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Intervacc

Intervacc

Vaccines and pharmaceuticals for animal health

Intervacc is a Swedish company which develops vaccines against infectious bacteria, focused on the animal health care market. According to Intervacc’s management, the technology platform can be used to develop vaccines for any bacterial species, in principle. The company’s subsidiary, Nordvacc, distributes veterinary vaccines across the Nordic and Baltic regions, as well as in the Netherlands. Intervacc has been listed on Nasdaq First North since 2017.

The company has a strong scientific foundation underlying its revolutionary bacterial vaccine development platform. The opportunity to entry into the veterinary market, with Intervacc’s lead product Strangvac, represents a comparatively low-risk commercialisation strategy.

Regulators could demand additional data before approving the company’s lead product. Potential distribution partners may not sell Intervacc’s products as zealously as the company itself would. Competitive, regulatory, and intellectual property rights risks are significant, as with all biotech companies.

SEKm 2019 2020e 2021e
Sales 15 23 89
Sales growth (%) -59,1 55 293,6
EBITDA -9 -18 17
EBITDA margin (%) -59,3 -79,5 18,9
EBIT adj -18 -28 -10
EBIT adj margin (%) -121,8 -126,2 -11,5
Pretax profit -18 -29 -10
EPS rep -0,46 -0,66 -0,24
EPS growth (%) 37,3 -44,4 63,9
EPS adj -0,31 -0,53 0,28
DPS 0 0 0
EV/EBITDA (x) -127,6 -63,1 68,1
EV/EBIT adj (x) -62,1 -39,8 -112,5
P/E (x) -60 -41,6 -115,2
P/E adj (x) -89,5 -52,3 99,1
EV/sales (x) 75,7 50,2 12,9
FCF yield (%) -2,5 -3,1 -1,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 10,3 3,2 -2,7
SEKm 2019 2020e 2021e
Sales 15 23 89
COGS -11 -16 -47
Gross profit 4 7 42
Other operating items -12 -25 -25
EBITDA -9 -18 17
Depreciation on tangibles -3 -5 -5
Depreciation on intangibles 0 0 0
EBITA -12 -23 12
Goodwill impairment charges 0 0 0
Other impairment and amortisation -6 -6 -22
EBIT -18 -28 -10
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -18 -29 -10
Tax 0 0 0
Net profit -18 -29 -10
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -18 -29 -10
EPS -0,46 -0,66 -0,24
EPS Adj -0,31 -0,53 0,28
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 25 30 47,3
EBITDA margin (%) -59,3 -79,5 18,9
EBITA margin (%) -81,4 -100,1 13,7
EBIT margin (%) -121,8 -126,2 -11,5
Pretax margin (%) -122,9 -126,9 -11,6
Net margin (%) -122,9 -126,9 -11,6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -59,1 55 293,6
EBITDA growth (%) 46,5 -107,7 193,7
EBIT growth (%) 42,6 -60,5 64,3
Net profit growth (%) 34,9 -60 63,9
EPS growth (%) 37,3 -44,4 63,9
Profitability 2019 2020 2021
ROE (%) -8,4 -13 -5,1
ROE Adj (%) -5,6 -10,3 6
ROCE (%) -8,3 -12,9 -5,1
ROCE Adj(%) -5,6 -10,2 6
ROIC (%) -12,3 -19,4 -6,8
ROIC Adj (%) -12,3 -19,4 -6,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj -9 -18 17
EBITDA Adj margin (%) -59,3 -79,5 18,9
EBITA Adj -12 -23 12
EBITA Adj margin (%) -81,4 -100,1 13,7
EBIT Adj -18 -28 -10
EBIT Adj margin (%) -121,8 -126,2 -11,5
Pretax profit Adj -12 -23 12
Net profit Adj -12 -23 12
Net profit to shareholders Adj -12 -23 12
Net Adj margin (%) -82,4 -100,8 13,5
SEKm 2019 2020e 2021e
EBITDA -9 -18 17
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -9 -18 17
Change in WC 3 -2 -16
Operating cash flow -6 -20 1
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -20 -17 -18
Acquisitions and disposals 0 0 0
Free cash flow -26 -37 -18
Dividend paid 0 0 0
Share issues and buybacks 62 0 0
Other non cash items 6 6 6
Decrease in net IB debt 41 -31 -12
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 24 18 12
Indefinite intangible assets 0 0 0
Definite intangible assets 121 132 128
Tangible fixed assets -2 -6 -11
Other fixed assets 0 0 0
Fixed assets 142 143 129
Inventories 5 8 30
Receivables 1 2 9
Other current assets 0 0 0
Cash and liquid assets 89 58 46
Total assets 238 211 214
Shareholders equity 235 206 196
Minority 0 0 0
Total equity 235 206 196
Long-term debt 1 1 1
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 0 0 0
Accounts payable 3 5 18
Other current liabilities 0 0 0
Total liabilities and equity 180 203 238
Net IB debt -89 -58 -46
Net IB debt excl. pension debt -89 -58 -46
Capital invested 146 148 150
Working capital 3 5 21
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1191 1191 1191
Net IB debt Adj -89 -58 -46
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 1102 1133 1145
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 6,6 10 41,8
Capital invested turnover (%) 10,1 15,3 59,6
Capital employed turnover (%) 6,8 10,2 44,1
Inventories / sales (%) 54,3 28 21,3
Customer advances / sales (%) 0,1 0,1 0,1
Payables / sales (%) 49,7 16,5 12,5
Working capital / sales (%) 32,7 19,6 14,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -37,8 -28 -23,3
Net debt / market cap (%) -16 -4,8 -3,8
Equity ratio (%) 98,5 97,5 91,3
Net IB debt adj. / equity (%) -37,8 -28 -23,3
Current ratio (%) 3262,2 1500,1 476,1
EBITDA / net interest (%) -5559,4 -11434,4 10609,8
Net IB debt / EBITDA (%) 1027 321,4 -270,7
Interest cover (%) -7624,2 -14391,9 7681,6
SEKm 2019 2020e 2021e
Shares outstanding adj. 43 43 43
Fully diluted shares Adj 43 43 43
EPS -0,46 -0,66 -0,24
Dividend per share Adj 0 0 0
EPS Adj -0,31 -0,53 0,28
BVPS 5,42 4,76 4,52
BVPS Adj 2,09 1,31 1,29
Net IB debt / share -2 -1,3 -1,1
Share price 12,84 27,5 27,5
Market cap. (m) 556 1191 1191
Valuation 2019 2020 2021
P/E -60 -41,6 -115,2
EV/sales 75,68 50,2 12,89
EV/EBITDA -127,6 -63,1 68,1
EV/EBITA -93 -50,2 94
EV/EBIT -62,1 -39,8 -112,5
Dividend yield (%) 0 0 0
FCF yield (%) -2,5 -3,1 -1,5
P/BVPS 5,08 5,78 6,09
P/BVPS Adj 13,19 21,02 21,24
P/E Adj -89,5 -52,3 99,1
EV/EBITDA Adj -127,6 -63,1 68,1
EV/EBITA Adj -93 -50,2 94
EV/EBIT Adj -62,1 -39,8 -112,5
EV/cap. employed 4,7 5,5 5,8
Investment ratios 2019 2020 2021
Capex / sales 139,1 75 21,3
Capex / depreciation 631,1 364,6 407,4
Capex tangibles / tangible fixed assets -3,6 -1,6 -3,9
Capex intangibles / definite intangibles 16,7 12,8 14,5
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles -170 -72,3 -43,6

Equity research

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Media

Intervacc - Interview with CEO Andreas Andersson
Intervacc - Company presentation with CEO Andreas Andersson

Main shareholders - Intervacc

Main shareholders Share capital % Voting shares % Verified
Newton Aguiar 7.6 % 7.6 % 30 Jun 2019
Thomas Eklund 6.9 % 6.9 % 31 Dec 2019
Avanza Pension 5.8 % 5.8 % 31 Dec 2019
Swedbank Robur Fonder 5.4 % 5.4 % 31 Dec 2019
Fjärde AP-fonden 4.2 % 4.2 % 31 Dec 2019
Nordnet Pensionsförsäkring 3.4 % 3.4 % 31 Dec 2019
Länsförsäkringar Fonder 3.1 % 3.1 % 31 Jan 2020
Björn Sjöstrand 2.9 % 2.9 % 31 Dec 2019
K Janzon Holding AB 2.6 % 2.6 % 31 Dec 2019
Knutsson Holdings AB 2.5 % 2.5 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Intervacc

Name Quantity Code Date
Jan Persson + 76 091 SUBS 4 Feb 2020
Andreas Andersson + 152 182 SUBS 4 Feb 2020
Timothy Wood + 60 BUY 24 Sep 2019
Nils Rune Bergman + 10 000 BUY 22 Feb 2019
Jan-Ingmar Flock + 14 723 BUY 11 Jan 2019
Jan-Ingmar Flock + 57 660 BUY 10 Jan 2019
Kenneth Jansson -1 552 000 GIFT 27 Mar 2018
Kenneth Jansson - 41 250 GIFT 26 Mar 2018

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