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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 12 4 76
Sales growth (%) -65,9 -65 1682,2
EBITDA -22 -32 9
EBITDA margin (%) -178,7 -756,9 11,3
EBIT adj -28 -40 0
EBIT adj margin (%) -230,3 -948,7 0,1
Pretax profit -28 -40 0
EPS rep -0,66 -0,87 0
EPS growth (%) 9,6 -32,4 100,1
EPS adj -0,52 -0,7 0,16
DPS 0 0 0
EV/EBITDA (x) -33,1 -45,2 188
EV/EBIT adj (x) -25,7 -36 20648,8
P/E (x) -27,3 -36,6 49004,6
P/E adj (x) -34,9 -45,8 194,5
EV/sales (x) 59,1 342 21,2
FCF yield (%) -5,5 -4,9 -2,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 2,9 0,8 -4,2
SEKm 2019 2020e 2021e
Sales 12 4 76
COGS -12 -3 -38
Gross profit 1 1 37
Other operating items -22 -33 -29
EBITDA -22 -32 9
Depreciation on tangibles 0 0 0
Depreciation on intangibles 0 0 0
EBITA -22 -32 8
Goodwill impairment charges 0 0 0
Other impairment and amortisation -6 -8 -8
EBIT -28 -40 0
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 -28 -40 0
Tax 2 0 0
Net profit -26 -40 0
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -26 -40 0
EPS -0,66 -0,87 0
EPS Adj -0,52 -0,7 0,16
Total extraordinary items after tax 0 0 0
Tax rate (%) -7,9 0 0
Gross margin (%) 4,9 30 49,5
EBITDA margin (%) -178,7 -756,9 11,3
EBITA margin (%) -180,4 -758,2 11,2
EBIT margin (%) -230,3 -948,7 0,1
Pretax margin (%) -230,6 -949,7 0
Net margin (%) -212,5 -949,7 0
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -65,9 -65 1682,2
EBITDA growth (%) -34,4 -48,3 126,6
EBIT growth (%) 9,5 -44,2 100,2
Net profit growth (%) 6,2 -56,4 100,1
EPS growth (%) 9,6 -32,4 100,1
Profitability 2019 2020 2021
ROE (%) -12,6 -18,9 0
ROE Adj (%) -9,9 -15,1 3,7
ROCE (%) -13,6 -18,9 0
ROCE Adj(%) -10,6 -15,1 3,7
ROIC (%) -17,2 -23,8 0
ROIC Adj (%) -17,2 -23,8 0
Adj earnings numbers 2019 2020 2021
EBITDA Adj -22 -32 9
EBITDA Adj margin (%) -178,7 -756,9 11,3
EBITA Adj -22 -32 8
EBITA Adj margin (%) -180,4 -758,2 11,2
EBIT Adj -28 -40 0
EBIT Adj margin (%) -230,3 -948,7 0,1
Pretax profit Adj -22 -32 8
Net profit Adj -20 -32 8
Net profit to shareholders Adj -20 -32 8
Net Adj margin (%) -166,5 -759,2 11,2
SEKm 2019 2020e 2021e
EBITDA -22 -32 9
Net financial items 0 0 0
Paid tax 2 0 0
Non-cash items 0 0 0
Cash flow before change in WC -20 -32 9
Change in WC 20 -15 -17
Operating cash flow 0 -47 -9
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -39 -25 -27
Acquisitions and disposals 0 0 0
Free cash flow -39 -72 -36
Dividend paid 0 0 0
Share issues and buybacks 58 27 42
Other non cash items -3 6 6
Decrease in net IB debt 16 -39 12
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 24 18 12
Indefinite intangible assets 0 0 0
Definite intangible assets 145 162 181
Tangible fixed assets 1 1 1
Other fixed assets 11 11 11
Fixed assets 181 192 206
Inventories 1 1 26
Receivables 2 0 8
Other current assets 0 0 0
Cash and liquid assets 53 14 25
Total assets 237 208 264
Shareholders equity 220 206 249
Minority 0 0 0
Total equity 220 206 249
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 17 1 15
Other current liabilities 0 0 0
Total liabilities and equity 237 208 264
Net IB debt -64 -25 -36
Net IB debt excl. pension debt -64 -25 -36
Capital invested 156 182 212
Working capital -14 1 18
EV breakdown 2019 2020 2021
Market cap. diluted (m) 781 1478 1643
Net IB debt Adj -64 -25 -36
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 718 1453 1607
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 5,5 1,9 32,1
Capital invested turnover (%) 8,1 2,5 38,4
Capital employed turnover (%) 5,9 2 33,2
Inventories / sales (%) 49,6 31 18
Customer advances / sales (%) 0 0,1 0,1
Payables / sales (%) 117 208,2 10,6
Working capital / sales (%) -31,2 -148,6 12,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -28,9 -11,9 -14,6
Net debt / market cap (%) -11,4 -1,7 -2,2
Equity ratio (%) 92,7 99,4 94,1
Net IB debt adj. / equity (%) -28,9 -11,9 -14,6
Current ratio (%) 331 1808,2 383,3
EBITDA / net interest (%) -49288,6 -72824,8 19284,8
Net IB debt / EBITDA (%) 293,1 76,6 -423,8
Interest cover (%) -49769,3 -72948,2 19161,9
SEKm 2019 2020e 2021e
Shares outstanding adj. 43 46 51
Fully diluted shares Adj 43 46 51
EPS -0,66 -0,87 0
Dividend per share Adj 0 0 0
EPS Adj -0,52 -0,7 0,16
BVPS 5,08 4,47 4,84
BVPS Adj 1,17 0,57 1,08
Net IB debt / share -1,5 -0,5 -0,7
Share price 12,84 32 32
Market cap. (m) 556 1478 1643
Valuation 2019 2020 2021
P/E -27,3 -36,6 49004,6
EV/sales 59,14 341,98 21,22
EV/EBITDA -33,1 -45,2 188
EV/EBITA -32,8 -45,1 189,2
EV/EBIT -25,7 -36 20648,8
Dividend yield (%) 0 0 0
FCF yield (%) -5,5 -4,9 -2,2
P/BVPS 3,55 7,16 6,61
P/BVPS Adj 15,39 55,8 29,67
P/E Adj -34,9 -45,8 194,5
EV/EBITDA Adj -33,1 -45,2 188
EV/EBITA Adj -32,8 -45,1 189,2
EV/EBIT Adj -25,7 -36 20648,8
EV/cap. employed 3,3 7 6,5
Investment ratios 2019 2020 2021
Capex / sales 322,5 587,4 36,7
Capex / depreciation 18507,5 45800,3 50983,7
Capex tangibles / tangible fixed assets 6,5 2,4 31,2
Capex intangibles / definite intangibles 26,9 15,4 15,1
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 24,5 6,6 4,9

Equity research

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Media

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

Main shareholders - Intervacc

Main shareholders Share capital % Voting shares % Verified
Newton Aguiar 7.6 % 7.6 % 30 Jun 2019
Swedbank Robur Fonder 6.8 % 6.8 % 30 Jun 2020
Thomas Eklund 5.7 % 5.7 % 30 Jun 2020
Avanza Pension 5.0 % 5.0 % 30 Jun 2020
Fjärde AP-fonden 4.8 % 4.8 % 30 Jun 2020
Nordnet Pensionsförsäkring 3.2 % 3.2 % 30 Jun 2020
Länsförsäkringar Fonder 2.8 % 2.8 % 31 Jul 2020
Björn Sjöstrand 2.5 % 2.5 % 30 Jun 2020
K Janzon Holding AB 2.2 % 2.2 % 30 Jun 2020
N.R Bergman Holding AB 1.9 % 1.9 % 30 Jun 2020
Source: Holdings by Modular Finance AB

Insider list - Intervacc

Name Quantity Code Date
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
Jan-Ingmar Flock + 79 100 Redemp 6 Apr 2020
Patrik Hellberg - 20 000 Redemp 6 Apr 2020
Jan-Ingmar Flock - 70 000 Redemp 6 Apr 2020
Andreas Johansson - 45 000 Redemp 6 Apr 2020

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