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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.

SEKm 2018 2019e 2020e
Sales 53 62 110
Sales growth (%) -11,6 18,8 76,9
EBITDA -35 -37 -19
EBITDA margin (%) -65,8 -59,9 -17,1
EBIT adj -41 -43 -25
EBIT adj margin (%) -77,2 -69,5 -22,5
Pretax profit -42 -45 -28
EPS rep -0,45 -0,32 -0,21
EPS growth (%) -29,3 28,6 35,8
EPS adj -0,45 -0,32 -0,21
DPS 0 0 0
EV/EBITDA (x) -7,2 -11,9 -25,3
EV/EBIT adj (x) -6,1 -10,3 -19,3
P/E (x) -4,9 -10,3 -16
P/E adj (x) -4,9 -10,3 -16
EV/sales (x) 4,7 7,1 4,3
FCF yield (%) -14 -11,2 -8,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1,9 0,6 -0,5
SEKm 2018 2019e 2020e
Sales 53 62 110
COGS -16 -18 -37
Gross profit 37 44 73
Other operating items -71 -82 -92
EBITDA -35 -37 -19
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles -5 -5 -5
EBITA -41 -43 -25
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -41 -43 -25
Other financial items 0 0 0
Net financial items -2 -1 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -42 -45 -28
Tax 0 -1 -1
Net profit -43 -46 -29
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -43 -46 -29
EPS -0,45 -0,32 -0,21
EPS Adj -0,45 -0,32 -0,21
Total extraordinary items after tax 0 0 0
Tax rate (%) 1 1,8 3
Gross margin (%) 70 71,3 66,4
EBITDA margin (%) -65,8 -59,9 -17,1
EBITA margin (%) -77,2 -69,5 -22,5
EBIT margin (%) -77,2 -69,5 -22,5
Pretax margin (%) -80,2 -71,7 -25,8
Net margin (%) -81 -73 -26,5
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -11,6 18,8 76,9
EBITDA growth (%) -32,7 -8,1 49,6
EBIT growth (%) -34,3 -6,9 42,7
Net profit growth (%) -35,4 -7,1 35,8
EPS growth (%) -29,3 28,6 35,8
Profitability 2018 2019 2020
ROE (%) -31,5 -33,3 -29,5
ROE Adj (%) -31,5 -33,3 -29,5
ROCE (%) -28 -30,1 -23,6
ROCE Adj(%) -28 -30,1 -23,6
ROIC (%) -41,2 -48,3 -27,9
ROIC Adj (%) -41,2 -48,3 -27,9
Adj earnings numbers 2018 2019 2020
EBITDA Adj -35 -37 -19
EBITDA Adj margin (%) -65,8 -59,9 -17,1
EBITA Adj -41 -43 -25
EBITA Adj margin (%) -77,2 -69,5 -22,5
EBIT Adj -41 -43 -25
EBIT Adj margin (%) -77,2 -69,5 -22,5
Pretax profit Adj -42 -45 -28
Net profit Adj -43 -46 -29
Net profit to shareholders Adj -43 -46 -29
Net Adj margin (%) -81 -73 -26,5
SEKm 2018 2019e 2020e
EBITDA -35 -37 -19
Net financial items -2 -1 -4
Paid tax 0 -1 -1
Non-cash items 0 0 0
Cash flow before change in WC -36 -40 -23
Change in WC 8 -3 -7
Operating cash flow -29 -52 -38
CAPEX tangible fixed assets -1 -1 -1
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -29 -52 -39
Dividend paid 0 0 0
Share issues and buybacks 99 0 0
Other non cash items -8 9 7
Decrease in net IB debt 61 -44 -32
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 63 63 63
Indefinite intangible assets 0 0 0
Definite intangible assets 26 21 17
Tangible fixed assets 5 5 5
Other fixed assets 1 1 1
Fixed assets 95 90 87
Inventories 6 7 12
Receivables 12 16 26
Other current assets 2 2 2
Cash and liquid assets 70 27 -5
Total assets 185 141 122
Shareholders equity 160 114 85
Minority 0 0 0
Total equity 160 114 85
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 12 21
Other current liabilities 10 10 10
Total liabilities and equity 163 134 185
Net IB debt -66 -22 10
Net IB debt excl. pension debt -66 -22 10
Capital invested 92 90 93
Working capital -2 1 8
EV breakdown 2018 2019 2020
Market cap. diluted (m) 314 468 468
Net IB debt Adj -66 -22 10
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 248 446 478
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 33 38,2 83,9
Capital invested turnover (%) 52,8 68,3 120,2
Capital employed turnover (%) 37 43,8 105,1
Inventories / sales (%) 7,8 9,7 8,3
Customer advances / sales (%) 15,2 13,9 7,9
Payables / sales (%) 15,7 17,9 15,2
Working capital / sales (%) 5,1 -0,2 4,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -41,3 -19,5 11,5
Net debt / market cap (%) -13,4 -4,8 2,1
Equity ratio (%) 86,2 80,6 69,8
Net IB debt adj. / equity (%) -41,3 -19,5 11,5
Current ratio (%) 416 216,8 106,1
EBITDA / net interest (%) -2205,9 -2666,1 -524,1
Net IB debt / EBITDA (%) 190,4 59,6 -51,9
Interest cover (%) -1703,6 -2289,4 -689,9
SEKm 2018 2019e 2020e
P/E -4,9 -10,3 -16
EV/sales 4,72 7,15 4,33
EV/EBITDA -7,2 -11,9 -25,3
EV/EBITA -6,1 -10,3 -19,3
EV/EBIT -6,1 -10,3 -19,3
Dividend yield (%) 0 0 0
FCF yield (%) -14 -11,2 -8,3
P/BVPS 1,97 4,11 5,53
P/BVPS Adj 4,47 15,87 102,32
P/E Adj -4,9 -10,3 -16
EV/EBITDA Adj -7,2 -11,9 -25,3
EV/EBITA Adj -6,1 -10,3 -19,3
EV/EBIT Adj -6,1 -10,3 -19,3
EV/cap. employed 1,5 3,7 5,3
Investment ratios 2018 2019 2020
Capex / sales 1 1 1
Capex / depreciation 8,7 10,3 18,3
Capex tangibles / tangible fixed assets 11,5 13,3 21
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 20,8 25,5 32,1
Depreciation on tangibles / tangibles 11,5 11,2 10
Shares outstanding adj. 143 143 143
Fully diluted shares Adj 143 143 143
EPS -0,45 -0,32 -0,21
Dividend per share Adj 0 0 0
EPS Adj -0,45 -0,32 -0,21
BVPS 1,12 0,8 0,59
BVPS Adj 0,49 0,21 0,03
Net IB debt / share -0,5 -0,2 0,1
Share price 3,45 3,28 3,28
Market cap. (m) 492 468 468
Valuation 2018 2019 2020

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Media

Enzymatica - Company presentation with CEO Fredrik Lindberg
Enzymatica - Interview with CEO Fredrik Lindberg

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Main shareholders - Enzymatica

Main shareholders Share capital % Voting shares % Verified
Mats K Andersson 19.5 % 19.5 % 30 Sep 2019
Danica Pension 17.1 % 17.1 % 30 Sep 2019
Håkan Roos 11.8 % 11.8 % 30 Sep 2019
Björn Nordfors Algkvist 10.5 % 10.5 % 30 Sep 2019
Gudmundur Palmasson 6.6 % 6.6 % 30 Sep 2019
Fortus Hf. 6.3 % 6.3 % 30 Sep 2019
Agusta Gudmundsdottir 4.8 % 4.8 % 30 Sep 2019
AB Possessor 2.1 % 2.1 % 30 Sep 2019
Nordnet Pensionsförsäkring 1.8 % 1.8 % 30 Sep 2019
Ulf Wiinberg 1.7 % 1.7 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - Enzymatica

Name Quantity Code Date
Gudmundur Palmason +3 574 308 BUY 20 Aug 2019
Gudmundur Palmason -3 574 308 SELL 20 Aug 2019
Ulf Blom - 150 000 SELL 25 Jun 2019
Ulf Blom - 150 000 SELL 19 Jun 2019
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 ALTM 6 Dec 2018
Abanico Invest AB +4 000 000 ALTM 6 Dec 2018

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