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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 35 116
Sales growth (%) -60,6 639 227,6
EBITDA -20 -16 26
EBITDA margin (%) -408 -45,7 22,4
EBIT adj -26 -24 18
EBIT adj margin (%) -537,2 -68,5 15,4
Pretax profit -26 -24 18
EPS rep -0,51 -0,48 0,35
EPS growth (%) 28,5 5,5 173,6
EPS adj -0,39 -0,32 0,52
DPS 0 0 0
EV/EBITDA (x) -118,6 -201,6 125,7
EV/EBIT adj (x) -90,1 -134,7 183
P/E (x) -103,5 -140,2 190,6
P/E adj (x) -136,3 -209,9 130,9
EV/sales (x) 484 92,2 28,1
FCF yield (%) -1,2 -1,4 -0,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 9 8,3 -5,2
Lease adj. FCF yield (%) -1,2 -1,4 -0,2
Lease adj. ND/EBITDA 9 8,3 -5,2
SEKm 2020 2021e 2022e
Sales 5 35 116
COGS -2 -18 -46
Gross profit 2 18 69
Other operating items -22 -34 -44
EBITDA -20 -16 26
Depreciation on tangibles 0 0 0
Depreciation on intangibles 0 0 0
EBITA -20 -16 26
Goodwill impairment charges 0 0 0
Other impairment and amortisation -6 -8 -8
EBIT -26 -24 18
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 -26 -24 18
Tax 0 0 0
Net profit -26 -24 18
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -26 -24 18
EPS -0,51 -0,48 0,35
EPS Adj -0,39 -0,32 0,52
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 50,4 50,2 60,1
EBITDA margin (%) -408 -45,7 22,4
EBITA margin (%) -408 -45,7 22,4
EBIT margin (%) -537,2 -68,5 15,4
Pretax margin (%) -535,6 -68,5 15,4
Net margin (%) -535,6 -68,5 15,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -60,6 639 227,6
EBITDA growth (%) 9,6 17,1 260,4
EBIT growth (%) 7,8 5,8 173,6
Net profit growth (%) 8,2 5,5 173,6
EPS growth (%) 28,5 5,5 173,6
Profitability 2020 2021 2022
ROE (%) -9,2 -7,4 5,5
ROE Adj (%) -7 -5 8
ROCE (%) -9,2 -7,4 5,5
ROCE Adj(%) -7 -5 8
ROIC (%) -16,1 -14,2 9,5
ROIC Adj (%) -16,1 -14,2 9,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj -20 -16 26
EBITDA Adj margin (%) -408 -45,7 22,4
EBITA Adj -20 -16 26
EBITA Adj margin (%) -408 -45,7 22,4
EBIT Adj -26 -24 18
EBIT Adj margin (%) -537,2 -68,5 15,4
Pretax profit Adj -19 -16 26
Net profit Adj -19 -16 26
Net profit to shareholders Adj -19 -16 26
Net Adj margin (%) -406,4 -45,7 22,4
Depreciation and amortisation 0 0 0
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation -6 -8 -8
EBITDA lease Adj -20 -16 26
EBITDA lease Adj margin (%) -408 -45,7 22,4
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
EBITDA -20 -16 26
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -19 -16 26
Change in WC -1 -23 -23
Operating cash flow -20 -39 3
CAPEX tangible fixed assets 0 0 -1
CAPEX intangible fixed assets -11 -8 -8
Acquisitions and disposals 0 0 0
Free cash flow -32 -47 -5
Dividend paid 0 0 0
Share issues and buybacks 143 0 0
Other non cash items 0 6 6
Decrease in net IB debt 112 -41 1
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 18 12 6
Indefinite intangible assets 0 0 0
Definite intangible assets 157 157 157
Tangible fixed assets 0 1 1
Other fixed assets 11 11 11
Fixed assets 186 181 175
Inventories 1 10 32
Receivables 3 12 40
Other current assets 0 0 0
Cash and liquid assets 164 123 124
Total assets 355 326 372
Shareholders equity 338 313 331
Minority 0 0 0
Total equity 338 313 331
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 12 40
Other current liabilities 0 0 0
Total liabilities and equity 355 326 372
Net IB debt -175 -134 -135
Net IB debt excl. pension debt -175 -134 -135
Capital invested 162 179 196
Working capital -13 10 32
EV breakdown 2020 2021 2022
Market cap. diluted (m) 2489 3391 3391
Net IB debt Adj -175 -134 -135
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 2314 3257 3256
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 1,6 10,4 33,2
Capital invested turnover (%) 3 20,7 61,6
Capital employed turnover (%) 1,7 10,8 35,9
Inventories / sales (%) 28,1 16,1 18,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 359,2 42,3 22,8
Working capital / sales (%) -277,2 -4,2 18,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -52 -42,8 -40,7
Net debt / market cap (%) -12 -4 -4
Equity ratio (%) 95 96,2 89,1
Net IB debt adj. / equity (%) -52 -42,8 -40,7
Current ratio (%) 965,2 1175,3 485,6
EBITDA / net interest (%) -26001,3 0 0
Net IB debt / EBITDA (%) 899,8 830,9 -520,7
Interest cover (%) -242725 0 0
Lease liability amortisation 0 0 0
Other intangible assets 157 157 157
Right-of-use asset 0 0 0
Total other fixed assets 11 11 11
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -175 -134 -135
Net IB debt / EBITDA lease Adj (%) 899,8 830,9 -520,7
SEKm 2020 2021e 2022e
Shares outstanding adj. 47 50 50
Fully diluted shares Adj 47 50 50
EPS -0,51 -0,48 0,35
Dividend per share Adj 0 0 0
EPS Adj -0,39 -0,32 0,52
BVPS 7,16 6,25 6,6
BVPS Adj 3,46 2,89 3,36
Net IB debt / share -3,7 -2,7 -2,7
Share price 31,09 67,6 67,6
Market cap. (m) 1466 3391 3391
Valuation 2020 2021 2022
P/E -103,5 -140,2 190,6
EV/sales 484,01 92,19 28,14
EV/EBITDA -118,6 -201,6 125,7
EV/EBITA -118,6 -201,6 125,7
EV/EBIT -90,1 -134,7 183
Dividend yield (%) 0 0 0
FCF yield (%) -1,2 -1,4 -0,2
P/BVPS 7,37 10,82 10,24
P/BVPS Adj 15,27 23,43 20,12
P/E Adj -136,3 -209,9 130,9
EV/EBITDA Adj -118,6 -201,6 125,7
EV/EBITA Adj -118,6 -201,6 125,7
EV/EBIT Adj -90,1 -134,7 183
EV/cap. employed 6,8 10,4 9,8
Investment ratios 2020 2021 2022
Capex / sales 239,3 23,2 7,4
Capex / depreciation 0 0 0
Capex tangibles / tangible fixed assets 5,1 27,5 47,4
Capex intangibles / definite intangibles 7,3 5,1 5,1
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) -1,2 -1,4 -0,2

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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 Jul 2021
Avanza Pension 5.7 % 5.7 % 30 Jun 2021
Handelsbanken Fonder 4.9 % 4.9 % 31 Aug 2021
Fjärde AP-fonden 4.7 % 4.7 % 30 Jun 2021
Futur Pension 3.4 % 3.4 % 30 Jun 2021
Newton Aguiar 2.8 % 2.8 % 30 Jun 2021
Thomas Eklund 2.5 % 2.5 % 30 Jun 2021
Björn Sjöstrand 2.5 % 2.5 % 30 Jun 2021
Nordnet Pensionsförsäkring 2.5 % 2.5 % 30 Jun 2021
Nordea Fonder 2.1 % 2.1 % 31 Jul 2021
Source: Holdings by Modular Finance AB

Insider list - Intervacc

Name Quantity Code Date
Niels Holck - 10 000 SELL 26 Jul 2021
Andreas Johansson - 2 556 SELL 5 Jul 2021
Newton Xavier Aguiar - 281 261 SELL 15 Apr 2021
Newton Xavier Aguiar - 500 000 SELL 15 Apr 2021
Newton Xavier Aguiar - 300 000 SELL 14 Apr 2021
Newton Xavier Aguiar - 345 449 SELL 13 Apr 2021
Niels Holck + 10 000 Redemp 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

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