | 150 | ||
| EBITDA | -16 | 0 | 0 | -5 | -5 | -4 | -4 | -13 | -13 | -15 | -15 | -16 | -16 | -14 | -14 | N/A | N/A | ||
| EBITDA margin (%) | -558,9 | 0 | 0 | 0 | 0 | -1114,4 | -1114,4 | -161,2 | -161,2 | -2060,6 | -2060,6 | -558,9 | -558,9 | -644 | -644 | -94,9 | -94,9 | ||
| EBIT adj | -18 | 0 | 0 | 0 | 0 | -6 | -6 | -6 | -6 | -15 | -15 | -18 | -18 | -19 | -19 | -18 | -18 | ||
| EBIT adj margin (%) | -659,4 | 0 | 0 | 0 | 0 | -1402 | -1402 | -227,6 | -227,6 | -2347,9 | -2347,9 | -659,4 | -659,4 | -776 | -776 | -126,5 | -126,5 | ||
| Pretax profit | -19 | 0 | 0 | -7 | -7 | -6 | -6 | -15 | -15 | -18 | -18 | -19 | -19 | -18 | -18 | -6 | -6 | ||
| EPS rep | -1,1 | 0 | 0 | -0,4 | -0,4 | -0,34 | -0,34 | -0,84 | -0,84 | -1,02 | -1,02 | -1,1 | -1,1 | -1,03 | -1,03 | -0,32 | -0,32 | ||
| EPS growth (%) | -7,7 | N/A | N/A | 0 | 0 | 14,5 | 14,5 | -148,9 | -148,9 | -21,3 | -21,3 | -7,7 | -7,7 | 7,1 | 7,1 | 68,8 | 68,8 | ||
| EPS adj | -1,1 | 0 | 0 | -0,4 | -0,4 | -0,34 | -0,34 | -0,84 | -0,84 | -1,02 | -1,02 | -1,1 | -1,1 | -1,03 | -1,03 | -0,32 | -0,32 | ||
| DPS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EV/EBITDA (x) | -7,3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -9 | -9 | -7,3 | -7,3 | -12,4 | -12,4 | 158,3 | 158,3 | ||
| EV/EBIT adj (x) | -6,1 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -7,7 | -7,7 | -6,1 | -6,1 | -9,3 | -9,3 | -32 | -32 | ||
| P/E (x) | -8,2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -11,3 | -11,3 | -8,2 | -8,2 | -8,9 | -8,9 | -28,4 | -28,4 | ||
| P/E adj (x) | -8,2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -11,3 | -11,3 | -8,2 | -8,2 | -8,9 | -8,9 | -28,4 | -28,4 | ||
| EV/sales (x) | 47,1 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 50,5 | 50,5 | 47,1 | 47,1 | 11,8 | 11,8 | 4,8 | 4,8 | ||
| FCF yield (%) | -14,9 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -10,9 | -10,9 | -14,9 | -14,9 | -15,4 | -15,4 | -5,9 | -5,9 | ||
| Dividend yield (%) | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net IB debt/EBITDA | 2,6 | N/A | N/A | 0,2 | 0,2 | 2,3 | 2,3 | 0,7 | 0,7 | 4,3 | 4,3 | 2,6 | 2,6 | -0,6 | -0,6 | 9,6 | 9,6 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3 | 1 | 1 | 0 | 0 | 2 | 2 | 1 | 1 | 3 | 3 | 3 | 3 | 14 | 14 | 36 | 36 | ||
| COGS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Gross profit | 3 | 1 | 1 | 0 | 0 | 2 | 2 | 1 | 1 | 3 | 3 | 3 | 3 | 14 | 14 | 36 | 36 | ||
| Other operating items | -19 | -1 | -1 | -6 | -6 | -6 | -6 | -14 | -14 | -18 | -18 | -19 | -19 | -28 | -28 | -35 | -35 | ||
| EBITDA | -16 | 0 | 0 | -5 | -5 | -4 | -4 | -13 | -13 | -15 | -15 | -16 | -16 | -14 | -14 | 1 | 1 | ||
| Depreciation on tangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Depreciation on intangibles | -3 | 0 | 0 | -1 | -1 | -2 | -2 | -2 | -2 | -3 | -3 | -3 | -3 | -5 | -5 | -6 | -6 | ||
| EBITA | -19 | 0 | 0 | -6 | -6 | -6 | -6 | -15 | -15 | -18 | -18 | -19 | -19 | -18 | -18 | -5 | -5 | ||
| Goodwill impairment charges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other impairment and amortisation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EBIT | -19 | 0 | 0 | -6 | -6 | -6 | -6 | -15 | -15 | -18 | -18 | -19 | -19 | -18 | -18 | -5 | -5 | ||
| Other financial items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net financial items | 0 | 0 | 0 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Associated income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other EO items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Pretax profit | -19 | 0 | 0 | -7 | -7 | -6 | -6 | -15 | -15 | -18 | -18 | -19 | -19 | -18 | -18 | -6 | -6 | ||
| Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit | -19 | 0 | 0 | -7 | -7 | -6 | -6 | -15 | -15 | -18 | -18 | -19 | -19 | -18 | -18 | -6 | -6 | ||
| Minority interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit discontinued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit to shareholders | -19 | 0 | 0 | -7 | -7 | -6 | -6 | -15 | -15 | -18 | -18 | -19 | -19 | -18 | -18 | -6 | -6 | ||
| EPS | -1,1 | 0 | 0 | -0,4 | -0,4 | -0,34 | -0,34 | -0,84 | -0,84 | -1,02 | -1,02 | -1,1 | -1,1 | -1,03 | -1,03 | -0,32 | -0,32 | ||
| EPS Adj | -1,1 | 0 | 0 | -0,4 | -0,4 | -0,34 | -0,34 | -0,84 | -0,84 | -1,02 | -1,02 | -1,1 | -1,1 | -1,03 | -1,03 | -0,32 | -0,32 | ||
| Total extraordinary items after tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Tax rate (%) | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Gross margin (%) | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | ||
| EBITDA margin (%) | -644 | 0 | 0 | -1114,4 | -1114,4 | -161,2 | -161,2 | -2060,6 | -2060,6 | -558,9 | -558,9 | -644 | -644 | -94,9 | -94,9 | 3 | 3 | ||
| EBITA margin (%) | -776 | 0 | 0 | -1402 | -1402 | -227,6 | -227,6 | -2347,9 | -2347,9 | -659,4 | -659,4 | -776 | -776 | -126,5 | -126,5 | -14,9 | -14,9 | ||
| EBIT margin (%) | -776 | 0 | 0 | -1402 | -1402 | -227,6 | -227,6 | -2347,9 | -2347,9 | -659,4 | -659,4 | -776 | -776 | -126,5 | -126,5 | -14,9 | -14,9 | ||
| Pretax margin (%) | -776 | 0 | 0 | -1520,8 | -1520,8 | -245,3 | -245,3 | -2349,2 | -2349,2 | -661,4 | -661,4 | -776 | -776 | -126,5 | -126,5 | -15,8 | -15,8 | ||
| Net margin (%) | -776 | 0 | 0 | -1520,8 | -1520,8 | -245,3 | -245,3 | -2349,2 | -2349,2 | -661,4 | -661,4 | -776 | -776 | -126,5 | -126,5 | -15,8 | -15,8 | ||
| Growth rates Y/Y | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Sales growth (%) | -8,2 | N/A | N/A | -47,8 | -47,8 | 430,1 | 430,1 | -74 | -74 | 330,9 | 330,9 | -8,2 | -8,2 | 470 | 470 | 150 | 150 | ||
| EBITDA growth (%) | -5,8 | N/A | N/A | 0 | 0 | 23,3 | 23,3 | -232,3 | -232,3 | -16,9 | -16,9 | -5,8 | -5,8 | 16 | 16 | 108 | 108 | ||
| EBIT growth (%) | -8 | N/A | N/A | 0 | 0 | 14 | 14 | -168,2 | -168,2 | -21 | -21 | -8 | -8 | 7,1 | 7,1 | 70,5 | 70,5 | ||
| Net profit growth (%) | -7,7 | N/A | N/A | 0 | 0 | 14,5 | 14,5 | -148,9 | -148,9 | -21,3 | -21,3 | -7,7 | -7,7 | 7,1 | 7,1 | 68,8 | 68,8 | ||
| EPS growth (%) | -7,7 | N/A | N/A | 0 | 0 | 14,5 | 14,5 | -148,9 | -148,9 | -21,3 | -21,3 | -7,7 | -7,7 | 7,1 | 7,1 | 68,8 | 68,8 | ||
| Profitability | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| ROE (%) | -23,5 | N/A | N/A | -167,8 | -167,8 | -35,3 | -35,3 | -58,3 | -58,3 | -30,7 | -30,7 | -23,5 | -23,5 | -34,6 | -34,6 | -19,6 | -19,6 | ||
| ROE Adj (%) | -23,5 | N/A | N/A | -167,8 | -167,8 | -35,3 | -35,3 | -58,3 | -58,3 | -30,7 | -30,7 | -23,5 | -23,5 | -34,6 | -34,6 | -19,6 | -19,6 | ||
| ROCE (%) | -67,3 | N/A | N/A | -177,5 | -177,5 | -46,5 | -46,5 | -89,6 | -89,6 | -84,2 | -84,2 | -67,3 | -67,3 | -51,3 | -51,3 | -14 | -14 | ||
| ROCE Adj(%) | -67,3 | N/A | N/A | -177,5 | -177,5 | -46,5 | -46,5 | -89,6 | -89,6 | -84,2 | -84,2 | -67,3 | -67,3 | -51,3 | -51,3 | -14 | -14 | ||
| ROIC (%) | -62,2 | N/A | N/A | -97,2 | -97,2 | -35,4 | -35,4 | -82,4 | -82,4 | -77,9 | -77,9 | -62,2 | -62,2 | -45,4 | -45,4 | -11,6 | -11,6 | ||
| ROIC Adj (%) | -62,2 | N/A | N/A | -97,2 | -97,2 | -35,4 | -35,4 | -82,4 | -82,4 | -77,9 | -77,9 | -62,2 | -62,2 | -45,4 | -45,4 | -11,6 | -11,6 | ||
| Adj earnings numbers | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| EBITDA Adj | -16 | 0 | 0 | -5 | -5 | -4 | -4 | -13 | -13 | -15 | -15 | -16 | -16 | -14 | -14 | 1 | 1 | ||
| EBITDA Adj margin (%) | -644 | 0 | 0 | -1114,4 | -1114,4 | -161,2 | -161,2 | -2060,6 | -2060,6 | -558,9 | -558,9 | -644 | -644 | -94,9 | -94,9 | 3 | 3 | ||
| EBITA Adj | -19 | 0 | 0 | -6 | -6 | -6 | -6 | -15 | -15 | -18 | -18 | -19 | -19 | -18 | -18 | -5 | -5 | ||
| EBITA Adj margin (%) | -776 | 0 | 0 | -1402 | -1402 | -227,6 | -227,6 | -2347,9 | -2347,9 | -659,4 | -659,4 | -776 | -776 | -126,5 | -126,5 | -14,9 | -14,9 | ||
| EBIT Adj | -19 | 0 | 0 | -6 | -6 | -6 | -6 | -15 | -15 | -18 | -18 | -19 | -19 | -18 | -18 | -5 | -5 | ||
| EBIT Adj margin (%) | -776 | 0 | 0 | -1402 | -1402 | -227,6 | -227,6 | -2347,9 | -2347,9 | -659,4 | -659,4 | -776 | -776 | -126,5 | -126,5 | -14,9 | -14,9 | ||
| Pretax profit Adj | -19 | 0 | 0 | -7 | -7 | -6 | -6 | -15 | -15 | -18 | -18 | -19 | -19 | -18 | -18 | -6 | -6 | ||
| Net profit Adj | -19 | 0 | 0 | -7 | -7 | -6 | -6 | -15 | -15 | -18 | -18 | -19 | -19 | -18 | -18 | -6 | -6 | ||
| Net profit to shareholders Adj | -19 | 0 | 0 | -7 | -7 | -6 | -6 | -15 | -15 | -18 | -18 | -19 | -19 | -18 | -18 | -6 | -6 | ||
| Net Adj margin (%) | -776 | 0 | 0 | -1520,8 | -1520,8 | -245,3 | -245,3 | -2349,2 | -2349,2 | -661,4 | -661,4 | -776 | -776 | -126,5 | -126,5 | -15,8 | -15,8 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -16 | 0 | 0 | -5 | -5 | -4 | -4 | -13 | -13 | -15 | -15 | -16 | -16 | -14 | -14 | 1 | 1 | ||
| Net financial items | 0 | 0 | 0 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Paid tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Non-cash items | 0 | 0 | 0 | 3 | 3 | 6 | 6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash flow before change in WC | -16 | 0 | 0 | -2 | -2 | 2 | 2 | -13 | -13 | -15 | -15 | -16 | -16 | -14 | -14 | 1 | 1 | ||
| Change in WC | 0 | 0 | 0 | 2 | 2 | -2 | -2 | 0 | 0 | 2 | 2 | 0 | 0 | -3 | -3 | -1 | -1 | ||
| Operating cash flow | -16 | 0 | 0 | 0 | 0 | 0 | 0 | -13 | -13 | -14 | -14 | -16 | -16 | -16 | -16 | 0 | 0 | ||
| CAPEX tangible fixed assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| CAPEX intangible fixed assets | -8 | 0 | 0 | -4 | -4 | -13 | -13 | -6 | -6 | -8 | -8 | -8 | -8 | -9 | -9 | -10 | -10 | ||
| Acquisitions and disposals | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Free cash flow | -24 | 0 | 0 | -4 | -4 | -13 | -13 | -19 | -19 | -22 | -22 | -24 | -24 | -25 | -25 | -9 | -9 | ||
| Dividend paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Share issues and buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other non cash items | 0 | 0 | 0 | 5 | 5 | 21 | 21 | 19 | 19 | 79 | 79 | 0 | 0 | -26 | -26 | 7 | 7 | ||
| Decrease in net IB debt | -23 | 0 | 0 | 1 | 1 | 8 | 8 | 0 | 0 | 57 | 57 | -23 | -23 | -50 | -50 | -2 | -2 | ||
| Balance Sheet (SEKm) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 42 | 42 | 44 | 44 | ||
| Indefinite intangible assets | 26 | 0 | 0 | 0 | 0 | 17 | 17 | 17 | 17 | 21 | 21 | 26 | 26 | 0 | 0 | 0 | 0 | ||
| Definite intangible assets | 7 | 0 | 0 | 15 | 15 | 1 | 1 | 1 | 1 | 8 | 8 | 7 | 7 | 0 | 0 | 0 | 0 | ||
| Tangible fixed assets | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 3 | 3 | 2 | 2 | 2 | 2 | ||
| Other fixed assets | 0 | 0 | 0 | 0 | 0 | 8 | 8 | 8 | 8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Fixed assets | 36 | 0 | 0 | 16 | 16 | 27 | 27 | 27 | 27 | 31 | 31 | 36 | 36 | 45 | 45 | 46 | 46 | ||
| Inventories | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Receivables | 2 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 2 | 0 | 0 | 1 | 1 | ||
| Other current assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash and liquid assets | 42 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 65 | 65 | 42 | 42 | 2 | 2 | 10 | 10 | ||
| Total assets | 81 | 0 | 0 | 18 | 18 | 29 | 29 | 29 | 29 | 97 | 97 | 81 | 81 | 47 | 47 | 57 | 57 | ||
| Shareholders equity | 74 | 0 | 0 | 8 | 8 | 25 | 25 | 25 | 25 | 92 | 92 | 74 | 74 | 30 | 30 | 27 | 27 | ||
| Minority | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total equity | 74 | 0 | 0 | 8 | 8 | 25 | 25 | 25 | 25 | 92 | 92 | 74 | 74 | 30 | 30 | 27 | 27 | ||
| Long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 | 10 | 20 | 20 | ||
| Pension debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Convertible debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Deferred tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other long-term liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Short-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Accounts payable | 1 | 0 | 0 | 3 | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | ||
| Other current liabilities | 6 | 0 | 0 | 6 | 6 | 2 | 2 | 2 | 2 | 4 | 4 | 6 | 6 | 6 | 6 | 10 | 10 | ||
| Total liabilities and equity | 29 | 0 | 0 | 0 | 0 | 0 | 0 | 18 | 18 | 29 | 29 | 29 | 29 | 97 | 97 | 81 | 81 | ||
| Net IB debt | -42 | 0 | 0 | -1 | -1 | -9 | -9 | -9 | -9 | -66 | -66 | -42 | -42 | 8 | 8 | 10 | 10 | ||
| Net IB debt excl. pension debt | -42 | 0 | 0 | -1 | -1 | -9 | -9 | -9 | -9 | -66 | -66 | -42 | -42 | 8 | 8 | 10 | 10 | ||
| Capital invested | 34 | 0 | 0 | 13 | 13 | 18 | 18 | 18 | 18 | 28 | 28 | 34 | 34 | 45 | 45 | 47 | 47 | ||
| Working capital | -2 | 0 | 0 | -2 | -2 | -1 | -1 | -1 | -1 | -2 | -2 | -2 | -2 | 0 | 0 | 1 | 1 | ||
| EV breakdown | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Market cap. diluted (m) | 160 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 203 | 203 | 160 | 160 | 160 | 160 | 160 | 160 | ||
| Net IB debt Adj | -42 | 0 | 0 | -1 | -1 | -9 | -9 | -9 | -9 | -66 | -66 | -42 | -42 | 8 | 8 | 10 | 10 | ||
| Market value of minority | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of shares and participations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of conv. debt assumed equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EV | 118 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 137 | 137 | 118 | 118 | 168 | 168 | 170 | 170 | ||
| Capital efficiency (%) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Total assets turnover (%) | 2,8 | N/A | N/A | 5,2 | 5,2 | 10,5 | 10,5 | 2,2 | 2,2 | 4,3 | 4,3 | 2,8 | 2,8 | 22,3 | 22,3 | 68,9 | 68,9 | ||
| Capital invested turnover (%) | 8 | N/A | N/A | 6,9 | 6,9 | 15,6 | 15,6 | 3,5 | 3,5 | 11,8 | 11,8 | 8 | 8 | 35,9 | 35,9 | 77,4 | 77,4 | ||
| Capital employed turnover (%) | 8,7 | N/A | N/A | 12,7 | 12,7 | 20,4 | 20,4 | 3,8 | 3,8 | 12,8 | 12,8 | 8,7 | 8,7 | 40,5 | 40,5 | 93,7 | 93,7 | ||
| Inventories / sales (%) | 14,2 | 0 | 0 | 33,5 | 33,5 | 16,2 | 16,2 | 76,4 | 76,4 | 14,5 | 14,5 | 14,2 | 14,2 | 1,4 | 1,4 | 0 | 0 | ||
| Customer advances / sales (%) | 101,1 | 0 | 0 | 0 | 0 | 3,2 | 3,2 | 24,5 | 24,5 | 39,7 | 39,7 | 101,1 | 101,1 | 10,7 | 10,7 | 0 | 0 | ||
| Payables / sales (%) | 46,7 | 0 | 0 | 350,4 | 350,4 | 95 | 95 | 222,5 | 222,5 | 50,2 | 50,2 | 46,7 | 46,7 | 3,5 | 3,5 | 0 | 0 | ||
| Working capital / sales (%) | -88,6 | 0 | 0 | -240,6 | -240,6 | -59,4 | -59,4 | -108,1 | -108,1 | -55,2 | -55,2 | -88,6 | -88,6 | -5,9 | -5,9 | 2,2 | 2,2 | ||
| Financial risk and debt service | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Net debt / equity (%) | -57,2 | N/A | N/A | -12,9 | -12,9 | -35 | -35 | -35 | -35 | -71,6 | -71,6 | -57,2 | -57,2 | 27,2 | 27,2 | 38,2 | 38,2 | ||
| Net debt / market cap (%) | -24,3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -30,4 | -30,4 | -24,3 | -24,3 | 5,2 | 5,2 | 6,5 | 6,5 | ||
| Equity ratio (%) | 91,3 | N/A | N/A | 46,8 | 46,8 | 88,7 | 88,7 | 88,7 | 88,7 | 94,3 | 94,3 | 91,3 | 91,3 | 65 | 65 | 47,7 | 47,7 | ||
| Net IB debt adj. / equity (%) | -57,2 | N/A | N/A | -12,9 | -12,9 | -35 | -35 | -35 | -35 | -71,6 | -71,6 | -57,2 | -57,2 | 27,2 | 27,2 | 38,2 | 38,2 | ||
| Current ratio (%) | 665,2 | N/A | N/A | 24,1 | 24,1 | 64,2 | 64,2 | 64,2 | 64,2 | 1204,1 | 1204,1 | 665,2 | 665,2 | 31,3 | 31,3 | 111,4 | 111,4 | ||
| EBITDA / net interest (%) | 0 | N/A | N/A | -937,7 | -937,7 | -907,1 | -907,1 | -162787,5 | -162787,5 | -28181,5 | -28181,5 | 0 | 0 | 0 | 0 | 358,5 | 358,5 | ||
| Net IB debt / EBITDA (%) | 261,7 | N/A | N/A | 20,9 | 20,9 | 227,4 | 227,4 | 68,5 | 68,5 | 431 | 431 | 261,7 | 261,7 | -61,2 | -61,2 | 959,8 | 959,8 | ||
| Interest cover (%) | N/A | N/A | N/A | -1179,7 | -1179,7 | -1280,6 | -1280,6 | -185487,5 | -185487,5 | -33251,9 | -33251,9 | N/A | N/A | N/A | N/A | -1774,5 | -1774,5 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares outstanding adj. | 18 | 0 | 0 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | ||
| Fully diluted shares Adj | 18 | 0 | 0 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | ||
| EPS | -1,1 | 0 | 0 | -0,4 | -0,4 | -0,34 | -0,34 | -0,84 | -0,84 | -1,02 | -1,02 | -1,1 | -1,1 | -1,03 | -1,03 | -0,32 | -0,32 | ||
| Dividend per share Adj | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EPS Adj | -1,1 | 0 | 0 | -0,4 | -0,4 | -0,34 | -0,34 | -0,84 | -0,84 | -1,02 | -1,02 | -1,1 | -1,1 | -1,03 | -1,03 | -0,32 | -0,32 | ||
| BVPS | 4,19 | 0 | 0 | 0,47 | 0,47 | 1,45 | 1,45 | 1,45 | 1,45 | 5,22 | 5,22 | 4,19 | 4,19 | 1,73 | 1,73 | 1,54 | 1,54 | ||
| BVPS Adj | 3,77 | 0 | 0 | -0,4 | -0,4 | 1,38 | 1,38 | 1,38 | 1,38 | 4,74 | 4,74 | 3,77 | 3,77 | -0,68 | -0,68 | -0,94 | -0,94 | ||
| Net IB debt / share | -2,4 | N/A | N/A | -0,1 | -0,1 | -0,5 | -0,5 | -0,5 | -0,5 | -3,7 | -3,7 | -2,4 | -2,4 | 0,5 | 0,5 | 0,6 | 0,6 | ||
| Share price | 9,88 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 12,29 | 12,29 | 9,88 | 9,88 | 9,1 | 9,1 | 9,1 | 9,1 | ||
| Market cap. (m) | 174 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 216 | 216 | 174 | 174 | 160 | 160 | 160 | 160 | ||
| Valuation | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| P/E | -8,2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -11,3 | -11,3 | -8,2 | -8,2 | -8,9 | -8,9 | -28,4 | -28,4 | ||
| EV/sales | 47,12 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 50,45 | 50,45 | 47,12 | 47,12 | 11,8 | 11,8 | 4,78 | 4,78 | ||
| EV/EBITDA | -7,3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -9 | -9 | -7,3 | -7,3 | -12,4 | -12,4 | 158,3 | 158,3 | ||
| EV/EBITA | -6,1 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -7,7 | -7,7 | -6,1 | -6,1 | -9,3 | -9,3 | -32 | -32 | ||
| EV/EBIT | -6,1 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -7,7 | -7,7 | -6,1 | -6,1 | -9,3 | -9,3 | -32 | -32 | ||
| Dividend yield (%) | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| FCF yield (%) | -14,9 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -10,9 | -10,9 | -14,9 | -14,9 | -15,4 | -15,4 | -5,9 | -5,9 | ||
| P/BVPS | 2,17 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2,21 | 2,21 | 2,17 | 2,17 | 5,25 | 5,25 | 5,92 | 5,92 | ||
| P/BVPS Adj | 2,41 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2,43 | 2,43 | 2,41 | 2,41 | -13,34 | -13,34 | -9,69 | -9,69 | ||
| P/E Adj | -8,2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -11,3 | -11,3 | -8,2 | -8,2 | -8,9 | -8,9 | -28,4 | -28,4 | ||
| EV/EBITDA Adj | -7,3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -9 | -9 | -7,3 | -7,3 | -12,4 | -12,4 | 158,3 | 158,3 | ||
| EV/EBITA Adj | -6,1 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -7,7 | -7,7 | -6,1 | -6,1 | -9,3 | -9,3 | -32 | -32 | ||
| EV/EBIT Adj | -6,1 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -7,7 | -7,7 | -6,1 | -6,1 | -9,3 | -9,3 | -32 | -32 | ||
| EV/cap. employed | 3,7 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5,3 | 5,3 | 3,7 | 3,7 | 4,3 | 4,3 | 4,6 | 4,6 | ||
| Investment ratios | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Capex / sales | 300 | 0 | 0 | 848,3 | 848,3 | 530,8 | 530,8 | 936,6 | 936,6 | 310,7 | 310,7 | 300 | 300 | 59,6 | 59,6 | 26,7 | 26,7 | ||
| Capex / depreciation | 227,3 | N/A | N/A | 295 | 295 | 799,9 | 799,9 | 325,9 | 325,9 | 308,9 | 308,9 | 227,3 | 227,3 | 188,9 | 188,9 | 148,5 | 148,5 | ||
| Capex tangibles / tangible fixed assets | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Capex intangibles / definite intangibles | 101,6 | N/A | N/A | 25,4 | 25,4 | 1042,3 | 1042,3 | 478 | 478 | 101,9 | 101,9 | 101,6 | 101,6 | N/A | N/A | N/A | N/A | ||
| Depreciation on intangibles / definite intangibles | 44,7 | N/A | N/A | 8,6 | 8,6 | 130,3 | 130,3 | 146,6 | 146,6 | 33 | 33 | 44,7 | 44,7 | N/A | N/A | N/A | N/A | ||
| Depreciation on tangibles / tangibles | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Equity research
BIOVICA
Biovica - Industry interest building in DiviTum
10 December 2018 Biovica Post-results comment
Biovica - Progress continues
26 October 2018 Biovica Case refresher
Company news
BIOVICA
Delårsrapport kvartal 2: augusti-oktober 2018/2019
6 December 2018
Biovica etablerar kontor i Boston
4 December 2018
Main shareholders
Biovica
| Main shareholders | Share capital % | Voting shares % | Verified | |
|---|---|---|---|---|
| Anders Rylander | 22.4 % | 33.6 % | 14 Dec 2018 | |
| Gunnar Rylander | 5.6 % | 8.6 % | 31 Dec 2018 | |
| Kristina Gronowitz | 2.3 % | 3.7 % | 31 Dec 2018 | |
| Mats Danielsson | 1.7 % | 2.2 % | 31 Dec 2017 | |
| Avanza Pension | 4.1 % | 2.2 % | 31 Dec 2018 | |
| LYM Consulting AB | 2.8 % | 1.5 % | 31 Dec 2018 | |
| Lars Holmqvist | 2.3 % | 1.2 % | 31 Dec 2018 | |
| Nordnet Pensionsförsäkring | 1.7 % | 0.9 % | 31 Dec 2018 | |
| Danica Pension | 1.7 % | 0.9 % | 31 Dec 2018 | |
| Per Stålhandske | 1.7 % | 0.9 % | 31 Dec 2018 | |
| Source: Holdings by Modular Finance AB | ||||
Insider list
Biovica
| Name | Code | Quantity | Date | |
|---|---|---|---|---|
| Karin Mattsson | + 20 000 | BUY | + 20 000 | 14 Dec 2018 |
| Arinvest AB | + 6 034 | BUY | + 6 034 | 14 Dec 2018 |
| Adam Germunder | + 20 000 | BUY | + 20 000 | 14 Dec 2018 |
| Cecilia Driving | + 20 000 | BUY | + 20 000 | 14 Dec 2018 |
| Cecilia Driving | + 20 000 | BUY | + 20 000 | 14 Dec 2018 |
| Cecilia Driving | + 3 000 | BUY | + 3 000 | 13 Dec 2018 |
| Cecilia Driving | + 3 000 | BUY | + 3 000 | 13 Dec 2018 |
| Cecilia Driving | + 3 000 | BUY | + 3 000 | 13 Dec 2018 |
| Cecilia Driving | + 3 000 | BUY | + 3 000 | 13 Dec 2018 |
| Arinvest AB | - 10 000 | AKLÅN | - 10 000 | 6 Dec 2018 |
QUICK FACTS
- Anders Rylander
- Göran Brorsson
- Healthcare
- www.biovica.com
- First North
- 157,5 MSEK
- BIOVIC B
- Q3 Report (nov-jan) 21 Mar 2019
QUICK FACTS
- CEO
- Anders Rylander
- Chairman
- Göran Brorsson
- List
- First North
- Sector
- Healthcare
QUICK FACTS
- Market Cap
- 157,5 MSEK
- Ticker
- BIOVIC B
- Next Event
- 21 Mar 2019
- Website
- www.biovica.com
Latest articles
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Biovica - Industry interest building in DiviTum
10 Dec 2018 / Analys
-
Biovica - Interview with CEO Anders Rylander (in Swedish)
10 Dec 2018 / Media
-
Delårsrapport kvartal 2: augusti-oktober 2018/2019
6 Dec 2018 / Press release
-
Biovica - Company presentation with CEO Anders Rylander (in Swedish)
5 Dec 2018 / Media
-
Livesändning - Introduce Investor Day (4 Dec 2018)
4 Dec 2018 / Article
