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Enzymatica

Enzyme-based medical products

Enzymatica is based in Lund, Sweden, and sells medical devices against infectious diseases. The company's first product is ColdZyme® Munspray, which is marketed for cold virus prophylaxis and anti-cold virus therapeutic.

Double-digit sales growth with most markets in the world, including many in Europe, not yet commercialized.

The main risk is that the company might not be able to meet its future liquidity needs. New entrants to the market, changes in regulation governing medical devices, and R&D failures could also impact the long-term outlook.

Financials

SEKm 2018 2019e 2020e
Sales 53 61 74
Sales growth (%) -11,6 16,5 21
EBITDA -32 -41 -32
EBITDA margin (%) -60,1 -66,5 -43,2
EBIT adj -41 -46 -37
EBIT adj margin (%) -77,2 -75,2 -50,4
Pretax profit -42 -49 -37
EPS rep -0,45 -0,35 -0,27
EPS growth (%) -29,3 20,8 23,2
EPS adj -0,45 -0,35 -0,27
DPS 0 0 0
EV/EBITDA (x) -7,9 -9,8 -13,6
EV/EBIT adj (x) -6,1 -8,6 -11,7
P/E (x) -4,9 -8,2 -10,6
P/E adj (x) -4,9 -8,2 -10,6
EV/sales (x) 4,7 6,5 5,9
FCF yield (%) -14 -13 -9,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 2,1 0,4 -0,7
SEKm 2018 2019e 2020e
Sales 53 61 74
COGS -16 -16 -22
Gross profit 37 46 52
Other operating items -68 -86 -84
EBITDA -32 -41 -32
Depreciation on tangibles 0 0 0
Depreciation on intangibles -9 -5 -5
EBITA -41 -46 -37
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -41 -46 -37
Other financial items 0 0 0
Net financial items -2 -3 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -42 -49 -37
Tax 0 -2 -1
Net profit -43 -51 -39
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -43 -51 -39
EPS -0,45 -0,35 -0,27
EPS Adj -0,45 -0,35 -0,27
Total extraordinary items after tax 0 0 0
Tax rate (%) 1 3,7 3,7
Gross margin (%) 70 74,7 70
EBITDA margin (%) -60,1 -66,5 -43,2
EBITA margin (%) -77,2 -75,2 -50,4
EBIT margin (%) -77,2 -75,2 -50,4
Pretax margin (%) -80,2 -79,6 -50,6
Net margin (%) -81 -82,6 -52,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -11,6 16,5 21
EBITDA growth (%) -43,9 -29 21,5
EBIT growth (%) -34,3 -13,6 19
Net profit growth (%) -35,4 -18,8 23,2
EPS growth (%) -29,3 20,8 23,2
Profitability 2018 2019 2020
ROE (%) -31,5 -37,7 -43,4
ROE Adj (%) -31,5 -37,7 -43,4
ROCE (%) -28 -32,8 -39
ROCE Adj(%) -28 -32,8 -39
ROIC (%) -38,9 -46,1 -37,4
ROIC Adj (%) -38,9 -46,1 -37,4
Adj earnings numbers 2018 2019 2020
EBITDA Adj -32 -41 -32
EBITDA Adj margin (%) -60,1 -66,5 -43,2
EBITA Adj -41 -46 -37
EBITA Adj margin (%) -77,2 -75,2 -50,4
EBIT Adj -41 -46 -37
EBIT Adj margin (%) -77,2 -75,2 -50,4
Pretax profit Adj -42 -49 -37
Net profit Adj -43 -51 -39
Net profit to shareholders Adj -43 -51 -39
Net Adj margin (%) -81 -82,6 -52,4
SEKm 2018 2019e 2020e
EBITDA -32 -41 -32
Net financial items -2 -3 0
Paid tax 0 -2 -1
Non-cash items 0 0 0
Cash flow before change in WC -33 -45 -34
Change in WC -2 -8 -4
Operating cash flow -29 -53 -37
CAPEX tangible fixed assets -1 -1 -1
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -29 -54 -38
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 91 2 0
Decrease in net IB debt 61 -51 -38
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 63 63 63
Indefinite intangible assets 2 0 0
Definite intangible assets 24 18 13
Tangible fixed assets 5 5 6
Other fixed assets 1 0 0
Fixed assets 95 87 82
Inventories 6 15 19
Receivables 14 20 24
Other current assets 0 0 0
Cash and liquid assets 70 20 -18
Total assets 185 143 107
Shareholders equity 160 109 70
Minority 0 0 0
Total equity 160 109 70
Long-term debt 4 4 4
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 2 2 2
Accounts payable 10 13 16
Other current liabilities 10 15 16
Total liabilities and equity 163 134 185
Net IB debt -66 -15 23
Net IB debt excl. pension debt -66 -15 23
Capital invested 103 104 103
Working capital 9 17 21
EV breakdown 2018 2019 2020
Market cap. diluted (m) 314 413 413
Net IB debt Adj -66 -15 23
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 248 398 436
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 33 37,4 59,3
Capital invested turnover (%) 49,8 59,1 71,6
Capital employed turnover (%) 37 43,8 77,8
Inventories / sales (%) 7,8 17 22,8
Customer advances / sales (%) 6,9 4,3 7,9
Payables / sales (%) 15,7 18,8 19,2
Working capital / sales (%) 16,5 21,9 25,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -41,3 -13,5 33
Net debt / market cap (%) -13,4 -3,6 5,6
Equity ratio (%) 86,2 76,5 65,3
Net IB debt adj. / equity (%) -41,3 -13,5 33
Current ratio (%) 416 188,6 76
EBITDA / net interest (%) -2012,7 -1512,1 -23078,8
Net IB debt / EBITDA (%) 208,7 36,1 -72,5
Interest cover (%) -1703,6 -1571,8 -10236,7
SEKm 2018 2019e 2020e
P/E -4,9 -8,2 -10,6
EV/sales 4,72 6,5 5,88
EV/EBITDA -7,9 -9,8 -13,6
EV/EBITA -6,1 -8,6 -11,7
EV/EBIT -6,1 -8,6 -11,7
Dividend yield (%) 0 0 0
FCF yield (%) -14 -13 -9,2
P/BVPS 1,97 3,78 5,88
P/BVPS Adj 4,32 15,01 -68,68
P/E Adj -4,9 -8,2 -10,6
EV/EBITDA Adj -7,9 -9,8 -13,6
EV/EBITA Adj -6,1 -8,6 -11,7
EV/EBIT Adj -6,1 -8,6 -11,7
EV/cap. employed 1,5 3,5 5,8
Investment ratios 2018 2019 2020
Capex / sales 1 1 1
Capex / depreciation 5,8 11,3 13,7
Capex tangibles / tangible fixed assets 11,5 11,8 12,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 38 29,2 41,2
Depreciation on tangibles / tangibles 0 0 0
Shares outstanding adj. 143 143 143
Fully diluted shares Adj 143 143 143
EPS -0,45 -0,35 -0,27
Dividend per share Adj 0 0 0
EPS Adj -0,45 -0,35 -0,27
BVPS 1,12 0,76 0,49
BVPS Adj 0,51 0,19 -0,04
Net IB debt / share -0,5 -0,1 0,2
Share price 3,45 2,89 2,89
Market cap. (m) 492 413 413
Valuation 2018 2019 2020

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Main shareholders

Enzymatica

Main shareholders Share capital % Voting shares % Verified
Danica Pension 16.9 % 16.9 % 31 Mar 2019
Håkan Roos 11.8 % 11.8 % 31 Mar 2019
Mats K Andersson 11.1 % 11.1 % 12 Dec 2018
Björn Nordfors Algkvist 10.5 % 10.5 % 31 Mar 2019
Gudmundur Palmasson 10.3 % 10.3 % 30 Sep 2018
Agusta Gudmundsdottir 9.8 % 9.8 % 30 Sep 2018
Fortus Hf. 5.0 % 5.0 % 31 Mar 2019
AB Possessor 2.1 % 2.1 % 31 Mar 2019
Nordnet Pensionsförsäkring 2.0 % 2.0 % 31 Mar 2019
Ulf Wiinberg 1.7 % 1.7 % 31 Mar 2019
Source: Holdings by Modular Finance AB

Insider list

Enzymatica

Name Quantity Code Date
Louise Nicolin + 23 000 BUY 18 Jan 2019
Abanico Invest AB -1 958 608 SELL 12 Dec 2018
Abanico Invest AB - 200 000 SELL 12 Dec 2018
Fiddevången Aktiebolag + 50 000 BUY 8 Dec 2018
Mats Kristian Andersson +1 000 000 TILLD 6 Dec 2018
Abanico Invest AB +4 000 000 TILLD 6 Dec 2018
Bengt Baron + 300 000 BUY 5 Dec 2018
Therese Filmersson + 45 000 TECKN 4 Dec 2018
Bengt Baron + 300 000 BUY 4 Dec 2018
Andersson & Co Invest AB +1 000 000 TILLD 3 Dec 2018

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