Tchaikapharma High Quality Medicines AD (BUL:THQM) - Share price, News & Analysis

Q: What is the Fair Price of THQM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

THQM (BGN15.6) is trading above our estimate of [[fair value]] (BGN0)

THQM fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	0/6
Past Performance	4/6
Financial Health	6/6
Dividends	0/6

THQM Stock Overview

Tchaikapharma High Quality Medicines AD engages in the development and manufacture of generic and in-licensed medicines in Bulgaria.

Rewards

Earnings grew by 605.5% over the past year

Risk Analysis

Earnings have declined by 45.4% per year over past 5 years

Tchaikapharma High Quality Medicines AD Competitors

Sopharma AD

BUL:SFA

лв547.8m

Tianjin Tianyao Pharmaceuticals

SHSE:600488

CN¥4.7b

Chongqing Pharscin Pharmaceutical

SZSE:002907

CN¥5.1b

Collegium Pharmaceutical

NasdaqGS:COLL

US$655.2m

Price History & Performance

Summary of all time highs, changes and price drops for Tchaikapharma High Quality Medicines AD
Historical stock prices
Current Share Price	лв15.60
52 Week High	лв15.60
52 Week Low	лв13.20
Beta	0.056
1 Month Change	1.30%
3 Month Change	1.96%
1 Year Change	9.09%
3 Year Change	63.64%
5 Year Change	167.43%
Change since IPO	523.86%

Shareholder Returns

	THQM	BG Pharmaceuticals	BG Market
7D	0.6%	-3.0%	0.4%
1Y	9.1%	-1.0%	8.8%

Return vs Industry: THQM exceeded the BG Pharmaceuticals industry which returned -1% over the past year.

Return vs Market: THQM matched the BG Market which returned 8.8% over the past year.

Price Volatility

Is THQM's price volatile compared to industry and market?
THQM volatility
THQM Average Weekly Movement	1.3%
Pharmaceuticals Industry Average Movement	5.7%
Market Average Movement	5.2%
10% most volatile stocks in BG Market	8.9%
10% least volatile stocks in BG Market	2.5%

Stable Share Price: THQM is less volatile than 75% of BG stocks over the past 3 months, typically moving +/- 1% a week.

Volatility Over Time: THQM's weekly volatility (1%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1999	162	n/a	https://www.tchaikapharma.com

Tchaikapharma High Quality Medicines AD engages in the development and manufacture of generic and in-licensed medicines in Bulgaria. The company offers alimentary tract and metabolism, anaesthetic, antibiotic, anti-infective, cardiovascular and musculoskeletal system, nervous system, oncology, and respiratory system medicines; and solutions for injections. It also provides nutritional supplements.

Tchaikapharma High Quality Medicines AD Fundamentals Summary

How do Tchaikapharma High Quality Medicines AD's earnings and revenue compare to its market cap?
THQM fundamental statistics
Market Cap	лв1.32b
Earnings (TTM)	лв1.54m
Revenue (TTM)	лв42.98m

857.1x

P/E Ratio

30.7x

P/S Ratio

Is THQM overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
THQM income statement (TTM)
Revenue	лв42.98m
Cost of Revenue	лв31.69m
Gross Profit	лв11.30m
Other Expenses	лв9.76m
Earnings	лв1.54m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	0.018
Gross Margin	26.28%
Net Profit Margin	3.58%
Debt/Equity Ratio	9.6%

How did THQM perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is THQM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for THQM?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for THQM. This is calculated by dividing THQM's market cap by their current preferred multiple.
What is THQM's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	лв1.32b

THQM key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	30.9x
Enterprise Value/EBITDA	266.3x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does THQM's PS Ratio compare to its peers?

THQM PS Ratio vs Peers

The above table shows the PS ratio for THQM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	2.5x
SFA Sopharma AD	0.3x	2.6%	лв547.8m
600488 Tianjin Tianyao Pharmaceuticals	1.2x	n/a	CN¥4.7b
002907 Chongqing Pharscin Pharmaceutical	6.3x	n/a	CN¥5.1b
COLL Collegium Pharmaceutical	2.1x	6.2%	US$655.2m
THQM Tchaikapharma High Quality Medicines AD	30.7x	n/a	лв1.3b

Price-To-Sales vs Peers: THQM is expensive based on its Price-To-Sales Ratio (30.7x) compared to the peer average (2.5x).

Price to Earnings Ratio vs Industry

How does THQM's PE Ratio compare vs other companies in the European Pharmaceuticals Industry?

Price-To-Sales vs Industry: THQM is expensive based on its Price-To-Sales Ratio (30.7x) compared to the European Pharmaceuticals industry average (4.1x)

Price to Sales Ratio vs Fair Ratio

What is THQM's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

THQM PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	30.7x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate THQM's Price-To-Sales Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of THQM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: THQM (BGN15.6) is trading above our estimate of fair value (BGN0)

Significantly Below Fair Value: THQM is trading above our estimate of fair value.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Tchaikapharma High Quality Medicines AD forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

12.2%

Forecasted Pharmaceuticals & Biotech industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Tchaikapharma High Quality Medicines AD has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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Check out Tchaikapharma High Quality Medicines AD's track record over time to understand how much the company has returned to shareholders and its earnings growth rate in the past.

Past Performance

How has Tchaikapharma High Quality Medicines AD performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-45.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: THQM has high quality earnings.

Growing Profit Margin: THQM's current net profit margins (3.6%) are higher than last year (0.5%).

Past Earnings Growth Analysis

Earnings Trend: THQM's earnings have declined by 45.4% per year over the past 5 years.

Accelerating Growth: THQM's earnings growth over the past year (605.5%) exceeds its 5-year average (-45.4% per year).

Earnings vs Industry: THQM earnings growth over the past year (605.5%) exceeded the Pharmaceuticals industry 18.2%.

Return on Equity

High ROE: THQM's Return on Equity (1.5%) is considered low.

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Financial Health

How is Tchaikapharma High Quality Medicines AD's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: THQM's short term assets (BGN74.1M) exceed its short term liabilities (BGN15.6M).

Long Term Liabilities: THQM's short term assets (BGN74.1M) exceed its long term liabilities (BGN2.7M).

Debt to Equity History and Analysis

Debt Level: THQM's net debt to equity ratio (9.6%) is considered satisfactory.

Reducing Debt: THQM's debt to equity ratio has reduced from 12.8% to 9.6% over the past 5 years.

Debt Coverage: THQM's debt is well covered by operating cash flow (21.5%).

Interest Coverage: THQM earns more interest than it pays, so coverage of interest payments is not a concern.

Balance Sheet

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Dividend

What is Tchaikapharma High Quality Medicines AD current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate THQM's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate THQM's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if THQM's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if THQM's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: THQM is not paying a notable dividend for the BG market.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as THQM has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

CEO

Tchaikapharma High Quality Medicines AD has no CEO, or we have no data on them.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/12 00:00
End of Day Share Price	2022/08/12 00:00
Earnings	2022/06/30
Annual Earnings	2021/12/31