Enzymatica
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- Generic
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Enzyme-based medical products
Enzymatica
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
ENZYMATICA
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 49 | 0 | 0 | 19 | 19 | 28 | 28 | 36 | 36 | 59 | 59 | 49 | 49 | 56 | 56 | 68 | 68 | ||
| Sales growth (%) | -17,9 | N/A | N/A | N/A | N/A | 46,4 | 46,4 | 30,7 | 30,7 | 62,9 | 62,9 | -17,9 | -17,9 | 15 | 15 | 21 | 21 | ||
| EBITDA | -35 | 0 | 0 | -32 | -32 | -39 | -39 | -43 | -43 | -22 | -22 | -35 | -35 | -22 | -22 | -22 | -22 | ||
| EBITDA margin (%) | -72,5 | N/A | N/A | -167,8 | -167,8 | -140,7 | -140,7 | -117 | -117 | -36,9 | -36,9 | -72,5 | -72,5 | -39,1 | -39,1 | -32,4 | -32,4 | ||
| EBIT adj | -44 | 0 | 0 | -33 | -33 | -41 | -41 | -46 | -46 | -30 | -30 | -44 | -44 | -27 | -27 | -27 | -27 | ||
| EBIT adj margin (%) | -91 | N/A | N/A | -171,4 | -171,4 | -145,2 | -145,2 | -126,6 | -126,6 | -50,8 | -50,8 | -91 | -91 | -48,6 | -48,6 | -40,2 | -40,2 | ||
| Pretax profit | -44 | 0 | 0 | -32 | -32 | -41 | -41 | -47 | -47 | -31 | -31 | -44 | -44 | -27 | -27 | -27 | -27 | ||
| EPS rep | -0,47 | 0 | 0 | -1,38 | -1,38 | -1,59 | -1,59 | -0,68 | -0,68 | -0,34 | -0,34 | -0,47 | -0,47 | -0,29 | -0,29 | -0,29 | -0,29 | ||
| EPS growth (%) | -40,2 | N/A | N/A | 0 | 0 | -15,6 | -15,6 | 57,6 | 57,6 | 50,2 | 50,2 | -40,2 | -40,2 | 39,2 | 39,2 | -1,1 | -1,1 | ||
| EPS adj | -0,47 | 0 | 0 | -1,38 | -1,38 | -1,59 | -1,59 | -0,68 | -0,68 | -0,34 | -0,34 | -0,47 | -0,47 | -0,29 | -0,29 | -0,29 | -0,29 | ||
| DPS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EV/EBITDA (x) | -7 | N/A | N/A | -7 | -7 | -2,4 | -2,4 | -5 | -5 | -20,7 | -20,7 | -7 | -7 | -12,5 | -12,5 | -13,8 | -13,8 | ||
| EV/EBIT adj (x) | -5,6 | N/A | N/A | -6,8 | -6,8 | -2,4 | -2,4 | -4,6 | -4,6 | -15 | -15 | -5,6 | -5,6 | -10 | -10 | -11,1 | -11,1 | ||
| P/E (x) | -4,8 | N/A | N/A | -7,4 | -7,4 | -2,4 | -2,4 | -3,9 | -3,9 | -14,6 | -14,6 | -4,8 | -4,8 | -8 | -8 | -7,9 | -7,9 | ||
| P/E adj (x) | -4,8 | N/A | N/A | -7,4 | -7,4 | -2,4 | -2,4 | -3,9 | -3,9 | -14,6 | -14,6 | -4,8 | -4,8 | -8 | -8 | -7,9 | -7,9 | ||
| EV/sales (x) | 5,1 | N/A | N/A | 11,7 | 11,7 | 3,4 | 3,4 | 5,8 | 5,8 | 7,6 | 7,6 | 5,1 | 5,1 | 4,9 | 4,9 | 4,5 | 4,5 | ||
| FCF yield (%) | -19,7 | 0 | 0 | -18,6 | -18,6 | -41,8 | -41,8 | -33,1 | -33,1 | -5,2 | -5,2 | -19,7 | -19,7 | -11,6 | -11,6 | -12,4 | -12,4 | ||
| Dividend yield (%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net IB debt/EBITDA | -1 | N/A | N/A | 1,2 | 1,2 | 0,1 | 0,1 | 0,7 | 0,7 | 0,2 | 0,2 | -1 | -1 | -2,7 | -2,7 | -4 | -4 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 49 | 0 | 0 | 19 | 19 | 28 | 28 | 36 | 36 | 59 | 59 | 49 | 49 | 56 | 56 | 68 | 68 | ||
| COGS | -17 | 0 | 0 | -5 | -5 | -8 | -8 | -14 | -14 | -23 | -23 | -17 | -17 | -19 | -19 | -31 | -31 | ||
| Gross profit | 32 | 0 | 0 | 14 | 14 | 19 | 19 | 22 | 22 | 36 | 36 | 32 | 32 | 37 | 37 | 37 | 37 | ||
| Other operating items | -68 | 0 | 0 | -46 | -46 | -59 | -59 | -65 | -65 | -58 | -58 | -68 | -68 | -59 | -59 | -59 | -59 | ||
| EBITDA | -35 | 0 | 0 | -32 | -32 | -39 | -39 | -43 | -43 | -22 | -22 | -35 | -35 | -22 | -22 | -22 | -22 | ||
| Depreciation on tangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Depreciation on intangibles | -9 | 0 | 0 | -1 | -1 | -1 | -1 | -3 | -3 | -8 | -8 | -9 | -9 | -5 | -5 | -5 | -5 | ||
| EBITA | -44 | 0 | 0 | -33 | -33 | -41 | -41 | -46 | -46 | -30 | -30 | -44 | -44 | -27 | -27 | -27 | -27 | ||
| 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 | -44 | 0 | 0 | -33 | -33 | -41 | -41 | -46 | -46 | -30 | -30 | -44 | -44 | -27 | -27 | -27 | -27 | ||
| Other financial items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net financial items | 1 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | -1 | -1 | -1 | 1 | 1 | 1 | 1 | 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 | -44 | 0 | 0 | -32 | -32 | -41 | -41 | -47 | -47 | -31 | -31 | -44 | -44 | -27 | -27 | -27 | -27 | ||
| Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit | -44 | 0 | 0 | -32 | -32 | -41 | -41 | -45 | -45 | -31 | -31 | -44 | -44 | -27 | -27 | -27 | -27 | ||
| 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 | -44 | 0 | 0 | -32 | -32 | -41 | -41 | -45 | -45 | -31 | -31 | -44 | -44 | -27 | -27 | -27 | -27 | ||
| EPS | -0,47 | 0 | 0 | -1,38 | -1,38 | -1,59 | -1,59 | -0,68 | -0,68 | -0,34 | -0,34 | -0,47 | -0,47 | -0,29 | -0,29 | -0,29 | -0,29 | ||
| EPS Adj | -0,47 | 0 | 0 | -1,38 | -1,38 | -1,59 | -1,59 | -0,68 | -0,68 | -0,34 | -0,34 | -0,47 | -0,47 | -0,29 | -0,29 | -0,29 | -0,29 | ||
| Total extraordinary items after tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Tax rate (%) | 0,6 | N/A | N/A | 0 | 0 | 0 | 0 | -3,9 | -3,9 | 1,9 | 1,9 | 0,6 | 0,6 | 0,6 | 0,6 | 0,6 | 0,6 | ||
| Gross margin (%) | 65,8 | N/A | N/A | 74,3 | 74,3 | 69,6 | 69,6 | 60,9 | 60,9 | 61,1 | 61,1 | 65,8 | 65,8 | 65,8 | 65,8 | 55 | 55 | ||
| EBITDA margin (%) | -72,5 | N/A | N/A | -167,8 | -167,8 | -140,7 | -140,7 | -117 | -117 | -36,9 | -36,9 | -72,5 | -72,5 | -39,1 | -39,1 | -32,4 | -32,4 | ||
| EBITA margin (%) | -91 | N/A | N/A | -171,4 | -171,4 | -145,2 | -145,2 | -126,6 | -126,6 | -50,8 | -50,8 | -91 | -91 | -48,6 | -48,6 | -40,2 | -40,2 | ||
| EBIT margin (%) | -91 | N/A | N/A | -171,4 | -171,4 | -145,2 | -145,2 | -126,6 | -126,6 | -50,8 | -50,8 | -91 | -91 | -48,6 | -48,6 | -40,2 | -40,2 | ||
| Pretax margin (%) | -89,8 | N/A | N/A | -169,9 | -169,9 | -146,3 | -146,3 | -128,4 | -128,4 | -51,9 | -51,9 | -89,8 | -89,8 | -47,5 | -47,5 | -39,7 | -39,7 | ||
| Net margin (%) | -90,3 | N/A | N/A | -169,9 | -169,9 | -146,3 | -146,3 | -123,4 | -123,4 | -52,9 | -52,9 | -90,3 | -90,3 | -47,8 | -47,8 | -39,9 | -39,9 | ||
| Growth rates Y/Y | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Sales growth (%) | -17,9 | N/A | N/A | N/A | N/A | 46,4 | 46,4 | 30,7 | 30,7 | 62,9 | 62,9 | -17,9 | -17,9 | 15 | 15 | 21 | 21 | ||
| EBITDA growth (%) | -61,4 | N/A | N/A | 0 | 0 | -22,8 | -22,8 | -8,7 | -8,7 | 48,6 | 48,6 | -61,4 | -61,4 | 38,1 | 38,1 | -0,2 | -0,2 | ||
| EBIT growth (%) | -47 | N/A | N/A | 0 | 0 | -24 | -24 | -14 | -14 | 34,6 | 34,6 | -47 | -47 | 38,6 | 38,6 | -0,2 | -0,2 | ||
| Net profit growth (%) | -40,2 | N/A | N/A | 0 | 0 | -26 | -26 | -10,2 | -10,2 | 30,1 | 30,1 | -40,2 | -40,2 | 39,2 | 39,2 | -1,1 | -1,1 | ||
| EPS growth (%) | -40,2 | N/A | N/A | 0 | 0 | -15,6 | -15,6 | 57,6 | 57,6 | 50,2 | 50,2 | -40,2 | -40,2 | 39,2 | 39,2 | -1,1 | -1,1 | ||
| Profitability | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| ROE (%) | -49,7 | N/A | N/A | -103,8 | -103,8 | -96,7 | -96,7 | -54,9 | -54,9 | -24,9 | -24,9 | -49,7 | -49,7 | -50,4 | -50,4 | -103,4 | -103,4 | ||
| ROE Adj (%) | -49,7 | N/A | N/A | -103,8 | -103,8 | -96,7 | -96,7 | -54,9 | -54,9 | -24,9 | -24,9 | -49,7 | -49,7 | -50,4 | -50,4 | -103,4 | -103,4 | ||
| ROCE (%) | -42,7 | N/A | N/A | -262,8 | -262,8 | -182,1 | -182,1 | -69,1 | -69,1 | -27,6 | -27,6 | -42,7 | -42,7 | -26,9 | -26,9 | -27,1 | -27,1 | ||
| ROCE Adj(%) | -42,7 | N/A | N/A | -262,8 | -262,8 | -182,1 | -182,1 | -69,1 | -69,1 | -27,6 | -27,6 | -42,7 | -42,7 | -26,9 | -26,9 | -27,1 | -27,1 | ||
| ROIC (%) | -42,5 | N/A | N/A | -263 | -263 | -159,9 | -159,9 | -63,5 | -63,5 | -27,8 | -27,8 | -42,5 | -42,5 | -27 | -27 | -27,3 | -27,3 | ||
| ROIC Adj (%) | -42,5 | N/A | N/A | -263 | -263 | -159,9 | -159,9 | -63,5 | -63,5 | -27,8 | -27,8 | -42,5 | -42,5 | -27 | -27 | -27,3 | -27,3 | ||
| Adj earnings numbers | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| EBITDA Adj | -35 | 0 | 0 | -32 | -32 | -39 | -39 | -43 | -43 | -22 | -22 | -35 | -35 | -22 | -22 | -22 | -22 | ||
| EBITDA Adj margin (%) | -72,5 | N/A | N/A | -167,8 | -167,8 | -140,7 | -140,7 | -117 | -117 | -36,9 | -36,9 | -72,5 | -72,5 | -39,1 | -39,1 | -32,4 | -32,4 | ||
| EBITA Adj | -44 | 0 | 0 | -33 | -33 | -41 | -41 | -46 | -46 | -30 | -30 | -44 | -44 | -27 | -27 | -27 | -27 | ||
| EBITA Adj margin (%) | -91 | N/A | N/A | -171,4 | -171,4 | -145,2 | -145,2 | -126,6 | -126,6 | -50,8 | -50,8 | -91 | -91 | -48,6 | -48,6 | -40,2 | -40,2 | ||
| EBIT Adj | -44 | 0 | 0 | -33 | -33 | -41 | -41 | -46 | -46 | -30 | -30 | -44 | -44 | -27 | -27 | -27 | -27 | ||
| EBIT Adj margin (%) | -91 | N/A | N/A | -171,4 | -171,4 | -145,2 | -145,2 | -126,6 | -126,6 | -50,8 | -50,8 | -91 | -91 | -48,6 | -48,6 | -40,2 | -40,2 | ||
| Pretax profit Adj | -44 | 0 | 0 | -32 | -32 | -41 | -41 | -47 | -47 | -31 | -31 | -44 | -44 | -27 | -27 | -27 | -27 | ||
| Net profit Adj | -44 | 0 | 0 | -32 | -32 | -41 | -41 | -45 | -45 | -31 | -31 | -44 | -44 | -27 | -27 | -27 | -27 | ||
| Net profit to shareholders Adj | -44 | 0 | 0 | -32 | -32 | -41 | -41 | -45 | -45 | -31 | -31 | -44 | -44 | -27 | -27 | -27 | -27 | ||
| Net Adj margin (%) | -90,3 | N/A | N/A | -169,9 | -169,9 | -146,3 | -146,3 | -123,4 | -123,4 | -52,9 | -52,9 | -90,3 | -90,3 | -47,8 | -47,8 | -39,9 | -39,9 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -35 | 0 | 0 | -32 | -32 | -39 | -39 | -43 | -43 | -22 | -22 | -35 | -35 | -22 | -22 | -22 | -22 | ||
| Net financial items | 1 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | -1 | -1 | -1 | 1 | 1 | 1 | 1 | 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 | 4 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash flow before change in WC | -35 | 0 | 0 | -27 | -27 | -39 | -39 | -43 | -43 | -23 | -23 | -35 | -35 | -21 | -21 | -22 | -22 | ||
| Change in WC | -6 | 0 | 0 | -13 | -13 | 1 | 1 | 2 | 2 | 2 | 2 | -6 | -6 | -2 | -2 | -3 | -3 | ||
| Operating cash flow | -41 | 0 | 0 | -41 | -41 | -38 | -38 | -38 | -38 | -23 | -23 | -41 | -41 | -24 | -24 | -25 | -25 | ||
| CAPEX tangible fixed assets | -1 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | -2 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | ||
| CAPEX intangible fixed assets | 0 | 0 | 0 | -4 | -4 | -3 | -3 | -12 | -12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Acquisitions and disposals | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5 | -5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Free cash flow | -42 | 0 | 0 | -45 | -45 | -41 | -41 | -57 | -57 | -24 | -24 | -42 | -42 | -25 | -25 | -27 | -27 | ||
| 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 | 3 | 0 | 0 | 83 | 83 | 5 | 5 | 86 | 86 | -2 | -2 | 3 | 3 | -1 | -1 | -2 | -2 | ||
| Decrease in net IB debt | -39 | 0 | 0 | 38 | 38 | -36 | -36 | 28 | 28 | -26 | -26 | -39 | -39 | -26 | -26 | -29 | -29 | ||
| Balance Sheet (SEKm) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Goodwill | 63 | 0 | 0 | 0 | 0 | 0 | 0 | 63 | 63 | 63 | 63 | 63 | 63 | 63 | 63 | 63 | 63 | ||
| Indefinite intangible assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 3 | 3 | 3 | 0 | 0 | 0 | 0 | 1 | 1 | ||
| Definite intangible assets | 20 | 0 | 0 | 11 | 11 | 14 | 14 | 33 | 33 | 29 | 29 | 20 | 20 | 14 | 14 | 9 | 9 | ||
| Tangible fixed assets | 6 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 4 | 5 | 5 | 6 | 6 | 7 | 7 | 9 | 9 | ||
| Other fixed assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 2 | 2 | 0 | 0 | 1 | 1 | 2 | 2 | ||
| Fixed assets | 89 | 0 | 0 | 12 | 12 | 14 | 14 | 106 | 106 | 101 | 101 | 89 | 89 | 86 | 86 | 84 | 84 | ||
| Inventories | 12 | 0 | 0 | 12 | 12 | 11 | 11 | 7 | 7 | 3 | 3 | 12 | 12 | 14 | 14 | 17 | 17 | ||
| Receivables | 16 | 0 | 0 | 11 | 11 | 10 | 10 | 14 | 14 | 19 | 19 | 16 | 16 | 19 | 19 | 22 | 22 | ||
| Other current assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 2 | ||
| Cash and liquid assets | -26 | 0 | 0 | 38 | 38 | 8 | 8 | 36 | 36 | 11 | 11 | -26 | -26 | -53 | -53 | -83 | -83 | ||
| Total assets | 91 | 0 | 0 | 72 | 72 | 44 | 44 | 163 | 163 | 134 | 134 | 91 | 91 | 66 | 66 | 42 | 42 | ||
| Shareholders equity | 67 | 0 | 0 | 62 | 62 | 22 | 22 | 142 | 142 | 111 | 111 | 67 | 67 | 40 | 40 | 13 | 13 | ||
| Minority | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total equity | 67 | 0 | 0 | 62 | 62 | 22 | 22 | 142 | 142 | 111 | 111 | 67 | 67 | 40 | 40 | 13 | 13 | ||
| Long-term debt | 6 | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 7 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | ||
| 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 | 2 | 0 | 0 | 0 | 0 | 6 | 6 | 0 | 0 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | ||
| Accounts payable | 10 | 0 | 0 | 7 | 7 | 6 | 6 | 4 | 4 | 6 | 6 | 10 | 10 | 12 | 12 | 14 | 14 | ||
| Other current liabilities | 6 | 0 | 0 | 3 | 3 | 10 | 10 | 9 | 9 | 9 | 9 | 6 | 6 | 6 | 6 | 7 | 7 | ||
| Total liabilities and equity | 163 | 0 | 0 | 0 | 0 | 0 | 0 | 72 | 72 | 44 | 44 | 163 | 163 | 134 | 134 | 91 | 91 | ||
| Net IB debt | 34 | 0 | 0 | -38 | -38 | -2 | -2 | -31 | -31 | -5 | -5 | 34 | 34 | 60 | 60 | 89 | 89 | ||
| Net IB debt excl. pension debt | 34 | 0 | 0 | -38 | -38 | -2 | -2 | -31 | -31 | -5 | -5 | 34 | 34 | 60 | 60 | 89 | 89 | ||
| Capital invested | 103 | 0 | 0 | 25 | 25 | 26 | 26 | 114 | 114 | 108 | 108 | 103 | 103 | 100 | 100 | 101 | 101 | ||
| Working capital | 14 | 0 | 0 | 13 | 13 | 12 | 12 | 10 | 10 | 8 | 8 | 14 | 14 | 16 | 16 | 19 | 19 | ||
| EV breakdown | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Market cap. diluted (m) | 214 | 0 | 0 | 261 | 261 | 98 | 98 | 244 | 244 | 459 | 459 | 214 | 214 | 214 | 214 | 214 | 214 | ||
| Net IB debt Adj | 34 | 0 | 0 | -38 | -38 | -2 | -2 | -31 | -31 | -5 | -5 | 34 | 34 | 60 | 60 | 89 | 89 | ||
| 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 | 248 | 0 | 0 | 224 | 224 | 95 | 95 | 213 | 213 | 454 | 454 | 248 | 248 | 274 | 274 | 303 | 303 | ||
| Capital efficiency (%) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Total assets turnover (%) | 43,5 | N/A | N/A | 52,8 | 52,8 | 48,1 | 48,1 | 35,3 | 35,3 | 40,1 | 40,1 | 43,5 | 43,5 | 71,7 | 71,7 | 125,4 | 125,4 | ||
| Capital invested turnover (%) | 46,5 | N/A | N/A | 153,5 | 153,5 | 110,1 | 110,1 | 52,2 | 52,2 | 53,7 | 53,7 | 46,5 | 46,5 | 55,3 | 55,3 | 67,5 | 67,5 | ||
| Capital employed turnover (%) | 47,1 | N/A | N/A | 155,6 | 155,6 | 125,8 | 125,8 | 55,5 | 55,5 | 54,6 | 54,6 | 47,1 | 47,1 | 55,9 | 55,9 | 67,5 | 67,5 | ||
| Inventories / sales (%) | 15,3 | N/A | N/A | 31,2 | 31,2 | 41,7 | 41,7 | 25,2 | 25,2 | 8,1 | 8,1 | 15,3 | 15,3 | 23,4 | 23,4 | 22,8 | 22,8 | ||
| Customer advances / sales (%) | 11,8 | N/A | N/A | 7,4 | 7,4 | 12,2 | 12,2 | 14,2 | 14,2 | 11,5 | 11,5 | 11,8 | 11,8 | 8,1 | 8,1 | 7,9 | 7,9 | ||
| Payables / sales (%) | 17 | N/A | N/A | 17,3 | 17,3 | 22,5 | 22,5 | 14,3 | 14,3 | 9,1 | 9,1 | 17 | 17 | 19,6 | 19,6 | 19,2 | 19,2 | ||
| Working capital / sales (%) | 22,2 | N/A | N/A | 34,8 | 34,8 | 44,9 | 44,9 | 29,7 | 29,7 | 15 | 15 | 22,2 | 22,2 | 26,5 | 26,5 | 25,8 | 25,8 | ||
| Financial risk and debt service | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Net debt / equity (%) | 51,8 | N/A | N/A | -60,7 | -60,7 | -9,7 | -9,7 | -21,5 | -21,5 | -4,2 | -4,2 | 51,8 | 51,8 | 151,4 | 151,4 | 700,9 | 700,9 | ||
| Net debt / market cap (%) | 10,7 | N/A | N/A | -12,7 | -12,7 | -1,2 | -1,2 | -10,6 | -10,6 | -1,6 | -1,6 | 10,7 | 10,7 | 28,2 | 28,2 | 41,5 | 41,5 | ||
| Equity ratio (%) | 73,5 | N/A | N/A | 86,5 | 86,5 | 50,1 | 50,1 | 87,3 | 87,3 | 82,7 | 82,7 | 73,5 | 73,5 | 60,3 | 60,3 | 29,9 | 29,9 | ||
| Net IB debt adj. / equity (%) | 51,8 | N/A | N/A | -60,7 | -60,7 | -9,7 | -9,7 | -21,5 | -21,5 | -4,2 | -4,2 | 51,8 | 51,8 | 151,4 | 151,4 | 700,9 | 700,9 | ||
| Current ratio (%) | 10,2 | N/A | N/A | 621,8 | 621,8 | 136,3 | 136,3 | 426,9 | 426,9 | 185,4 | 185,4 | 10,2 | 10,2 | -95,4 | -95,4 | -171,7 | -171,7 | ||
| EBITDA / net interest (%) | -6148,1 | N/A | N/A | -11674,5 | -11674,5 | -12590,1 | -12590,1 | -6518,8 | -6518,8 | -3330,2 | -3330,2 | -6148,1 | -6148,1 | -3477,9 | -3477,9 | -5765,6 | -5765,6 | ||
| Net IB debt / EBITDA (%) | -97,3 | N/A | N/A | 118,5 | 118,5 | 5,4 | 5,4 | 71,5 | 71,5 | 21 | 21 | -97,3 | -97,3 | -274,5 | -274,5 | -403,7 | -403,7 | ||
| Interest cover (%) | 12191,3 | N/A | N/A | -16260,1 | -16260,1 | -9075,3 | -9075,3 | -3165,8 | -3165,8 | -3527,4 | -3527,4 | 12191,3 | 12191,3 | 7453,2 | 7453,2 | 7534,7 | 7534,7 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -4,8 | N/A | N/A | -7,4 | -7,4 | -2,4 | -2,4 | -3,9 | -3,9 | -14,6 | -14,6 | -4,8 | -4,8 | -8 | -8 | -7,9 | -7,9 | ||
| EV/sales | 5,08 | N/A | N/A | 11,73 | 11,73 | 3,42 | 3,42 | 5,84 | 5,84 | 7,64 | 7,64 | 5,08 | 5,08 | 4,88 | 4,88 | 4,45 | 4,45 | ||
| EV/EBITDA | -7 | N/A | N/A | -7 | -7 | -2,4 | -2,4 | -5 | -5 | -20,7 | -20,7 | -7 | -7 | -12,5 | -12,5 | -13,8 | -13,8 | ||
| EV/EBITA | -5,6 | N/A | N/A | -6,8 | -6,8 | -2,4 | -2,4 | -4,6 | -4,6 | -15 | -15 | -5,6 | -5,6 | -10 | -10 | -11,1 | -11,1 | ||
| EV/EBIT | -5,6 | N/A | N/A | -6,8 | -6,8 | -2,4 | -2,4 | -4,6 | -4,6 | -15 | -15 | -5,6 | -5,6 | -10 | -10 | -11,1 | -11,1 | ||
| Dividend yield (%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| FCF yield (%) | -19,7 | 0 | 0 | -18,6 | -18,6 | -41,8 | -41,8 | -33,1 | -33,1 | -5,2 | -5,2 | -19,7 | -19,7 | -11,6 | -11,6 | -12,4 | -12,4 | ||
| P/BVPS | 3,21 | N/A | N/A | 4,19 | 4,19 | 4,44 | 4,44 | 1,71 | 1,71 | 4,15 | 4,15 | 3,21 | 3,21 | 5,38 | 5,38 | 16,89 | 16,89 | ||
| P/BVPS Adj | -13,16 | N/A | N/A | 5,09 | 5,09 | 11,6 | 11,6 | 5,32 | 5,32 | 24,35 | 24,35 | -13,16 | -13,16 | -5,67 | -5,67 | -3,59 | -3,59 | ||
| P/E Adj | -4,8 | N/A | N/A | -7,4 | -7,4 | -2,4 | -2,4 | -3,9 | -3,9 | -14,6 | -14,6 | -4,8 | -4,8 | -8 | -8 | -7,9 | -7,9 | ||
| EV/EBITDA Adj | -7 | N/A | N/A | -7 | -7 | -2,4 | -2,4 | -5 | -5 | -20,7 | -20,7 | -7 | -7 | -12,5 | -12,5 | -13,8 | -13,8 | ||
| EV/EBITA Adj | -5,6 | N/A | N/A | -6,8 | -6,8 | -2,4 | -2,4 | -4,6 | -4,6 | -15 | -15 | -5,6 | -5,6 | -10 | -10 | -11,1 | -11,1 | ||
| EV/EBIT Adj | -5,6 | N/A | N/A | -6,8 | -6,8 | -2,4 | -2,4 | -4,6 | -4,6 | -15 | -15 | -5,6 | -5,6 | -10 | -10 | -11,1 | -11,1 | ||
| EV/cap. employed | 2,5 | N/A | N/A | 9,1 | 9,1 | 4,8 | 4,8 | 1,9 | 1,9 | 4,3 | 4,3 | 2,5 | 2,5 | 2,7 | 2,7 | 3 | 3 | ||
| Investment ratios | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Capex / sales | 2,1 | N/A | N/A | 20,6 | 20,6 | 11,3 | 11,3 | 38,1 | 38,1 | 2,1 | 2,1 | 2,1 | 2,1 | 2,1 | 2,1 | 2,1 | 2,1 | ||
| Capex / depreciation | 11,5 | N/A | N/A | 577 | 577 | 254,3 | 254,3 | 399,2 | 399,2 | 15,3 | 15,3 | 11,5 | 11,5 | 22,3 | 22,3 | 27 | 27 | ||
| Capex tangibles / tangible fixed assets | 17,6 | N/A | N/A | 52,8 | 52,8 | 33,7 | 33,7 | 43,4 | 43,4 | 26 | 26 | 17,6 | 17,6 | 16,8 | 16,8 | 16,9 | 16,9 | ||
| Capex intangibles / definite intangibles | 0 | N/A | N/A | 33,9 | 33,9 | 22,5 | 22,5 | 36,2 | 36,2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Depreciation on intangibles / definite intangibles | 45,8 | N/A | N/A | 6,1 | 6,1 | 9,1 | 9,1 | 10,5 | 10,5 | 28,9 | 28,9 | 45,8 | 45,8 | 37,5 | 37,5 | 59,9 | 59,9 | ||
| Depreciation on tangibles / tangibles | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Shares outstanding adj. | 93 | 0 | 0 | 26 | 26 | 26 | 26 | 93 | 93 | 93 | 93 | 93 | 93 | 93 | 93 | 93 | 93 | ||
| Fully diluted shares Adj | 93 | 0 | 0 | 26 | 26 | 26 | 26 | 93 | 93 | 93 | 93 | 93 | 93 | 93 | 93 | 93 | 93 | ||
| EPS | -0,47 | 0 | 0 | -1,38 | -1,38 | -1,59 | -1,59 | -0,68 | -0,68 | -0,34 | -0,34 | -0,47 | -0,47 | -0,29 | -0,29 | -0,29 | -0,29 | ||
| Dividend per share Adj | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EPS Adj | -0,47 | 0 | 0 | -1,38 | -1,38 | -1,59 | -1,59 | -0,68 | -0,68 | -0,34 | -0,34 | -0,47 | -0,47 | -0,29 | -0,29 | -0,29 | -0,29 | ||
| BVPS | 0,71 | 0 | 0 | 2,43 | 2,43 | 0,86 | 0,86 | 1,52 | 1,52 | 1,19 | 1,19 | 0,71 | 0,71 | 0,43 | 0,43 | 0,14 | 0,14 | ||
| BVPS Adj | -0,17 | 0 | 0 | 2 | 2 | 0,33 | 0,33 | 0,49 | 0,49 | 0,2 | 0,2 | -0,17 | -0,17 | -0,4 | -0,4 | -0,64 | -0,64 | ||
| Net IB debt / share | 0,4 | N/A | N/A | -1,5 | -1,5 | -0,1 | -0,1 | -0,3 | -0,3 | 0 | 0 | 0,4 | 0,4 | 0,6 | 0,6 | 1 | 1 | ||
| Share price | 3,45 | 20,7 | 20,7 | 11,64 | 11,64 | 6,79 | 6,79 | 3,07 | 3,07 | 3,1 | 3,1 | 3,45 | 3,45 | 2,29 | 2,29 | 2,29 | 2,29 | ||
| Market cap. (m) | 322 | 0 | 0 | 299 | 299 | 174 | 174 | 287 | 287 | 289 | 289 | 322 | 322 | 214 | 214 | 214 | 214 | ||
| Valuation | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 |
Equity research
ENZYMATICA
Media
ENZYMATICA
Enzymatica - Company presentation with CEO Fredrik Lindberg (in Swedish)
4 September 2018 Enzymatica Media
Enzymatica: Intervju med VD Fredrik Lindberg (Q4 2017)
15 February 2018 Enzymatica Media
Enzymatica - Intervju med VD Fredrik Lindberg (Q3 2017)
9 November 2017 Enzymatica Media
Company news
ENZYMATICA
Enzymatica AB: Stark försäljning under fjärde kvartalet, men lägre försäljning för helåret 2018 orsakat av restriktioner i Tyskland
19 February 2019
Enzymatica AB: Första patienterna inkluderade i stor placebokontrollerad multicenterstudie med ColdZyme
30 January 2019
Main shareholders
Enzymatica
| Main shareholders | Share capital % | Voting shares % | Verified | |
|---|---|---|---|---|
| Mats K Andersson | 11.1 % | 11.1 % | 12 Dec 2018 | |
| Gudmundur Palmasson | 10.3 % | 10.3 % | 30 Sep 2018 | |
| Agusta Gudmundsdottir | 9.8 % | 9.8 % | 30 Sep 2018 | |
| Danica Pension | 7.9 % | 7.9 % | 31 Dec 2018 | |
| Håkan Roos | 4.4 % | 4.4 % | 31 Dec 2018 | |
| Fibonacci Asset Management AB | 4.3 % | 4.3 % | 31 Dec 2018 | |
| Avanza Pension | 1.5 % | 1.5 % | 31 Dec 2018 | |
| Ulf Blom | 1.4 % | 1.4 % | 31 Dec 2018 | |
| Jörgen Rexö | 1.4 % | 1.4 % | 31 Dec 2018 | |
| Nordnet Pensionsförsäkring | 1.2 % | 1.2 % | 31 Dec 2018 | |
| Source: Holdings by Modular Finance AB | ||||
Insider list
Enzymatica
| Name | Code | Quantity | Date | |
|---|---|---|---|---|
| Louise Nicolin | + 23 000 | BUY | + 23 000 | 18 Jan 2019 |
| Abanico Invest AB | -1 958 608 | SELL | -1 958 608 | 12 Dec 2018 |
| Abanico Invest AB | - 200 000 | SELL | - 200 000 | 12 Dec 2018 |
| Fiddevången Aktiebolag | + 50 000 | BUY | + 50 000 | 8 Dec 2018 |
| Mats Kristian Andersson | +1 000 000 | TILLD | +1 000 000 | 6 Dec 2018 |
| Abanico Invest AB | +4 000 000 | TILLD | +4 000 000 | 6 Dec 2018 |
| Bengt Baron | + 300 000 | BUY | + 300 000 | 5 Dec 2018 |
| Therese Filmersson | + 45 000 | TECKN | + 45 000 | 4 Dec 2018 |
| Bengt Baron | + 300 000 | BUY | + 300 000 | 4 Dec 2018 |
| Andersson & Co Invest AB | +1 000 000 | TILLD | +1 000 000 | 3 Dec 2018 |
QUICK FACTS
- CEO
- Fredrik Lindberg
- Chairman
- Bengt Baron
- List
- First North
- Sector
- Healthcare
QUICK FACTS
- Market Cap
- 237,2 MSEK
- Ticker
- ENZY
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- Website
- www.enzymatica.se
Latest articles
-
Invitation - Introduce Investor Days 12-13 March, Stockholm
19 Feb 2019 / Article
-
Enzymatica AB: Stark försäljning under fjärde kvartalet, men lägre försäljning för helåret 2018 orsakat av restriktioner i Tyskland
19 Feb 2019 / Press release
-
Enzymatica AB: Första patienterna inkluderade i stor placebokontrollerad multicenterstudie med ColdZyme
30 Jan 2019 / Press release
-
Enzymatica AB: Resultat från den tyska multicenterstudien stärker och breddar ColdZymes produktpåståenden
25 Jan 2019 / Press release
-
Enzymatica AB: Avslag för överklagan om Enzymaticas förkylningsspray i Tyskland
10 Dec 2018 / Press release
