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Aeterna Zentaris

TSX:AEZS
Snowflake Description

Flawless balance sheet and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AEZS
TSX
CA$92M
Market Cap
  1. Home
  2. CA
  3. Pharmaceuticals & Biotech
Company description

Aeterna Zentaris Inc., a specialty biopharmaceutical company, engages in developing and commercializing pharmaceutical therapies for treating oncology, endocrinology, and women's health. The last earnings update was 137 days ago. More info.


Add to Portfolio Compare Print
  • Aeterna Zentaris has significant price volatility in the past 3 months.
AEZS Share Price and Events
7 Day Returns
5.5%
TSX:AEZS
-0.1%
CA Biotechs
-0%
CA Market
1 Year Returns
170.4%
TSX:AEZS
-20.1%
CA Biotechs
2.6%
CA Market
AEZS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Aeterna Zentaris (AEZS) 5.5% 4.3% 57.3% 170.4% 23.2% -95.8%
CA Biotechs -0.1% -0.1% 13.5% -20.1% -41.4% -44%
CA Market -0% 0.4% 15% 2.6% 16.8% 5.3%
1 Year Return vs Industry and Market
  • AEZS outperformed the Biotechs industry which returned -20.1% over the past year.
  • AEZS outperformed the Market in Canada which returned 2.6% over the past year.
Price Volatility
AEZS
Industry
5yr Volatility vs Market
Related Companies

AEZS Value

 Is Aeterna Zentaris undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Aeterna Zentaris to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Aeterna Zentaris.

TSX:AEZS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 11.1%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:AEZS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Biotechs Unlevered Beta Simply Wall St/ S&P Global 1.79
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.789 (1 + (1- 21%) (0%))
1.528
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.53
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.528 * 5.96%)
11.06%

Discounted Cash Flow Calculation for TSX:AEZS using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Aeterna Zentaris is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

TSX:AEZS DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 11.06%)
2019 7.95 Est @ 59.8% 7.16
2020 11.33 Est @ 42.45% 9.19
2021 14.76 Est @ 30.3% 10.78
2022 17.98 Est @ 21.79% 11.82
2023 20.83 Est @ 15.84% 12.33
2024 23.26 Est @ 11.67% 12.40
2025 25.29 Est @ 8.75% 12.14
2026 26.99 Est @ 6.71% 11.66
2027 28.42 Est @ 5.28% 11.06
2028 29.63 Est @ 4.28% 10.38
Present value of next 10 years cash flows $108.92
TSX:AEZS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $29.63 × (1 + 1.95%) ÷ (11.06% – 1.95%)
$331.65
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $331.65 ÷ (1 + 11.06%)10
$116.21
TSX:AEZS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $108.92 + $116.21
$225.13
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $225.13 / 16.44
$13.69
TSX:AEZS Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSX:AEZS)
1.341
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $13.69 x 1.341
CA$18.36
Value per share (CAD) From above. CA$18.36
Current discount Discount to share price of CA$5.57
= -1 x (CA$5.57 - CA$18.36) / CA$18.36
69.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Aeterna Zentaris is available for.
Intrinsic value
>50%
Share price is CA$5.57 vs Future cash flow value of CA$18.36
Current Discount Checks
For Aeterna Zentaris to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Aeterna Zentaris's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Aeterna Zentaris's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Aeterna Zentaris's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Aeterna Zentaris's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:AEZS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in USD $0.54
TSX:AEZS Share Price ** TSX (2019-03-22) in CAD CA$5.57
TSX:AEZS Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.746 $4.15
North America Biotechs Industry PE Ratio Median Figure of 38 Publicly-Listed Biotechs Companies 18.88x
Canada Market PE Ratio Median Figure of 551 Publicly-Listed Companies 14.94x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Aeterna Zentaris.

TSX:AEZS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:AEZS Share Price ÷ EPS (both in USD)

= 4.15 ÷ 0.54

7.74x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aeterna Zentaris is good value based on earnings compared to the North America Biotechs industry average.
  • Aeterna Zentaris is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Aeterna Zentaris's expected growth come at a high price?
Raw Data
TSX:AEZS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.74x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
-34.8%per year
North America Biotechs Industry PEG Ratio Median Figure of 31 Publicly-Listed Biotechs Companies 1.36x
Canada Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.22x

*Line of best fit is calculated by linear regression .

TSX:AEZS PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.74x ÷ -34.8%

-0.22x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aeterna Zentaris earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Aeterna Zentaris's assets?
Raw Data
TSX:AEZS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in USD $0.45
TSX:AEZS Share Price * TSX (2019-03-22) in CAD CA$5.57
TSX:AEZS Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.746 $4.15
Canada Biotechs Industry PB Ratio Median Figure of 39 Publicly-Listed Biotechs Companies 5.65x
Canada Market PB Ratio Median Figure of 2,351 Publicly-Listed Companies 1.57x
TSX:AEZS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:AEZS Share Price ÷ Book Value per Share (both in USD)

= 4.15 ÷ 0.45

9.22x

* Primary Listing of Aeterna Zentaris.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aeterna Zentaris is overvalued based on assets compared to the CA Biotechs industry average.
X
Value checks
We assess Aeterna Zentaris's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Biotechs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Biotechs industry average (and greater than 0)? (1 check)
  5. Aeterna Zentaris has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

AEZS Future Performance

 How is Aeterna Zentaris expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-34.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Aeterna Zentaris expected to grow at an attractive rate?
  • Aeterna Zentaris's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Aeterna Zentaris's earnings are expected to decrease over the next 1-3 years, this is below the Canada market average.
  • Aeterna Zentaris's revenues are expected to decrease over the next 1-3 years, this is below the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:AEZS Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:AEZS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts -34.8%
TSX:AEZS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts -21.9%
Canada Biotechs Industry Earnings Growth Rate Market Cap Weighted Average 30.1%
Canada Biotechs Industry Revenue Growth Rate Market Cap Weighted Average 22.5%
Canada Market Earnings Growth Rate Market Cap Weighted Average 18.1%
Canada Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:AEZS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:AEZS Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 14 -1 1
2022-12-31 11 -4 1
2021-12-31 12 -2 1
2020-12-31 2 -12 1
2019-12-31 60 46 1
2018-12-31 26 6 1
TSX:AEZS Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-09-30 26 5 9
2018-06-30 25 2 2
2018-03-31 25 1 2
2017-12-31 1 -23 -17
2017-09-30 1 -27 -25
2017-06-30 1 -27 -21
2017-03-31 1 -27 -25
2016-12-31 1 -29 -25
2016-09-30 1 -29 -27
2016-06-30 1 -31 -36
2016-03-31 1 -33 -44
2015-12-31 1 -34 -50

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Aeterna Zentaris's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Aeterna Zentaris's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:AEZS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Aeterna Zentaris Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:AEZS Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 -0.06 -0.06 -0.06 1.00
2022-12-31 -0.19 -0.19 -0.19 1.00
2021-12-31 -0.11 -0.11 -0.11 1.00
2020-12-31 -0.60 -0.60 -0.60 1.00
2019-12-31 2.25 2.25 2.25 1.00
2018-12-31 0.38 0.38 0.38 1.00
TSX:AEZS Past Financials Data
Date (Data in USD Millions) EPS *
2018-09-30 0.54
2018-06-30 0.10
2018-03-31 0.11
2017-12-31 -1.12
2017-09-30 -1.79
2017-06-30 -1.71
2017-03-31 -2.28
2016-12-31 -2.41
2016-09-30 -2.92
2016-06-30 -4.97
2016-03-31 -8.74
2015-12-31 -18.17

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Aeterna Zentaris will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Aeterna Zentaris's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Aeterna Zentaris has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

AEZS Past Performance

  How has Aeterna Zentaris performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Aeterna Zentaris's growth in the last year to its industry (Biotechs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Aeterna Zentaris has delivered over 20% year on year earnings growth in the past 5 years.
  • Aeterna Zentaris has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Aeterna Zentaris has become profitable in the last year making it difficult to compare the North America Biotechs industry average.
Earnings and Revenue History
Aeterna Zentaris's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Aeterna Zentaris Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:AEZS Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 25.67 8.83 12.98 0.14
2018-06-30 25.25 1.71 13.48 3.90
2018-03-31 25.32 1.76 14.30 6.53
2017-12-31 0.92 -16.80 13.29 8.15
2017-09-30 1.05 -24.53 13.35 14.71
2017-06-30 1.08 -20.96 13.49 15.10
2017-03-31 0.93 -25.41 13.74 15.21
2016-12-31 0.91 -24.96 13.89 16.41
2016-09-30 0.71 -26.78 16.33 16.12
2016-06-30 0.61 -36.13 16.49 15.66
2016-03-31 0.71 -44.27 16.63 16.43
2015-12-31 0.55 -50.23 18.20 17.23
2015-09-30 0.45 -36.19 16.87 18.49
2015-06-30 0.28 -32.42 16.94 18.98
2015-03-31 0.08 -22.52 16.18 19.97
2014-12-31 0.01 -17.19 13.69 21.52
2014-09-30 0.00 -31.78 9.52 21.18
2014-06-30 0.02 -27.95 10.39 22.87
2014-03-31 0.11 -32.55 9.74 22.71
2013-12-31 6.18 -27.24 10.20 21.28
2013-09-30 -15.89 -26.32 10.52 21.27
2013-06-30 -8.77 -25.08 8.87 19.38
2013-03-31 -1.40 -10.69 10.22 19.24
2012-12-31 2.05 -23.14 10.61 20.59
2012-09-30 36.75 -20.98 14.88 22.87
2012-06-30 39.12 -13.35 15.03 24.20
2012-03-31 38.17 -28.46 14.82 24.59

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Aeterna Zentaris made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%).
  • Aeterna Zentaris used its assets more efficiently than the North America Biotechs industry average last year based on Return on Assets.
  • Aeterna Zentaris has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess Aeterna Zentaris's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Biotechs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Aeterna Zentaris has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

AEZS Health

 How is Aeterna Zentaris's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Aeterna Zentaris's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Aeterna Zentaris is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Aeterna Zentaris's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Aeterna Zentaris's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Aeterna Zentaris has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Aeterna Zentaris Company Filings, last reported 5 months ago.

TSX:AEZS Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 7.41 0.00 16.80
2018-06-30 9.51 0.00 19.95
2018-03-31 11.54 0.00 24.55
2017-12-31 -2.78 0.00 7.78
2017-09-30 -1.96 0.00 12.17
2017-06-30 4.49 0.00 13.93
2017-03-31 5.35 0.00 17.78
2016-12-31 6.21 0.00 22.00
2016-09-30 3.28 0.00 21.05
2016-06-30 9.05 0.00 26.17
2016-03-31 16.30 0.00 32.98
2015-12-31 21.62 0.00 41.45
2015-09-30 12.82 0.00 38.35
2015-06-30 9.41 0.00 45.46
2015-03-31 20.38 0.00 53.26
2014-12-31 14.48 0.00 34.93
2014-09-30 7.40 0.00 41.95
2014-06-30 10.25 0.00 39.55
2014-03-31 16.43 0.00 45.75
2013-12-31 17.06 0.00 43.20
2013-09-30 17.60 0.00 24.83
2013-06-30 7.79 0.00 25.34
2013-03-31 -3.96 0.00 33.18
2012-12-31 -6.70 0.00 39.52
2012-09-30 -7.52 0.03 33.20
2012-06-30 -1.82 0.06 39.76
2012-03-31 -8.68 0.06 45.58
  • Aeterna Zentaris has no debt.
  • Aeterna Zentaris had no debt 5 years ago.
  • Aeterna Zentaris has no debt, it does not need to be covered by operating cash flow.
  • Aeterna Zentaris has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Aeterna Zentaris's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Aeterna Zentaris has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

AEZS Dividends

 What is Aeterna Zentaris's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Aeterna Zentaris dividends.
If you bought CA$2,000 of Aeterna Zentaris shares you are expected to receive CA$0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Aeterna Zentaris's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Aeterna Zentaris's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:AEZS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
Global Biotechs Industry Average Dividend Yield Market Cap Weighted Average of 21 Stocks 2.4%
Canada Market Average Dividend Yield Market Cap Weighted Average of 331 Stocks 3.6%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.1%
Canada Bottom 25% Dividend Yield 25th Percentile 2%
Canada Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:AEZS Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31
2019-12-31
2018-12-31

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Aeterna Zentaris has not reported any payouts.
  • Unable to verify if Aeterna Zentaris's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Aeterna Zentaris's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Aeterna Zentaris has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Aeterna Zentaris's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Aeterna Zentaris afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Aeterna Zentaris has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

AEZS Management

 What is the CEO of Aeterna Zentaris's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Michael Ward
COMPENSATION $521,986
AGE 61
TENURE AS CEO 1.7 years
CEO Bio

Mr. Michael V. Ward has been the Chief Executive Officer at Aeterna Zentaris Inc., since July 20, 2017 and has been its President since July 2017. Mr. Ward has been Managing Director of Aeterna Zentaris, GmbH since August 3, 2017. He has over thirty years of executive and legal experience in the healthcare, pharmaceutical and technology industries. Most recently, he served as Chief Legal Officer, Senior Compliance Officer and Corporate Secretary at Sagent Pharmaceuticals, Inc., and served as its Deputy General Counsel until March 2016. He has served as Strategic Advisor to Benevolent Capital Partners, LLC for the last five years and is a Partner with Outside GC LLC, where he assists small consumer product, pharmaceutical and technology companies as a trusted, experienced business advisor and general counsel, without their need to add full-time headcount. Prior to Sagent Pharmaceuticals, Mr. Ward served as Vice President, Assistant General Counsel of Global Compliance, Ethics & Litigation and Chief Privacy Officer at CDK Global, Vice President and Chief Litigation & Risk Counsel at ACCO Brands Corporation, and General Counsel for the Kensington Technology. Prior to that, Mr. Ward was the Senior Vice President, General Counsel, and Corporate Secretary for Targus Group International and handled its sale to a private equity firm for $425 Million. He has served in several executive roles and was responsible for business development, compliance, legal and operational matters in the healthcare, pharmaceutical and technology industries during his career. Outside of serving in senior-level counsel roles, he also served as president of a pharmaceutical services subsidiary and was the VP of corporate development for a Fortune 200 company. He has also handled dozens of M&A transactions involving healthcare and pharmaceutical companies. Mr. Ward holds a BA in History and Economics from Albion College from 1975 to 1979, and a JD degree from Case Western Reserve University Law School from 1981 to 1984.

CEO Compensation
  • Insufficient data for Michael to compare compensation growth.
  • Michael's remuneration is higher than average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the Aeterna Zentaris management team in years:

1.1
Average Tenure
  • The average tenure for the Aeterna Zentaris management team is less than 2 years, this suggests a new team.
Management Team

Michael Ward

TITLE
President & CEO
COMPENSATION
$522K
AGE
61
TENURE
1.7 yrs

Leslie Auld

TITLE
Senior VP & CFO
TENURE
0.5 yrs

Brian Garrison

TITLE
Senior VP of Global Corporate Operations & Corporate Development
TENURE
1.2 yrs

Nicola Ammer

TITLE
Chief Medical Officer & VP of Clinical Development
TENURE
1.1 yrs

Olaf Althaus

TITLE
TENURE
0.8 yrs

Amélie Métivier

TITLE
Assistant Secretary
TENURE
9.9 yrs
Board of Directors Tenure

Average tenure of the Aeterna Zentaris board of directors in years:

14.1
Average Tenure
  • The average tenure for the Aeterna Zentaris board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Carolyn Egbert

TITLE
COMPENSATION
$189K
TENURE
2.8 yrs

Gérard Limoges

TITLE
Independent Director
COMPENSATION
$123K
AGE
78
TENURE
14.3 yrs

Juergen Ernst

TITLE
Independent Director
COMPENSATION
$128K
TENURE
14.1 yrs

Marcel Verheij

TITLE
Member of the Scientific Advisory Board

Hartmut Michel

TITLE
Member of the Scientific Advisory Board

René Frydman

TITLE
Member of the Scientific Advisory Board

Alan DeCherney

TITLE
Member of the Scientific Advisory Board

Klaus Diedrich

TITLE
Member of the Scientific Advisory Board

Frans Debruyne

TITLE
Member of the Scientific Advisory Board

Gerald Batist

TITLE
Member of the Scientific Advisory Board
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
X
Management checks
We assess Aeterna Zentaris's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Aeterna Zentaris has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

AEZS News

Simply Wall St News

Is Aeterna Zentaris Inc.'s (TSE:AEZS) Balance Sheet A Threat To Its Future?

However, it also faces higher cost of capital given interest cost is generally lower than equity. … Does AEZS's growth rate justify its decision for financial flexibility over lower cost of capital … Debt funding can be cheaper than issuing new equity due to lower interest cost on debt.

Simply Wall St -

Aeterna Zentaris Inc. (TSE:AEZS): The Best Of Both Worlds

Upon building up an investment case for a stock, we should look at various aspects. … is a company with great financial health as well as a. … Below, I've touched on some key aspects you should know on a high level

Simply Wall St -

Are Aeterna Zentaris Inc's (TSE:AEZS) Interest Costs Too High?

However, the trade-off is AEZS will have to adhere to stricter debt covenants and have less financial flexibility. … Does AEZS's growth rate justify its decision for financial flexibility over lower cost of capital. … There are well-known benefits of including debt in capital structure, primarily a lower cost of capital

Simply Wall St -

Is Aeterna Zentaris Inc's (TSE:AEZS) ROE Of 15.24% Sustainable?

and want to begin learning the link between company’s fundamentals and stock market performance. … This can be measured by looking at the company’s financial leverage. … Check out our latest analysis for Aeterna Zentaris

Simply Wall St -

Is Now The Right Time To Buy Aeterna Zentaris Inc (TSE:AEZS)?

Looking at Aeterna Zentaris Inc’s (TSX:AEZS) fundamentals some investors are wondering if its last closing price of CA$2.29 represents a good value for money for this high growth stock. … But, seeing as Aeterna Zentaris is perceived as a high-growth stock, we must also account for its earnings growth, which is captured in the PEG ratio. … A PE ratio of 15.82x and expected year-on-year earnings growth of 23.87% give Aeterna Zentaris a very low PEG ratio of 0.66x.

Simply Wall St -

AEZS Company Info

Description

Aeterna Zentaris Inc., a specialty biopharmaceutical company, engages in developing and commercializing pharmaceutical therapies for treating oncology, endocrinology, and women's health. Its commercial product is the Macrilen, a ghrelin receptor agonist that stimulates the secretion of growth hormone by binding to the GHSR-1a, a ghrelin receptor, which is used for endocrinology and oncology indications. The company has a license and assignment agreement with Strongbridge Ireland Limited for the development, manufacturing, registration, and commercialization of Macrilen in the United States and Canada. It also has a collaboration agreement with Sinopharm A-Think Pharmaceuticals Co., Ltd. for the development, manufacture, and commercialization of Zoptrex, which has completed Phase III clinical study for women with advanced, recurrent, or metastatic endometrial cancer in the People's Republic of China. Aeterna Zentaris Inc. was founded in 1991 and is headquartered in Summerville, South Carolina.

Details
Name: Aeterna Zentaris Inc.
AEZS
Exchange: TSX
Founded: 1991
CA$91,575,144
16,440,780
Website: http://www.zentaris.com
Address: Aeterna Zentaris Inc.
315 Sigma Drive,
Suite 302D,
Summerville,
South Carolina, 29486,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX AEZS Common Shares The Toronto Stock Exchange CA CAD 19. Dec 1995
NasdaqCM AEZS Common Shares Nasdaq Capital Market US USD 19. Dec 1995
DB ET82 Common Shares Deutsche Boerse AG DE EUR 19. Dec 1995
LSE 0UGB Common Shares London Stock Exchange GB CAD 19. Dec 1995
Number of employees
Current staff
Staff numbers
0
Aeterna Zentaris employees.
Industry
Biotechnology
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/23 23:33
End of day share price update: 2019/03/22 00:00
Last estimates confirmation: 2019/01/17
Last earnings filing: 2018/11/06
Last earnings reported: 2018/09/30
Last annual earnings reported: 2017/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.