Molecular Partners (SWX:MOLN) - Share price, News & Analysis

MOLN fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	0/6
Past Performance	4/6
Financial Health	6/6
Dividends	0/6

MOLN Stock Overview

Molecular Partners AG operates as a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutic proteins.

Rewards

Trading at 91.3% below our estimate of its fair value

Became profitable this year

Risk Analysis

Earnings are forecast to decline by an average of 74% per year for the next 3 years

Highly volatile share price over the past 3 months

Molecular Partners Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Molecular Partners
Historical stock prices
Current Share Price	CHF7.10
52 Week High	CHF28.90
52 Week Low	CHF5.75
Beta	0.98
1 Month Change	-3.14%
3 Month Change	-63.10%
1 Year Change	-61.54%
3 Year Change	-51.24%
5 Year Change	-75.81%
Change since IPO	-68.30%

Recent News & Updates

May 09

Molecular Partners (VTX:MOLN) Is In A Good Position To Deliver On Growth Plans

Just because a business does not make any money, does not mean that the stock will go down. For example, although...

Shareholder Returns

	MOLN	CH Biotechs	CH Market
7D	7.7%	4.4%	3.4%
1Y	-61.5%	-19.4%	-12.4%

Return vs Industry: MOLN underperformed the Swiss Biotechs industry which returned -19.4% over the past year.

Return vs Market: MOLN underperformed the Swiss Market which returned -12.4% over the past year.

Price Volatility

Is MOLN's price volatile compared to industry and market?
MOLN volatility
MOLN Average Weekly Movement	15.3%
Biotechs Industry Average Movement	7.8%
Market Average Movement	4.6%
10% most volatile stocks in CH Market	7.6%
10% least volatile stocks in CH Market	2.4%

Stable Share Price: MOLN is more volatile than 90% of Swiss stocks over the past 3 months, typically moving +/- 15% a week.

Volatility Over Time: MOLN's weekly volatility (15%) has been stable over the past year, but is still higher than 75% of Swiss stocks.

About the Company

Founded	Employees	CEO	Website
2004	163	Patrick Amstutz	https://www.molecularpartners.com

Molecular Partners AG operates as a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutic proteins. Its products candidates include Abicipar, a DARPin therapeutic candidate, which is in Phase III clinical trials for the treatment of neovascular wet age-related macular degeneration, as well as for diabetic macular edema; and MP0420, a multi-specific DARPin therapeutic candidate for the SARS-CoV-2 virus. The company develops MP0310, which is in Phase Ia clinical trials for immuno-oncology; MP0317, a tumor-localized immune agonist that activates immune cells in the tumor, which is in Phase I clinical trials; and MP0274 that is in Phase I clinical trials for HER2-positive cancers.

Molecular Partners Fundamentals Summary

How do Molecular Partners's earnings and revenue compare to its market cap?
MOLN fundamental statistics
Market Cap	CHF230.77m
Earnings (TTM)	CHF105.90m
Revenue (TTM)	CHF181.56m

2.2x

P/E Ratio

1.3x

P/S Ratio

Is MOLN overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
MOLN income statement (TTM)
Revenue	CHF181.56m
Cost of Revenue	CHF54.03m
Gross Profit	CHF127.53m
Other Expenses	CHF21.64m
Earnings	CHF105.90m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 25, 2022

Earnings per share (EPS)	3.26
Gross Margin	70.24%
Net Profit Margin	58.33%
Debt/Equity Ratio	0%

How did MOLN perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

5/6

Valuation Score 5/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for MOLN. This is calculated by dividing MOLN's market cap by their current preferred multiple.
What is MOLN's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	CHF230.77m

MOLN 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	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	-0.03x

Price to Earnings Ratio vs Peers

How does MOLN's PE Ratio compare to its peers?

MOLN PE Ratio vs Peers

The above table shows the PE ratio for MOLN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	95.5x

Forward PE

Price-To-Earnings vs Peers: MOLN is good value based on its Price-To-Earnings Ratio (2.2x) compared to the peer average (95.5x).

Price to Earnings Ratio vs Industry

How does MOLN's PE Ratio compare vs other companies in the Biotechs Industry?

Price-To-Earnings vs Industry: MOLN is good value based on its Price-To-Earnings Ratio (2.2x) compared to the European Biotechs industry average (34.5x)

Price to Earnings Ratio vs Fair Ratio

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

MOLN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	2.2x
Fair PE Ratio	11.9x

Price-To-Earnings vs Fair Ratio: MOLN is good value based on its Price-To-Earnings Ratio (2.2x) compared to the estimated Fair Price-To-Earnings Ratio (11.9x).

Share Price vs Fair Value

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

Below Fair Value: MOLN (CHF7.1) is trading below our estimate of fair value (CHF81.35)

Significantly Below Fair Value: MOLN is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: MOLN's earnings are forecast to decline next year, so we can't calculate its PEG ratio.

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Future Growth

How is Molecular Partners forecast to perform in the next 1 to 3 years based on estimates from 7 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

-74.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: MOLN's earnings are forecast to decline over the next 3 years (-74% per year).

Earnings vs Market: MOLN's earnings are forecast to decline over the next 3 years (-74% per year).

High Growth Earnings: MOLN's earnings are forecast to decline over the next 3 years.

Revenue vs Market: MOLN's revenue is expected to decline over the next 3 years (-24.2% per year).

High Growth Revenue: MOLN's revenue is forecast to decline over the next 3 years (-24.2% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: MOLN's Return on Equity is forecast to be low in 3 years time (1.8%).

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Past Performance

How has Molecular Partners 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

-3.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MOLN has high quality earnings.

Growing Profit Margin: MOLN became profitable in the past.

Past Earnings Growth Analysis

Earnings Trend: MOLN has become profitable over the past 5 years, growing earnings by -3.7% per year.

Accelerating Growth: MOLN has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: MOLN has become profitable in the last year, making it difficult to compare its past year earnings growth to the Biotechs industry (-8.4%).

Return on Equity

High ROE: MOLN's Return on Equity (40%) is considered outstanding.

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Financial Health

How is Molecular Partners'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: MOLN's short term assets (CHF303.6M) exceed its short term liabilities (CHF30.4M).

Long Term Liabilities: MOLN's short term assets (CHF303.6M) exceed its long term liabilities (CHF16.9M).

Debt to Equity History and Analysis

Debt Level: MOLN is debt free.

Reducing Debt: MOLN had no debt 5 years ago.

Debt Coverage: MOLN has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: MOLN has no debt, therefore coverage of interest payments is not a concern.

Balance Sheet

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Dividend

What is Molecular Partners's 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
Future Dividend Coverage

Dividend Yield vs Market

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

High Dividend: Unable to evaluate MOLN'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 MOLN's dividends per share have been stable in the past.

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

Earnings Payout to Shareholders

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

Cash Payout to Shareholders

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

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Management

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

3.2yrs

Average management tenure

CEO

Patrick Amstutz (46 yo)

18.42yrs

Tenure

CHF1,046,000

Compensation

Dr. Patrick Amstutz, Ph.D. is a Co-Founder of Molecular Partners AG and has been its Chief Executive Officer since November 2016 and serves as its Member of Management Board since 2004. Dr. Amstutz serves...

CEO Compensation Analysis

Compensation vs Market: Patrick's total compensation ($USD1.10M) is above average for companies of similar size in the Swiss market ($USD799.23K).

Compensation vs Earnings: Patrick's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: MOLN's management team is considered experienced (3.2 years average tenure).

Board Members

Experienced Board: MOLN's board of directors are not considered experienced ( 2.2 years average tenure), which suggests a new board.

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	2022/06/26 00:00
End of Day Share Price	2022/06/24 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31