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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 2019 2020e 2021e
Sales 61 120 204
Sales growth (%) 16,6 95,5 70,4
EBITDA -36 4 46
EBITDA margin (%) -58,2 3,2 22,6
EBIT adj -42 -2 40
EBIT adj margin (%) -68 -1,8 19,7
Pretax profit -42 -4 37
EPS rep -0,29 -0,03 0,25
EPS growth (%) 35,8 90,1 995,4
EPS adj -0,29 -0,03 0,25
DPS 0 0 0
EV/EBITDA (x) -15,2 581,5 48,1
EV/EBIT adj (x) -13 -1059,6 55,3
P/E (x) -13,8 -554,9 62
P/E adj (x) -13,8 -554,9 62
EV/sales (x) 8,8 18,7 10,9
FCF yield (%) -6,8 -1,1 0,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,7 -4 -0,7
SEKm 2019 2020e 2021e
Sales 61 120 204
COGS -16 -32 -55
Gross profit 45 88 150
Other operating items -81 -84 -103
EBITDA -36 4 46
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles -5 -5 -5
EBITA -42 -2 40
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -42 -2 40
Other financial items 0 0 0
Net financial items 0 -2 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -42 -4 37
Tax 1 0 -1
Net profit -41 -4 36
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -41 -4 36
EPS -0,29 -0,03 0,25
EPS Adj -0,29 -0,03 0,25
Total extraordinary items after tax 0 0 0
Tax rate (%) -2,3 -5,5 -2
Gross margin (%) 73,2 73,5 73,3
EBITDA margin (%) -58,2 3,2 22,6
EBITA margin (%) -68 -1,8 19,7
EBIT margin (%) -68 -1,8 19,7
Pretax margin (%) -68,4 -3,6 18,2
Net margin (%) -66,8 -3,4 17,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 16,6 95,5 70,4
EBITDA growth (%) -3,1 110,8 1099,2
EBIT growth (%) -2,7 94,9 2002,9
Net profit growth (%) 3,8 90,1 995,4
EPS growth (%) 35,8 90,1 995,4
Profitability 2019 2020 2021
ROE (%) -29,4 -3,5 27,3
ROE Adj (%) -29,4 -3,5 27,3
ROCE (%) -27,6 -1 28,8
ROCE Adj(%) -27,6 -1 28,8
ROIC (%) -43,3 -2,1 35,9
ROIC Adj (%) -43,3 -2,1 35,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj -36 4 46
EBITDA Adj margin (%) -58,2 3,2 22,6
EBITA Adj -42 -2 40
EBITA Adj margin (%) -68 -1,8 19,7
EBIT Adj -42 -2 40
EBIT Adj margin (%) -68 -1,8 19,7
Pretax profit Adj -42 -4 37
Net profit Adj -41 -4 36
Net profit to shareholders Adj -41 -4 36
Net Adj margin (%) -66,8 -3,4 17,8
SEKm 2019 2020e 2021e
EBITDA -36 4 46
Net financial items 0 -2 -3
Paid tax 1 0 -1
Non-cash items 0 0 0
Cash flow before change in WC -35 2 42
Change in WC -3 -17 -21
Operating cash flow -38 -23 15
CAPEX tangible fixed assets -1 -2 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -38 -25 12
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -13 15 4
Decrease in net IB debt -41 -10 16
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 63 63 63
Indefinite intangible assets 0 0 0
Definite intangible assets 21 17 15
Tangible fixed assets 7 -1 1
Other fixed assets 2 2 2
Fixed assets 93 81 81
Inventories 7 14 23
Receivables 18 39 64
Other current assets 0 0 0
Cash and liquid assets 29 20 36
Total assets 148 154 204
Shareholders equity 119 115 152
Minority 0 0 0
Total equity 119 115 152
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 3 3 3
Accounts payable 10 20 35
Other current liabilities 12 12 12
Total liabilities and equity 148 154 204
Net IB debt -25 -16 -32
Net IB debt excl. pension debt -25 -16 -32
Capital invested 94 100 120
Working capital 3 21 41
EV breakdown 2019 2020 2021
Market cap. diluted (m) 567 2257 2257
Net IB debt Adj -25 -16 -32
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 542 2241 2225
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 36,8 79,6 114,2
Capital invested turnover (%) 65,3 123,8 186,1
Capital employed turnover (%) 42,1 97 146,2
Inventories / sales (%) 10,2 8,6 9,1
Customer advances / sales (%) 7,1 0 0
Payables / sales (%) 16,8 12,8 13,5
Working capital / sales (%) 2,5 10 15,1
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -21 -13,5 -20,8
Net debt / market cap (%) -5,7 -0,7 -1,4
Equity ratio (%) 80,7 75 74,2
Net IB debt adj. / equity (%) -21 -13,5 -20,8
Current ratio (%) 221,8 209,5 252,3
EBITDA / net interest (%) -12701,1 176,1 1498,6
Net IB debt / EBITDA (%) 70,3 -403,8 -68,3
Interest cover (%) -2268,2 -39,5 1305
SEKm 2019 2020e 2021e
P/E -13,8 -554,9 62
EV/sales 8,84 18,7 10,89
EV/EBITDA -15,2 581,5 48,1
EV/EBITA -13 -1059,6 55,3
EV/EBIT -13 -1059,6 55,3
Dividend yield (%) 0 0 0
FCF yield (%) -6,8 -1,1 0,5
P/BVPS 4,76 19,6 14,89
P/BVPS Adj 16,15 64,84 30,59
P/E Adj -13,8 -554,9 62
EV/EBITDA Adj -15,2 581,5 48,1
EV/EBITA Adj -13 -1059,6 55,3
EV/EBIT Adj -13 -1059,6 55,3
EV/cap. employed 4,3 18,4 14,1
Investment ratios 2019 2020 2021
Capex / sales 1,4 1,4 1,4
Capex / depreciation 14,5 28,4 48,3
Capex tangibles / tangible fixed assets 12,8 -124,2 288,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 26,1 31,8 37,4
Depreciation on tangibles / tangibles 7,7 -38,2 52,1
Shares outstanding adj. 143 143 143
Fully diluted shares Adj 143 143 143
EPS -0,29 -0,03 0,25
Dividend per share Adj 0 0 0
EPS Adj -0,29 -0,03 0,25
BVPS 0,83 0,81 1,06
BVPS Adj 0,25 0,24 0,52
Net IB debt / share -0,2 -0,1 -0,2
Share price 3,08 15,8 15,8
Market cap. (m) 440 2257 2257
Valuation 2019 2020 2021

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

Main shareholders - Enzymatica

Main shareholders Share capital % Voting shares % Verified
Mats K Andersson 20.0 % 20.0 % 31 Mar 2020
Håkan Roos (RoosGruppen) 11.8 % 11.8 % 31 Mar 2020
Björn Nordfors Algkvist 10.5 % 10.5 % 31 Mar 2020
Gudmundur Palmasson 6.6 % 6.6 % 31 Mar 2020
Agusta Gudmundsdottir 4.0 % 4.0 % 31 Mar 2020
AB Possessor 2.3 % 2.3 % 31 Mar 2020
Nordnet Pensionsförsäkring 2.0 % 2.0 % 31 Mar 2020
Avanza Pension 1.8 % 1.8 % 31 Mar 2020
Ulf Wiinberg 1.7 % 1.7 % 31 Mar 2020
Ulf Blom 1.4 % 1.4 % 4 Jun 2020
Source: Holdings by Modular Finance AB

Insider list - Enzymatica

Name Quantity Code Date
Ulf Blom - 10 000 SELL 4 Jun 2020
Ulf Blom - 7 900 SELL 4 Jun 2020
Ulf Blom - 2 479 SELL 4 Jun 2020
Ann-Christin Jönsson Provoost + 70 000 BUY 29 May 2020
claus egstrand + 500 000 BUY 29 May 2020
Sigurgeir Gudlaugsson - 8 469 SELL 30 Mar 2020
Mats Andersson + 150 000 BUY 18 Mar 2020
Sigurgeir Gudlaugsson - 5 754 SELL 4 Mar 2020
Bengt Baron + 5 733 BUY 2 Mar 2020
Mats Kristian Andersson +1 887 407 BUY 2 Mar 2020

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