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Vaccibody

Clinical stage biopharmaceutical company

Vaccibody is a clinical stage biopharmaceutical company that has developed its own proprietary vaccine technology platform for the treatment of cancer, pre-cancerous diseases and infectious diseases. Due to the modular structure of the vaccine, it easy to modify, making it uniquely suited for creating individualised vaccines, in addition to off the shelf vaccines, optimised to each type of disease. The company is currently pursuing two clinical research programs: VB10.16, a therapeutic HPV16 vaccine and VB10.NEO a cancer neoantigen vaccine specifically tailored to each patient.

There are significant opportunities for Vaccibody if the technology works. The biggest potential clearly is in treatment of cancers, but it also has potential as treatment of precancerous malignancies and infectious diseases.

The key risks with Vaccibody are related to clinical risk and the development of its candidates.

NOKm 2018 2019e 2020e
Sales 12 12 12
Sales growth (%) 22 -1,5 2,3
EBITDA -66 -85 -97
EBITDA margin (%) -553,3 -721,8 -808,3
EBIT adj -66 -85 -97
EBIT adj margin (%) -553,7 -722,5 -809
Pretax profit -64 -83 -96
EPS rep -1,32 -1,54 -1,78
EPS growth (%) 89,8 -16,7 -15,3
EPS adj -1,32 -1,54 -1,78
DPS 0 0 0
EV/EBITDA (x) N/A N/A N/A
EV/EBIT adj (x) N/A N/A N/A
P/E (x) N/A N/A N/A
P/E adj (x) N/A N/A N/A
EV/sales (x) N/A N/A N/A
FCF yield (%) N/A N/A N/A
Dividend yield (%) N/A N/A N/A
Net IB debt/EBITDA 2,2 3,3 1,9
NOKm 2018 2019e 2020e
Sales 12 12 12
COGS 0 0 0
Gross profit 12 12 12
Other operating items -78 -96 -109
EBITDA -66 -85 -97
Depreciation on tangibles 0 0 0
Depreciation on intangibles 0 0 0
EBITA -66 -85 -97
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -66 -85 -97
Other financial items 0 0 0
Net financial items 2 1 1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -64 -83 -96
Tax 0 0 0
Net profit -64 -83 -96
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -64 -83 -96
EPS -1,32 -1,54 -1,78
EPS Adj -1,32 -1,54 -1,78
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -553,3 -721,8 -808,3
EBITA margin (%) -553,7 -722,5 -809
EBIT margin (%) -553,7 -722,5 -809
Pretax margin (%) -536,6 -711,5 -802,3
Net margin (%) -536,6 -711,5 -802,3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 22 -1,5 2,3
EBITDA growth (%) -94,5 -28,5 -14,5
EBIT growth (%) -94,2 -28,5 -14,5
Net profit growth (%) -103,8 -30,6 -15,3
EPS growth (%) 89,8 -16,7 -15,3
Profitability 2018 2019 2020
ROE (%) -41,7 -40,1 -42,3
ROE Adj (%) -41,7 -40,1 -42,3
ROCE (%) -43 -40,7 -42,6
ROCE Adj(%) -43 -40,7 -42,6
ROIC (%) 3134,6 1688,6 1953,3
ROIC Adj (%) 3134,6 1688,6 1953,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj -66 -85 -97
EBITDA Adj margin (%) -553,3 -721,8 -808,3
EBITA Adj -66 -85 -97
EBITA Adj margin (%) -553,7 -722,5 -809
EBIT Adj -66 -85 -97
EBIT Adj margin (%) -553,7 -722,5 -809
Pretax profit Adj -64 -83 -96
Net profit Adj -64 -83 -96
Net profit to shareholders Adj -64 -83 -96
Net Adj margin (%) -536,6 -711,5 -802,3
NOKm 2018 2019e 2020e
EBITDA -66 -85 -97
Net financial items 2 1 1
Paid tax 0 0 0
Non-cash items -1 -1 0
Cash flow before change in WC -65 -85 -96
Change in WC 2 0 0
Operating cash flow 1 -3 0
CAPEX tangible fixed assets 1 1 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 2 -2 0
Dividend paid 0 0 0
Share issues and buybacks 0 219 0
Other non cash items -26 -83 -96
Decrease in net IB debt -25 133 -96
Balance Sheet (NOKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 0 1 1
Other fixed assets 0 0 0
Fixed assets 0 1 1
Inventories 0 0 0
Receivables 0 0 0
Other current assets 17 10 10
Cash and liquid assets 145 277 181
Total assets 162 288 192
Shareholders equity 140 276 180
Minority 0 0 0
Total equity 140 276 180
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 6 6 6
Other current liabilities 8 6 6
Total liabilities and equity 83 179 153
Net IB debt -145 -277 -181
Net IB debt excl. pension debt -145 -277 -181
Capital invested -5 -5 -5
Working capital -6 -6 -6
EV breakdown 2018 2019 2020
Market cap. diluted (m) N/A N/A N/A
Net IB debt Adj -145 -277 -181
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV N/A N/A N/A
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 7 5,2 5
Capital invested turnover (%) -566,1 -233,7 -241,4
Capital employed turnover (%) 7,8 5,6 5,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 35,9 48,5 48,9
Working capital / sales (%) -35,9 -48,5 -48,9
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -103,2 -100,5 -100,8
Net debt / market cap (%) N/A N/A N/A
Equity ratio (%) 86,6 95,8 93,7
Net IB debt adj. / equity (%) -103,2 -100,5 -100,8
Current ratio (%) 1216 2375,9 1580
EBITDA / net interest (%) -3224,5 -6560 -12125
Net IB debt / EBITDA (%) 219,3 327,6 186,8
Interest cover (%) 3227,3 6566,7 12135
NOKm 2018 2019e 2020e
Shares outstanding adj. 48 54 54
Fully diluted shares Adj 48 54 54
EPS -1,32 -1,54 -1,78
Dividend per share Adj 0 0 0
EPS Adj -1,32 -1,54 -1,78
BVPS 2,89 5,09 3,31
BVPS Adj 2,89 5,09 3,31
Net IB debt / share -3 -5,1 -3,3
Share price N/A N/A N/A
Market cap. (m) N/A N/A N/A
Valuation 2018 2019 2020
P/E N/A N/A N/A
EV/sales N/A N/A N/A
EV/EBITDA N/A N/A N/A
EV/EBITA N/A N/A N/A
EV/EBIT N/A N/A N/A
Dividend yield (%) N/A N/A N/A
FCF yield (%) N/A N/A N/A
P/BVPS N/A N/A N/A
P/BVPS Adj N/A N/A N/A
P/E Adj N/A N/A N/A
EV/EBITDA Adj N/A N/A N/A
EV/EBITA Adj N/A N/A N/A
EV/EBIT Adj N/A N/A N/A
EV/cap. employed N/A N/A N/A
Investment ratios 2018 2019 2020
Capex / sales -12,1 -7,4 0
Capex / depreciation -2479,3 -997,7 0
Capex tangibles / tangible fixed assets -350,7 -92,6 0
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 14,1 9,3 9,3

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