TSXV:IPA

Stock Analysis Report

Executive Summary

ImmunoPrecise Antibodies Ltd. engages in the antibody production and related services in the United States, Canada, and Europe.

Snowflake

Fundamentals

Excellent balance sheet and overvalued.

Share Price & News

How has ImmunoPrecise Antibodies's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

4.4%

IPA

1.9%

CA Life Sciences

0.2%

CA Market


1 Year Return

-48.4%

IPA

9.7%

CA Life Sciences

1.2%

CA Market

Return vs Industry: IPA underperformed the Canadian Life Sciences industry which returned 9.7% over the past year.

Return vs Market: IPA underperformed the Canadian Market which returned 1.2% over the past year.


Shareholder returns

IPAIndustryMarket
7 Day4.4%1.9%0.2%
30 Day-14.5%-4.5%-2.5%
90 Day-27.7%-5.1%-1.5%
1 Year-48.4%-48.4%9.9%9.7%4.7%1.2%
3 Yearn/a76.4%75.0%14.0%3.8%
5 Yearn/a116.4%106.7%26.4%8.1%

Price Volatility Vs. Market

How volatile is ImmunoPrecise Antibodies's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is ImmunoPrecise Antibodies undervalued compared to its fair value and its price relative to the market?

2.04x

Price to Book (PB) ratio


Share Price vs. Fair Value

Undervalued: Insufficient data to calculate IPA's fair value to establish if it is undervalued.

Significantly Undervalued: Insufficient data to calculate IPA's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: IPA is unprofitable, so we can't compare its PE Ratio to the Life Sciences industry average.

PE vs Market: IPA is unprofitable, so we can't compare its PE Ratio to the Canadian market.


Price to Earnings Growth Ratio

Low PEG Ratio: Insufficient data to calculate IPA's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: IPA is good value based on its PB Ratio (2x) compared to the XN Life Sciences industry average (4.7x).


Next Steps

Future Growth

How is ImmunoPrecise Antibodies forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

15.1%

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 ImmunoPrecise Antibodies 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.


Next Steps

Past Performance

How has ImmunoPrecise Antibodies performed over the past 5 years?

-49.2%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: IPA is unprofitable, and losses have increased over the past 5 years at a rate of -49.2% per year.

Accelerating Growth: Unable to compare IPA's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: IPA is unprofitable, making it difficult to compare its past year earnings growth to the Life Sciences industry (45%).


Return on Equity

High ROE: IPA has a negative Return on Equity (-54.31%), as it is currently unprofitable.


Return on Assets

ROA vs Industry: IPA is currently unprofitable, so its Return on Assets is negative.


Return on Capital Employed

ROCE Improving: IPA is currently unprofitable, so its Return on Capital Employed is negative.


Next Steps

Financial Health

How is ImmunoPrecise Antibodies's financial position?


Financial Position Analysis

Short Term Liabilities: IPA's short term assets (CA$8.9M) exceeds its short term liabilities (CA$7.5M)

Long Term Liabilities: IPA's short term assets (8.9M) exceeds its long term liabilities (4.7M)


Debt to Equity History and Analysis

Debt Level: IPA's debt to equity ratio (18.4%) is considered satisfactory

Reducing Debt: Insufficient data to determine if IPA's debt to equity ratio has reduced over the past 5 years.


Balance Sheet

Inventory Level: IPA has a low level of unsold assets or inventory.

Debt Coverage by Assets: IPA's debt is covered by short term assets (assets are 3.062870x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: IPA has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: IPA has sufficient cash runway for 1.003212 years if free cash flow continues to reduce at historical rates of -57.1% each year.


Next Steps

Dividend

What is ImmunoPrecise Antibodies's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%2.0%markettop25%5.9%industryaverage0.4%forecastin3Yearsn/a

Current dividend yield vs market & industry


Stability and Growth of Payments

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

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

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

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


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of IPA's dividend in 3 years as they are not forecast to pay a notable one for the Canadian market.


Next Steps

Management

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

1.8yrs

Average management tenure


CEO

Jennifer Bath 0

1.7yrs

Tenure

CA$64,583

Compensation

Dr. Jennifer Bath has been the Chief Executive Officer and President of ImmunoPrecise Antibodies Ltd. since February 21, 2018. Dr. Bath served as the Global Director of Client Relations at Aldevron, LLC, w ...


CEO Compensation Analysis

Compensation vs. Market: Insufficient data to establish whether Jennifer's total compensation is reasonable compared to companies of similar size in the Canadian market.

Compensation vs Earnings: Insufficient data to compare Jennifer's compensation with company performance.


Management Age and Tenure

1.8yrs

Average Tenure

Experienced Management: IPA's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.


Board Age and Tenure

1.8yrs

Average Tenure

55yo

Average Age

Experienced Board: IPA's board of directors are not considered experienced ( 1.8 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: IPA insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyCA$45,00010 Oct 19
Paul Andreola
EntityIndividual
Role
Member of the Board of Directors
Director
Shares100,000
Max PriceCA$0.45
BuyCA$2,56503 Oct 19
Martin Hessing
EntityIndividual
Shares5,000
Max PriceCA$0.52
BuyCA$4,70001 Oct 19
Paul Andreola
EntityIndividual
Role
Member of the Board of Directors
Director
Shares10,000
Max PriceCA$0.47
BuyCA$3,00020 Sep 19
Martin Hessing
EntityIndividual
Shares5,000
Max PriceCA$0.60
BuyCA$4,01612 Sep 19
Jennifer Bath
EntityIndividual
Role
Chief Executive Officer
President
Shares6,975
Max PriceCA$0.58
BuyCA$3,26417 Jul 19
Jennifer Bath
EntityIndividual
Role
Chief Executive Officer
President
Shares5,000
Max PriceCA$0.66
BuyCA$6,90031 May 19
Paul Andreola
EntityIndividual
Role
Member of the Board of Directors
Director
Shares10,000
Max PriceCA$0.69
SellCA$24,05601 Mar 19
Immusys B.V.
EntityCompany
Shares32,074
Max PriceCA$0.75
BuyCA$5,98222 Feb 19
Jennifer Bath
EntityIndividual
Role
Chief Executive Officer
President
Shares8,100
Max PriceCA$0.74
BuyCA$3,04815 Feb 19
Paul Andreola
EntityIndividual
Role
Member of the Board of Directors
Director
Shares5,000
Max PriceCA$0.61
BuyCA$2,41501 Feb 19
Paul Andreola
EntityIndividual
Role
Member of the Board of Directors
Director
Shares3,500
Max PriceCA$0.69
BuyCA$13,00010 Dec 18
Paul Andreola
EntityIndividual
Role
Member of the Board of Directors
Director
Shares20,000
Max PriceCA$0.65

Ownership Breakdown


Management Team

  • Jim Kuo (54yo)

    Chairman

    • Tenure: 0yrs
  • David Orton

    Chief Operating Officer

    • Tenure: 2.6yrs
  • Lisa Helbling

    Chief Financial Officer

    • Tenure: 0.8yrs
  • Stefan Lang

    Chief Business Officer

    • Tenure: 0yrs
  • Robert Beecroft

    Founder & Director

    • Tenure: 24.4yrs
    • Compensation: CA$151.05k
  • Lauren Smith

    Vice President of Marketing and Sales

    • Tenure: 2.5yrs
  • Jennifer Bath

    President

    • Tenure: 1.7yrs
    • Compensation: CA$64.58k
  • Chip Wheelock

    Global Chief Technology Officer

    • Tenure: 1.4yrs
    • Compensation: CA$11.15k

Board Members

  • Jim Kuo (54yo)

    Chairman

    • Tenure: 0yrs
  • Brian Lundstrom (56yo)

    Director

    • Tenure: 0yrs
  • Paul Andreola (55yo)

    Director

    • Tenure: 1.8yrs
  • Greg Smith (52yo)

    Director

    • Tenure: 3.3yrs
  • Guy Champagne (63yo)

    Member of Advisory Board

    • Tenure: 1.2yrs
    • Compensation: CA$55.00k
  • Robert Beecroft

    Founder & Director

    • Tenure: 24.4yrs
    • Compensation: CA$151.05k
  • Jennifer Bath

    President

    • Tenure: 1.7yrs
    • Compensation: CA$64.58k
  • Robert Burke

    Director

    • Tenure: 1.8yrs

Company Information

ImmunoPrecise Antibodies Ltd.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: ImmunoPrecise Antibodies Ltd.
  • Ticker: IPA
  • Exchange: TSXV
  • Founded: 1989
  • Industry: Life Sciences Tools and Services
  • Sector: Pharmaceuticals & Biotech
  • Market Cap: CA$31.957m
  • Shares outstanding: 67.99m
  • Website: https://www.immunoprecise.com

Location

  • ImmunoPrecise Antibodies Ltd.
  • Vancouver Island Technology Park
  • Unit 3204
  • Victoria
  • British Columbia
  • V8Z 7X8
  • Canada

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
IPATSXV (TSX Venture Exchange)YesCommon SharesCACADDec 2016
IPAT.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDDec 2016
TQB2DB (Deutsche Boerse AG)YesCommon SharesDEEURDec 2016

Biography

ImmunoPrecise Antibodies Ltd. engages in the antibody production and related services in the United States, Canada, and Europe. It also provides human antibody development, hybridoma development, genetic i ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/17 00:34
End of Day Share Price2019/10/16 00:00
Earnings2019/07/31
Annual Earnings2019/04/30


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.