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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 2018 2019e 2020e
Sales 36 36 42
Sales growth (%) -25,8 0 17
EBITDA -16 -18 -19
EBITDA margin (%) -45,3 -50,2 -45,4
EBIT adj -31 -32 -33
EBIT adj margin (%) -86,8 -88,8 -80,1
Pretax profit -31 -32 -34
EPS rep -0,73 -0,82 -0,74
EPS growth (%) 36,3 -11,8 9,1
EPS adj -0,59 -0,66 -0,61
DPS 0 0 0
EV/EBITDA (x) -12,7 -20,9 -21,4
EV/EBIT adj (x) -6,6 -11,8 -12,1
P/E (x) -9,2 -11,8 -13
P/E adj (x) -11,3 -14,5 -15,7
EV/sales (x) 5,8 10,5 9,7
FCF yield (%) -11,2 -10,9 -8,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 2,9 3,4 1,6
SEKm 2018 2019e 2020e
Sales 36 36 42
COGS -30 -27 -29
Gross profit 5 9 12
Other operating items -22 -27 -31
EBITDA -16 -18 -19
Depreciation on tangibles -9 -8 -9
Depreciation on intangibles 0 0 0
EBITA -25 -26 -27
Goodwill impairment charges 0 0 0
Other impairment and amortisation -6 -6 -6
EBIT -31 -32 -33
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 -31 -32 -34
Tax 4 0 0
Net profit -27 -32 -34
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -27 -32 -34
EPS -0,73 -0,82 -0,74
EPS Adj -0,59 -0,66 -0,61
Total extraordinary items after tax 0 0 0
Tax rate (%) -11,5 0 0
Gross margin (%) 15,2 25 30
EBITDA margin (%) -45,3 -50,2 -45,4
EBITA margin (%) -70,2 -72,2 -65,9
EBIT margin (%) -86,8 -88,8 -80,1
Pretax margin (%) -87,2 -89,2 -80,5
Net margin (%) -77,2 -89,2 -80,5
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -25,8 0 17
EBITDA growth (%) -124,6 -10,8 -5,7
EBIT growth (%) -125,8 -2,3 -5,5
Net profit growth (%) -115,3 -15,5 -5,5
EPS growth (%) 36,3 -11,8 9,1
Profitability 2018 2019 2020
ROE (%) -15,5 -16 -17,6
ROE Adj (%) -12,5 -13 -14,5
ROCE (%) -17 -15,8 -17,4
ROCE Adj(%) -13,7 -12,9 -14,3
ROIC (%) -18,9 -21,8 -23
ROIC Adj (%) -18,9 -21,8 -23
Adj earnings numbers 2018 2019 2020
EBITDA Adj -16 -18 -19
EBITDA Adj margin (%) -45,3 -50,2 -45,4
EBITA Adj -25 -26 -27
EBITA Adj margin (%) -70,2 -72,2 -65,9
EBIT Adj -31 -32 -33
EBIT Adj margin (%) -86,8 -88,8 -80,1
Pretax profit Adj -25 -26 -28
Net profit Adj -22 -26 -28
Net profit to shareholders Adj -22 -26 -28
Net Adj margin (%) -62,6 -72,7 -66,3
SEKm 2018 2019e 2020e
EBITDA -16 -18 -19
Net financial items 0 0 0
Paid tax 4 0 0
Non-cash items 0 0 0
Cash flow before change in WC -13 -18 -19
Change in WC 12 -2 -1
Operating cash flow -4 -20 -20
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -25 -20 -17
Acquisitions and disposals 0 0 0
Free cash flow -28 -41 -38
Dividend paid 0 0 0
Share issues and buybacks 50 49 0
Other non cash items 7 6 6
Decrease in net IB debt 28 14 -32
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 29 24 18
Indefinite intangible assets 0 0 0
Definite intangible assets 106 121 132
Tangible fixed assets 1 -6 -15
Other fixed assets 11 0 0
Fixed assets 149 138 134
Inventories 11 12 14
Receivables 7 4 4
Other current assets 0 0 0
Cash and liquid assets 37 62 30
Total assets 203 216 183
Shareholders equity 190 208 174
Minority 0 0 0
Total equity 190 208 174
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 12 7 8
Other current liabilities 0 0 0
Total liabilities and equity 164 180 203
Net IB debt -47 -61 -30
Net IB debt excl. pension debt -47 -61 -30
Capital invested 143 146 144
Working capital 6 8 10
EV breakdown 2018 2019 2020
Market cap. diluted (m) 252 435 435
Net IB debt Adj -47 -61 -30
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 205 373 405
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 18,6 17 20,9
Capital invested turnover (%) 24,6 24,6 28,7
Capital employed turnover (%) 19,5 17,8 21,7
Inventories / sales (%) 39,6 32,3 31,5
Customer advances / sales (%) 0,2 0,1 0,2
Payables / sales (%) 20 26,2 18,5
Working capital / sales (%) 33,2 20,4 22,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -24,8 -29,6 -17,1
Net debt / market cap (%) -20,6 -14,1 -6,9
Equity ratio (%) 94 96,4 95,1
Net IB debt adj. / equity (%) -24,8 -29,6 -17,1
Current ratio (%) 468 1082,8 580,8
EBITDA / net interest (%) -10485,5 -11502 -12042,4
Net IB debt / EBITDA (%) 293 343,6 157,6
Interest cover (%) -16252,5 -16550,6 -17500,8
SEKm 2018 2019e 2020e
Shares outstanding adj. 38 45 45
Fully diluted shares Adj 38 45 45
EPS -0,73 -0,82 -0,74
Dividend per share Adj 0 0 0
EPS Adj -0,59 -0,66 -0,61
BVPS 5,06 4,6 3,85
BVPS Adj 1,45 1,4 0,55
Net IB debt / share -1,3 -1,4 -0,7
Share price 6,1 9,62 9,62
Market cap. (m) 230 435 435
Valuation 2018 2019 2020
P/E -9,2 -11,8 -13
EV/sales 5,76 10,49 9,72
EV/EBITDA -12,7 -20,9 -21,4
EV/EBITA -8,2 -14,5 -14,7
EV/EBIT -6,6 -11,8 -12,1
Dividend yield (%) 0 0 0
FCF yield (%) -11,2 -10,9 -8,6
P/BVPS 1,33 2,09 2,5
P/BVPS Adj 4,62 6,85 17,45
P/E Adj -11,3 -14,5 -15,7
EV/EBITDA Adj -12,7 -20,9 -21,4
EV/EBITA Adj -8,2 -14,5 -14,7
EV/EBIT Adj -6,6 -11,8 -12,1
EV/cap. employed 1,1 1,8 2,3
Investment ratios 2018 2019 2020
Capex / sales 69,4 57,1 40,8
Capex / depreciation 278,3 259,3 198,6
Capex tangibles / tangible fixed assets 13,1 -2,6 -1,3
Capex intangibles / definite intangibles 23,1 16,7 12,8
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 707,5 -122,1 -57,9

Equity research

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Media

Intervacc - Interview with CEO Jan-Ingmar Flock (in Swedish)
Intervacc - Company presentation with CEO Jan-Ingmar Flock (in Swedish)

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Main shareholders

Intervacc

Main shareholders Share capital % Voting shares % Verified
Thomas Eklund 8.9 % 8.9 % 30 Jun 2019
Newton Aguiar 7.6 % 7.6 % 28 Dec 2018
Avanza Pension 7.1 % 7.1 % 30 Jun 2019
Knutsson Holding AB 5.6 % 5.6 % 30 Jun 2019
Nexttobe AB 5.3 % 5.3 % 30 Jun 2019
K Janzon Holding AB 4.3 % 4.3 % 30 Jun 2019
N.R Bergman Holding AB 4.2 % 4.2 % 30 Jun 2019
Fredrik Lundgren 3.5 % 3.5 % 30 Jun 2019
Björn Sjöstrand 3.3 % 3.3 % 30 Jun 2019
Nordnet Pensionsförsäkring 3.3 % 3.3 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list

Intervacc

Name Quantity Code Date
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
Kenneth Jansson - 41 250 GIFT 26 Mar 2018

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