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Vaccibody

Vaccibody

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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.

Financials

NOKm 2019 2020e 2021e
Sales 12 12 12
Sales growth (%) -1,5 2,3 0
EBITDA -85 -97 -152
EBITDA margin (%) -721,8 -808,3 -1266,7
EBIT adj -85 -97 -152
EBIT adj margin (%) -722,5 -809 -1267,3
Pretax profit -83 -96 -151
EPS rep -0,31 -0,36 -0,56
EPS growth (%) -16,7 -15,3 -57,1
EPS adj -0,31 -0,36 -0,56
DPS 0 0 0
EV/EBITDA (x) -98,5 -87 -56,5
EV/EBIT adj (x) -98,4 -87 -56,5
P/E (x) -103,3 -89,6 -57
P/E adj (x) -103,3 -89,6 -57
EV/sales (x) 711,3 703,4 716
FCF yield (%) 0 0 0
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 3,3 1,9 0,2
NOKm 2019 2020e 2021e
Sales 12 12 12
COGS 0 0 0
Gross profit 12 12 12
Other operating items -96 -109 -164
EBITDA -85 -97 -152
Depreciation on tangibles 0 0 0
Depreciation on intangibles 0 0 0
EBITA -85 -97 -152
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -85 -97 -152
Other financial items 0 0 0
Net financial items 1 1 1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -83 -96 -151
Tax 0 0 0
Net profit -83 -96 -151
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -83 -96 -151
EPS -0,31 -0,36 -0,56
EPS Adj -0,31 -0,36 -0,56
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -721,8 -808,3 -1266,7
EBITA margin (%) -722,5 -809 -1267,3
EBIT margin (%) -722,5 -809 -1267,3
Pretax margin (%) -711,5 -802,3 -1260,7
Net margin (%) -711,5 -802,3 -1260,7
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -1,5 2,3 0
EBITDA growth (%) -28,5 -14,5 -56,7
EBIT growth (%) -28,5 -14,5 -56,7
Net profit growth (%) -30,6 -15,3 -57,1
EPS growth (%) -16,7 -15,3 -57,1
Profitability 2019 2020 2021
ROE (%) -40,1 -42,3 -145,3
ROE Adj (%) -40,1 -42,3 -145,3
ROCE (%) -40,7 -42,6 -146,1
ROCE Adj(%) -40,7 -42,6 -146,1
ROIC (%) -6803,9 6676,8 9914
ROIC Adj (%) -6803,9 6676,8 9914
Adj earnings numbers 2019 2020 2021
EBITDA Adj -85 -97 -152
EBITDA Adj margin (%) -721,8 -808,3 -1266,7
EBITA Adj -85 -97 -152
EBITA Adj margin (%) -722,5 -809 -1267,3
EBIT Adj -85 -97 -152
EBIT Adj margin (%) -722,5 -809 -1267,3
Pretax profit Adj -83 -96 -151
Net profit Adj -83 -96 -151
Net profit to shareholders Adj -83 -96 -151
Net Adj margin (%) -711,5 -802,3 -1260,7
NOKm 2019 2020e 2021e
EBITDA -85 -97 -152
Net financial items 1 1 1
Paid tax 0 0 0
Non-cash items -1 0 0
Cash flow before change in WC -85 -96 -151
Change in WC 6 0 0
Operating cash flow -3 0 0
CAPEX tangible fixed assets 1 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -2 0 0
Dividend paid 0 0 0
Share issues and buybacks 219 0 0
Other non cash items -83 -96 -151
Decrease in net IB debt 133 -96 -151
Balance Sheet (NOKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 1 1 1
Other fixed assets 0 0 0
Fixed assets 1 1 1
Inventories 0 0 0
Receivables 0 0 0
Other current assets 10 10 10
Cash and liquid assets 277 181 30
Total assets 288 192 41
Shareholders equity 276 180 28
Minority 0 0 0
Total equity 276 180 28
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 6 6 6
Total liabilities and equity 288 192 41
Net IB debt -277 -181 -30
Net IB debt excl. pension debt -277 -181 -30
Capital invested -1 -1 -2
Working capital -2 -2 -2
EV breakdown 2019 2020 2021
Market cap. diluted (m) 8623 8623 8623
Net IB debt Adj -277 -181 -30
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 8345 8441 8593
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 5,2 5 10,3
Capital invested turnover (%) 941,7 -825,3 -782,3
Capital employed turnover (%) 5,6 5,3 11,5
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 48,5 48,9 48,9
Working capital / sales (%) 4,9 -19,6 -19,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -100,5 -100,8 -105,5
Net debt / market cap (%) N/A -2,1 -0,3
Equity ratio (%) 95,8 93,7 70,2
Net IB debt adj. / equity (%) -100,5 -100,8 -105,5
Current ratio (%) 2375,9 1580 328,9
EBITDA / net interest (%) -6560 -12125 -19000
Net IB debt / EBITDA (%) 327,6 186,8 19,8
Interest cover (%) 6566,7 12135 19010
NOKm 2019 2020e 2021e
Shares outstanding adj. 271 271 271
Fully diluted shares Adj 271 271 271
EPS -0,31 -0,36 -0,56
Dividend per share Adj 0 0 0
EPS Adj -0,31 -0,36 -0,56
BVPS 1,02 0,66 0,1
BVPS Adj 1,02 0,66 0,1
Net IB debt / share -1 -0,7 -0,1
Share price N/A 31,8 31,8
Market cap. (m) N/A 8623 8623
Valuation 2019 2020 2021
P/E -103,3 -89,6 -57
EV/sales 711,25 703,44 716,04
EV/EBITDA -98,5 -87 -56,5
EV/EBITA -98,4 -87 -56,5
EV/EBIT -98,4 -87 -56,5
Dividend yield (%) 0 0 0
FCF yield (%) 0 0 0
P/BVPS 31,24 47,98 303,11
P/BVPS Adj 31,24 47,98 303,11
P/E Adj -103,3 -89,6 -57
EV/EBITDA Adj -98,5 -87 -56,5
EV/EBITA Adj -98,4 -87 -56,5
EV/EBIT Adj -98,4 -87 -56,5
EV/cap. employed 30,2 47 302,1
Investment ratios 2019 2020 2021
Capex / sales -7,4 0 0
Capex / depreciation -997,7 0 0
Capex tangibles / tangible fixed assets -92,6 0 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 9,3 9,3 10,3

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