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Enzymatica

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.

SEKm 2020 2021e 2022e
Sales 111 197 259
Sales growth (%) 81,5 76,9 31,6
EBITDA -5 29 54
EBITDA margin (%) -4,5 14,5 20,7
EBIT adj -12 22 46
EBIT adj margin (%) -10,8 10,9 17,9
Pretax profit -13 14 39
EPS rep -0,09 0,09 0,26
EPS growth (%) 67,7 197,9 189,2
EPS adj -0,09 0,09 0,26
DPS 0 0 0
EV/EBITDA (x) -534 71,5 38
EV/EBIT adj (x) -220,5 95,1 43,8
P/E (x) -202 157,3 54,4
P/E adj (x) -202 157,3 54,4
EV/sales (x) 23,9 10,4 7,9
FCF yield (%) -0,6 -0,4 1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 2,2 0,4 0
N/A N/A N/A
Lease adj. FCF yield (%) -0,6 -0,4 1
Lease adj. ND/EBITDA 2,2 0,4 0
SEKm 2020 2021e 2022e
Sales 111 197 259
COGS -35 -69 -91
Gross profit 76 128 168
Other operating items -81 -99 -115
EBITDA -5 29 54
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles -6 -6 -6
EBITA -12 22 46
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -12 22 46
Other financial items 0 0 0
Net financial items -1 -8 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -13 14 39
Tax 0 -1 -1
Net profit -13 13 37
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -13 13 37
EPS -0,09 0,09 0,26
EPS Adj -0,09 0,09 0,26
Total extraordinary items after tax 0 0 0
Tax rate (%) 1,2 -5,2 -3
Gross margin (%) 68,3 64,8 64,9
EBITDA margin (%) -4,5 14,5 20,7
EBITA margin (%) -10,8 10,9 17,9
EBIT margin (%) -10,8 10,9 17,9
Pretax margin (%) -11,7 6,9 14,9
Net margin (%) -11,9 6,6 14,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 81,5 76,9 31,6
EBITDA growth (%) 85,6 674,2 87,2
EBIT growth (%) 71 278,4 115,9
Net profit growth (%) 67,7 197,9 189,2
EPS growth (%) 67,7 197,9 189,2
Profitability 2020 2021 2022
ROE (%) -11,7 11,4 27,1
ROE Adj (%) -11,7 11,4 27,1
ROCE (%) -7,3 16,8 30,3
ROCE Adj(%) -7,3 16,8 30,3
ROIC (%) -12,9 18,1 31,5
ROIC Adj (%) -12,9 18,1 31,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj -5 29 54
EBITDA Adj margin (%) -4,5 14,5 20,7
EBITA Adj -12 22 46
EBITA Adj margin (%) -10,8 10,9 17,9
EBIT Adj -12 22 46
EBIT Adj margin (%) -10,8 10,9 17,9
Pretax profit Adj -13 14 39
Net profit Adj -13 13 37
Net profit to shareholders Adj -13 13 37
Net Adj margin (%) -11,9 6,6 14,4
N/A N/A N/A
Depreciation and amortisation -7 -7 -7
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -5 29 54
EBITDA lease Adj margin (%) -4,5 14,5 20,7
SEKm 2020 2021e 2022e
EBITDA -5 29 54
Net financial items -1 -8 -8
Paid tax 0 -1 -1
Non-cash items 0 0 0
Cash flow before change in WC -6 20 45
Change in WC -5 -22 -16
Operating cash flow -11 -2 28
CAPEX tangible fixed assets -5 -6 -7
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -15 -8 21
Dividend paid 0 0 0
Share issues and buybacks 3 0 0
Other non cash items -16 -14 -10
Decrease in net IB debt -14 -21 11
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 63 63 63
Indefinite intangible assets 0 0 0
Definite intangible assets 15 15 16
Tangible fixed assets 10 15 22
Other fixed assets 2 2 2
Fixed assets 91 95 102
Inventories 10 19 24
Receivables 37 70 90
Other current assets 0 0 0
Cash and liquid assets 24 3 14
Total assets 162 186 231
Shareholders equity 107 120 157
Minority 0 0 0
Total equity 107 120 157
Long-term debt 2 2 2
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 13 13 13
Accounts payable 14 25 32
Other current liabilities 27 27 27
Total liabilities and equity 162 186 231
Net IB debt -11 10 -1
Net IB debt excl. pension debt -11 10 -1
Capital invested 96 130 156
Working capital 7 37 56
EV breakdown 2020 2021 2022
Market cap. diluted (m) 2671 2035 2035
Net IB debt Adj -11 10 -1
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 2660 2046 2035
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 71,8 113,2 124,3
Capital invested turnover (%) 117,2 174,4 180,9
Capital employed turnover (%) 90 153,8 169,1
Inventories / sales (%) 7,8 7,4 8,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 10,9 9,8 11
Working capital / sales (%) 4,6 11,2 17,9
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -10,2 8,6 -0,4
Net debt / market cap (%) -0,6 0,5 0
Equity ratio (%) 65,8 64,4 68
Net IB debt adj. / equity (%) -10,2 8,6 -0,4
Current ratio (%) 134,1 142,2 179
EBITDA / net interest (%) -498,1 363,1 679,7
Net IB debt / EBITDA (%) 218,2 36,1 -1,3
Interest cover (%) -226,4 273,2 589,8
N/A N/A N/A
Lease liability amortisation 0 0 0
Other intangible assets 15 15 16
Right-of-use asset 0 0 0
Total other fixed assets 2 2 2
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -11 10 -1
Net IB debt / EBITDA lease Adj (%) 218,2 36,1 -1,3
SEKm 2020 2021e 2022e
P/E -202 157,3 54,4
EV/sales 23,91 10,39 7,86
EV/EBITDA -534 71,5 38
EV/EBITA -220,5 95,1 43,8
EV/EBIT -220,5 95,1 43,8
Dividend yield (%) 0 0 0
FCF yield (%) -0,6 -0,4 1
P/BVPS 25,04 17,02 12,96
P/BVPS Adj 95,13 48,85 26,11
P/E Adj -202 157,3 54,4
EV/EBITDA Adj -534 71,5 38
EV/EBITA Adj -220,5 95,1 43,8
EV/EBIT Adj -220,5 95,1 43,8
EV/cap. employed 21,9 15,2 11,8
Investment ratios 2020 2021 2022
Capex / sales 4,3 2,8 2,8
Capex / depreciation 68,3 79,2 104,2
Capex tangibles / tangible fixed assets 47,1 37,3 34,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 40,7 42,5 39,5
Depreciation on tangibles / tangibles 8,1 5,5 3,8
Shares outstanding adj. 143 143 143
Fully diluted shares Adj 143 143 143
EPS -0,09 0,09 0,26
Dividend per share Adj 0 0 0
EPS Adj -0,09 0,09 0,26
BVPS 0,75 0,84 1,1
BVPS Adj 0,2 0,29 0,55
Net IB debt / share -0,1 0,1 0
Share price 13,26 14,25 14,25
Market cap. (m) 1893 2035 2035
Valuation 2020 2021 2022
N/A N/A N/A
Lease adj. FCF yield (%) -0,6 -0,4 1

Equity research

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Media

Enzymatica - Company presentation with Chairman of the Board Bengt Baron
Enzymatica - Company presentation with CEO Fredrik Lindberg

Main shareholders - Enzymatica

Main shareholders Share capital % Voting shares % Verified
Mats K Andersson 20.6 % 20.6 % 31 Dec 2020
Håkan Roos (RoosGruppen) 12.4 % 12.4 % 31 Dec 2020
Björn Nordfors Algkvist 10.5 % 10.5 % 31 Dec 2020
Gudmundur Palmasson 6.6 % 6.6 % 31 Mar 2020
Agusta Gudmundsdottir 4.0 % 4.0 % 31 Mar 2020
AB Possessor 2.2 % 2.2 % 31 Dec 2020
Avanza Pension 1.9 % 1.9 % 31 Dec 2020
Nordnet Pensionsförsäkring 1.8 % 1.8 % 31 Dec 2020
Ulf Wiinberg 1.4 % 1.4 % 31 Dec 2020
Ulf Blom 1.3 % 1.3 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Enzymatica

Name Quantity Code Date
Kristoffer Ahlerup + 940 BUY 26 Feb 2021
Louise Nicolin + 2 400 BUY 11 Dec 2020
Louise Nicolin + 1 600 BUY 11 Dec 2020
Louise Nicolin + 20 000 BUY 10 Dec 2020
Mats Andersson + 55 000 BUY 9 Dec 2020
Ulf Blom - 55 000 SELL 9 Dec 2020
Mats Andersson +4 581 619 BUY 13 Nov 2020
Mats Kristian Andersson -4 581 619 SELL 13 Nov 2020
Mats Andersson + 750 000 BUY 13 Nov 2020
Ulf Blom - 10 000 SELL 4 Jun 2020

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