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Herantis Pharma

Herantis Pharma

Developer of disease-modifying treatments

Herantis Pharma is a publicly listed (Finland, HRTIS and Sweden, HRNTS) clinical stage company aiming to revolutionize the treatment of diseases with unmet clinical needs. Based on leading academic research published in high-impact journals including Nature and Science, two ongoing clinical development programs explore the potential of its novel drug candidates in Parkinson’s disease and secondary lymphedema. Both Parkinson’s disease and lymphedema remain conditions in which current treatments only address symptoms and therefore do not enable long-term improvement for patients.

We believe that Herantis offers an attractive opportunity to address diseases with a large unmet medical need and to compete on the market for neurodegenerative diseases and secondary lymphedema. Additionally, the company’s technology could serve as a platform going into several diseases with similar pathologies. If strong clinical data is generated the company could find itself in an attractive position as an acquisition.

The key risks for Herantis are related to clinical and development risks of its candidates in terms of failed or delayed studies. Liquidity and financing risks are also important to consider, as Herantis is currently a development-stage company with negative cash flow. The competitive landscape could also be significantly different at the time when Herantis’ drug candidates could be approved.

EURm 2020 2021e 2022e
Lease adj. FCF yield (%) -28,5 -26,9 -28,8
Lease adj. ND/EBITDA 0,9 -0,2 0,6
Sales 0 0 0
Sales growth (%) -100 N/A N/A
EBITDA -7 -8 -8
EBITDA margin (%) 0 0 0
EBIT adj -8 -8 -9
EBIT adj margin (%) 0 0 0
Pretax profit -9 -8 -9
EPS rep -1,37 -0,86 -0,92
EPS growth (%) -21,3 37 -6,6
EPS adj -1,37 -0,86 -0,92
DPS 0 0 0
EV/EBITDA (x) -2,8 -4 -2,9
EV/EBIT adj (x) -2,5 -3,7 -2,7
P/E (x) -2,9 -3,5 -3,3
P/E adj (x) -2,9 -3,5 -3,3
EV/sales (x) 0 0 0
FCF yield (%) -28,5 -26,9 -28,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,9 -0,2 0,6
EURm 2020 2021e 2022e
Depreciation and amortisation -1 -1 0
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -7 -8 -8
EBITDA lease Adj margin (%) 0 0 0
Sales 0 0 0
COGS 0 0 0
Gross profit 0 0 0
Other operating items -7 -8 -8
EBITDA -7 -8 -8
Depreciation on tangibles 0 0 0
Depreciation on intangibles -1 -1 -1
EBITA -8 -8 -9
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -8 -8 -9
Other financial items 0 0 0
Net financial items -1 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -9 -8 -9
Tax 0 0 0
Net profit -9 -8 -9
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -9 -8 -9
EPS -1,37 -0,86 -0,92
EPS Adj -1,37 -0,86 -0,92
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 0 0 0
EBITDA margin (%) 0 0 0
EBITA margin (%) 0 0 0
EBIT margin (%) 0 0 0
Pretax margin (%) 0 0 0
Net margin (%) 0 0 0
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -100 N/A N/A
EBITDA growth (%) -47,3 -8,6 -8,6
EBIT growth (%) -35,1 -3 -6,7
Net profit growth (%) -39,7 7,9 -6,6
EPS growth (%) -21,3 37 -6,6
Profitability 2020 2021 2022
ROE (%) -168,5 -252,7 -416,7
ROE Adj (%) -168,5 -252,7 -416,7
ROCE (%) -64,4 -78,9 -94,8
ROCE Adj(%) -64,4 -78,9 -94,8
ROIC (%) -338,7 -804,1 -2373,9
ROIC Adj (%) -338,7 -804,1 -2373,9
Adj earnings numbers 2020 2021 2022
EBITDA Adj -7 -8 -8
EBITDA Adj margin (%) 0 0 0
EBITA Adj -8 -8 -9
EBITA Adj margin (%) 0 0 0
EBIT Adj -8 -8 -9
EBIT Adj margin (%) 0 0 0
Pretax profit Adj -9 -8 -9
Net profit Adj -9 -8 -9
Net profit to shareholders Adj -9 -8 -9
Net Adj margin (%) 0 0 0
Leasing payments 0 0 0
EURm 2020 2021e 2022e
Lease liability amortisation 0 0 0
Other intangible assets 3 2 2
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -6 2 -5
Net IB debt / EBITDA lease Adj (%) 85,6 -19,6 60,3
EBITDA -7 -8 -8
Net financial items -1 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -8 -8 -9
Change in WC 1 0 0
Operating cash flow -8 -8 -8
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -8 -8 -8
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 14 0 15
Decrease in net IB debt 4 -5 29
Balance Sheet (EURm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 4 3 2
Tangible fixed assets 0 0 0
Other fixed assets 0 0 3
Fixed assets 3 2 2
Inventories 0 0 0
Receivables 0 0 0
Other current assets 0 0 0
Cash and liquid assets 13 6 12
Total assets 16 8 14
Shareholders equity 8 -1 5
Minority 0 0 0
Total equity 8 -1 5
Long-term debt 6 6 6
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 1 1 1
Accounts payable 1 0 0
Other current liabilities 1 2 2
Total liabilities and equity 16 8 14
Net IB debt -6 2 -5
Net IB debt excl. pension debt -6 2 -5
Capital invested 1 1 0
Working capital -1 -2 -2
EV breakdown 2020 2021 2022
Market cap. diluted (m) 26 29 29
Net IB debt Adj -6 2 -5
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 20 31 24
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 0 0 0
Capital invested turnover (%) 6 0 1329,3
Capital employed turnover (%) 2,7 0 189,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 277,2 0 3,2
Payables / sales (%) 88,7 0 6,8
Working capital / sales (%) 0 0 0
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -81,2 -175 -98,1
Net debt / market cap (%) -13 5,2 -17,4
Equity ratio (%) 46 -10,9 36,6
Net IB debt adj. / equity (%) -81,2 -175 -98,1
Current ratio (%) 468,2 195,8 404,2
EBITDA / net interest (%) -660,8 -7088,4 -7699,6
Net IB debt / EBITDA (%) 85,6 -19,6 60,3
Interest cover (%) -745,6 -7600,3 -8109,1
EURm 2020 2021e 2022e
Lease adj. FCF yield (%) -28,5 -26,9 -28,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 33,1 25 25
Depreciation on tangibles / tangibles 0 0 0
Shares outstanding adj. 7 10 10
Fully diluted shares Adj 7 10 10
EPS -1,37 -0,86 -0,92
Dividend per share Adj 0 0 0
EPS Adj -1,37 -0,86 -0,92
BVPS 1,13 -0,09 0,53
BVPS Adj 0,71 -0,32 0,35
Net IB debt / share -0,9 0,2 -0,5
Share price 7,04 2,99 2,99
Market cap. (m) 47 29 29
Valuation 2020 2021 2022
P/E -2,9 -3,5 -3,3
EV/sales 0 0 0
EV/EBITDA -2,8 -4 -2,9
EV/EBITA -2,5 -3,7 -2,7
EV/EBIT -2,5 -3,7 -2,7
Dividend yield (%) 0 0 0
FCF yield (%) -28,5 -26,9 -28,8
P/BVPS 3,49 -33,68 5,64
P/BVPS Adj 5,56 -9,4 8,63
P/E Adj -2,9 -3,5 -3,3
EV/EBITDA Adj -2,8 -4 -2,9
EV/EBITA Adj -2,5 -3,7 -2,7
EV/EBIT Adj -2,5 -3,7 -2,7
EV/cap. employed 1,4 4,8 1,9
Investment ratios 2020 2021 2022
Capex / sales 0 0 0
Capex / depreciation -0,4 0 0
Capex tangibles / tangible fixed assets -13,3 0 0

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Main shareholders - Herantis Pharma

Main shareholders Share capital % Voting shares % Verified
Swedbank Robur Fonder 9.7 % 9.7 % 31 Aug 2021
Fjärde AP-fonden 6.2 % 6.2 % 6 Aug 2021
Inveni Capital 5.4 % 5.4 % 6 Aug 2021
University of Helsinki Funds 5.3 % 5.3 % 6 Aug 2021
Säästöpankki Fonder 4.7 % 4.7 % 31 Aug 2021
Nanoform Finland Oyj 4.4 % 4.4 % 6 Aug 2021
Veritas Pension Insurance Company 3.8 % 3.8 % 6 Aug 2021
Kyösti Kakkonen 3.7 % 3.7 % 6 Aug 2021
Innovestor Kasvurahasto I Ky 3.4 % 3.4 % 6 Aug 2021
OP Fonder 2.8 % 2.8 % 6 Aug 2021
Source: Holdings by Modular Finance AB

Insider list - Herantis Pharma

Name Quantity Code Date
Ingrid Atteryd Heiman - 1 528 SELL 2 Oct 2020
Ingrid Atteryd Heiman - 3 888 SELL 1 Oct 2020
Ingrid Atteryd Heiman - 4 584 SELL 18 Sep 2020

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