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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 2020 2021e 2022e
Sales 5 62 146
Sales growth (%) -60 1176,3 135,2
EBITDA -28 -10 48
EBITDA margin (%) -576,8 -16,5 33,2
EBIT adj -35 -19 39
EBIT adj margin (%) -719,2 -30,4 27,1
Pretax profit -35 -19 39
EPS rep -0,7 -0,38 0,79
EPS growth (%) -5,6 46 308,9
EPS adj -0,56 -0,21 0,96
DPS 0 0 0
EV/EBITDA (x) -87,1 -243,5 51,2
EV/EBIT adj (x) -69,8 -132 62,8
P/E (x) -73,7 -136,6 65,4
P/E adj (x) -91,7 -250 53,4
EV/sales (x) 502,4 40,1 17
FCF yield (%) -3,1 -2 0
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 5 9,1 -2,1
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 5 62 146
COGS -3 -32 -56
Gross profit 1 30 89
Other operating items -29 -41 -41
EBITDA -28 -10 48
Depreciation on tangibles 0 0 0
Depreciation on intangibles 0 0 0
EBITA -28 -10 48
Goodwill impairment charges 0 0 0
Other impairment and amortisation -7 -9 -9
EBIT -35 -19 39
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 -35 -19 39
Tax 0 0 0
Net profit -35 -19 39
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -35 -19 39
EPS -0,7 -0,38 0,79
EPS Adj -0,56 -0,21 0,96
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 30 49 61,4
EBITDA margin (%) -576,8 -16,5 33,2
EBITA margin (%) -578,1 -16,6 33,2
EBIT margin (%) -719,2 -30,4 27,1
Pretax margin (%) -720,2 -30,5 27,1
Net margin (%) -720,2 -30,5 27,1
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -60 1176,3 135,2
EBITDA growth (%) -29,1 63,6 574,4
EBIT growth (%) -24,9 46,1 309,6
Net profit growth (%) -35,6 46 308,9
EPS growth (%) -5,6 46 308,9
Profitability 2020 2021 2022
ROE (%) -12,6 -5,8 11,8
ROE Adj (%) -10,1 -3,2 14,4
ROCE (%) -12,6 -5,8 11,8
ROCE Adj(%) -10,1 -3,2 14,4
ROIC (%) -19,8 -9 16,5
ROIC Adj (%) -19,8 -9 16,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj -28 -10 48
EBITDA Adj margin (%) -576,8 -16,5 33,2
EBITA Adj -28 -10 48
EBITA Adj margin (%) -578,1 -16,6 33,2
EBIT Adj -35 -19 39
EBIT Adj margin (%) -719,2 -30,4 27,1
Pretax profit Adj -28 -10 48
Net profit Adj -28 -10 48
Net profit to shareholders Adj -28 -10 48
Net Adj margin (%) -579 -16,6 33,1
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA -28 -10 48
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -28 -10 48
Change in WC -15 -14 -20
Operating cash flow -43 -24 28
CAPEX tangible fixed assets 0 0 -1
CAPEX intangible fixed assets -37 -27 -27
Acquisitions and disposals 0 0 0
Free cash flow -80 -52 0
Dividend paid 0 0 0
Share issues and buybacks 150 0 0
Other non cash items 6 6 6
Decrease in net IB debt 75 -46 6
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 18 12 6
Indefinite intangible assets 0 0 0
Definite intangible assets 176 195 213
Tangible fixed assets 1 1 2
Other fixed assets 11 11 11
Fixed assets 206 219 232
Inventories 2 21 50
Receivables 0 6 15
Other current assets 0 0 0
Cash and liquid assets 128 82 88
Total assets 336 329 385
Shareholders equity 335 316 355
Minority 0 0 0
Total equity 335 316 355
Long-term debt 0 0 0
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 1 12 29
Other current liabilities 0 0 0
Total liabilities and equity 336 329 385
Net IB debt -139 -93 -99
Net IB debt excl. pension debt -139 -93 -99
Capital invested 196 222 256
Working capital 1 15 35
EV breakdown 2020 2021 2022
Market cap. diluted (m) 2578 2578 2578
Net IB debt Adj -139 -93 -99
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 2439 2485 2479
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 1,7 18,6 40,8
Capital invested turnover (%) 2,8 29,6 61
Capital employed turnover (%) 1,7 19 43,4
Inventories / sales (%) 29,2 18,3 24,2
Customer advances / sales (%) 0,1 0,1 0,1
Payables / sales (%) 183,4 10,8 14,3
Working capital / sales (%) -128,6 12,9 17
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -41,5 -29,5 -28
Net debt / market cap (%) -8,9 -3,6 -3,9
Equity ratio (%) 99,6 96,1 92,3
Net IB debt adj. / equity (%) -41,5 -29,5 -28
Current ratio (%) 13283,9 876,3 519,1
EBITDA / net interest (%) -63420,6 -23026,6 108847,8
Net IB debt / EBITDA (%) 496,2 913,9 -205,4
Interest cover (%) -63561,7 -23167,1 108707,8
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 50 50 50
Fully diluted shares Adj 50 50 50
EPS -0,7 -0,38 0,79
Dividend per share Adj 0 0 0
EPS Adj -0,56 -0,21 0,96
BVPS 6,67 6,29 7,08
BVPS Adj 2,81 2,17 2,71
Net IB debt / share -2,8 -1,9 -2
Share price 31,09 51,4 51,4
Market cap. (m) 1560 2578 2578
Valuation 2020 2021 2022
P/E -73,7 -136,6 65,4
EV/sales 502,37 40,1 17,01
EV/EBITDA -87,1 -243,5 51,2
EV/EBITA -86,9 -242 51,3
EV/EBIT -69,8 -132 62,8
Dividend yield (%) 0 0 0
FCF yield (%) -3,1 -2 0
P/BVPS 7,7 8,17 7,26
P/BVPS Adj 18,29 23,63 18,98
P/E Adj -91,7 -250 53,4
EV/EBITDA Adj -87,1 -243,5 51,2
EV/EBITA Adj -86,9 -242 51,3
EV/EBIT Adj -69,8 -132 62,8
EV/cap. employed 7,3 7,9 7
Investment ratios 2020 2021 2022
Capex / sales 770,8 44,7 19,3
Capex / depreciation 60101,6 44508,6 45131,1
Capex tangibles / tangible fixed assets 2,7 27,4 40,7
Capex intangibles / definite intangibles 21,3 14,1 12,9
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 7,6 5,9 3,8
N/A N/A N/A

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Media

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

Main shareholders - Intervacc

Main shareholders Share capital % Voting shares % Verified
Swedbank Robur Fonder 6.8 % 6.8 % 31 Dec 2020
Thomas Eklund 5.7 % 5.7 % 31 Dec 2020
Newton Aguiar 5.7 % 5.7 % 31 Dec 2020
Avanza Pension 4.9 % 4.9 % 31 Dec 2020
Fjärde AP-fonden 4.7 % 4.7 % 31 Dec 2020
Handelsbanken Fonder 3.8 % 3.8 % 31 Dec 2020
Björn Sjöstrand 2.5 % 2.5 % 31 Dec 2020
Nordnet Pensionsförsäkring 2.4 % 2.4 % 31 Dec 2020
Nordea Fonder 2.1 % 2.1 % 31 Dec 2020
Kenneth Jansson 2.1 % 2.1 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Intervacc

Name Quantity Code Date
Niels Holck + 10 000 BUY 26 Nov 2020
Patrik Hellberg - 80 000 SELL 25 Sep 2020
Andreas Johansson - 3 000 SELL 23 Sep 2020
Jan-Ingmar flock + 25 425 Redemp 15 Jun 2020
Jan-Ingmar flock - 22 500 Redemp 7 Jun 2020
Jan-Ingmar flock + 237 575 Received loan 26 May 2020
Jan-Ingmar Flock - 60 000 SELL 8 Apr 2020
Andreas Johansson - 50 850 SELL 8 Apr 2020
Jan-Ingmar Flock - 40 000 SELL 7 Apr 2020
Patrik Hellberg - 20 000 Redemp 6 Apr 2020

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