Formycon (XTRA:FYB) - Share price, News & Analysis

FYB fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	6/6
Past Performance	0/6
Financial Health	5/6
Dividends	0/6

FYB Stock Overview

Formycon AG develops and markets biosimilar products.

Rewards

Trading at 88.1% below our estimate of its fair value

Earnings are forecast to grow 66.12% per year

Risk Analysis

No risks detected for FYB from our risk checks.

Formycon Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Formycon
Historical stock prices
Current Share Price	€75.00
52 Week High	€75.70
52 Week Low	€41.15
Beta	1.18
1 Month Change	15.03%
3 Month Change	56.09%
1 Year Change	25.00%
3 Year Change	129.36%
5 Year Change	96.85%
Change since IPO	742.70%

Recent News & Updates

May 23

Here's Why We're Not Too Worried About Formycon's (ETR:FYB) Cash Burn Situation

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

Shareholder Returns

	FYB	DE Biotechs	DE Market
7D	19.2%	4.3%	-0.09%
1Y	25.0%	-31.4%	-12.9%

Return vs Industry: FYB exceeded the German Biotechs industry which returned -31.4% over the past year.

Return vs Market: FYB exceeded the German Market which returned -12.9% over the past year.

Price Volatility

Is FYB's price volatile compared to industry and market?
FYB volatility
FYB Average Weekly Movement	7.0%
Biotechs Industry Average Movement	8.1%
Market Average Movement	6.4%
10% most volatile stocks in DE Market	10.6%
10% least volatile stocks in DE Market	3.5%

Stable Share Price: FYB is not significantly more volatile than the rest of German stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: FYB's weekly volatility (7%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1999	142	Carsten Brockmeyer	https://www.formycon.com

Formycon AG develops and markets biosimilar products. Its product pipeline includes FYB201, a biosimilar candidate for Lucentis, an ophthalmic drug used in the treatment of neovascular age-related macular degeneration and other serious eye diseases; FYB202, a biosimilar candidate for Stelara, a biopharmaceutical used in the treatment of inflammatory diseases, such as moderate to severe psoriasis, as well as for the treatment of Crohn's disease and ulcerative colitis, which is in the Phase III clinical trial; and FYB203, a biosimilar candidate for Eylea to treat neovascular age-related macular degeneration and other eye diseases that is in Phase III clinical trials. The company is also developing FYB206; and FYB207, an antiviral drug for the treatment of COVID-19.

Formycon Fundamentals Summary

How do Formycon's earnings and revenue compare to its market cap?
FYB fundamental statistics
Market Cap	€829.86m
Earnings (TTM)	-€13.48m
Revenue (TTM)	€36.97m

22.4x

P/S Ratio

-61.6x

P/E Ratio

Is FYB overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
FYB income statement (TTM)
Revenue	€36.97m
Cost of Revenue	€35.96m
Gross Profit	€1.01m
Other Expenses	€14.48m
Earnings	-€13.48m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	-1.22
Gross Margin	2.72%
Net Profit Margin	-36.46%
Debt/Equity Ratio	0.0%

How did FYB perform over the long term?

See historical performance and comparison

Valuation

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

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: FYB (€75) is trading below our estimate of fair value (€632.83)

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

Price To Earnings Ratio

PE vs Industry: FYB is unprofitable, so we can't compare its PE Ratio to the European Biotechs industry average.

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

Price to Earnings Growth Ratio

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

Price to Book Ratio

PB vs Industry: FYB is overvalued based on its PB Ratio (14.8x) compared to the DE Biotechs industry average (1.5x).

Future Growth

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

Future Growth Score

6/6

Future Growth Score 6/6

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

66.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: FYB is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (-0.05%).

Earnings vs Market: FYB is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: FYB's is expected to become profitable in the next 3 years.

Revenue vs Market: FYB's revenue (40.2% per year) is forecast to grow faster than the German market (4.7% per year).

High Growth Revenue: FYB's revenue (40.2% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: FYB's Return on Equity is forecast to be very high in 3 years time (218.3%).

Past Performance

How has Formycon performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

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

-40.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FYB is currently unprofitable.

Growing Profit Margin: FYB is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: FYB is unprofitable, and losses have increased over the past 5 years at a rate of 40.7% per year.

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

Earnings vs Industry: FYB is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (-6.2%).

Return on Equity

High ROE: FYB has a negative Return on Equity (-24.03%), as it is currently unprofitable.

Financial Health

How is Formycon's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: FYB's short term assets (€38.0M) exceed its short term liabilities (€9.9M).

Long Term Liabilities: FYB's short term assets (€38.0M) exceed its long term liabilities (€372.0K).

Debt to Equity History and Analysis

Debt Level: FYB is debt free.

Reducing Debt: FYB had no debt 5 years ago.

Balance Sheet

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: FYB has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if FYB has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.

Dividend

What is Formycon 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 FYB's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

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

Growing Dividend: Insufficient data to determine if FYB'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 FYB has not reported any payouts.

Discover strong dividend paying companies

Management

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

9.1yrs

Average management tenure

CEO

Carsten Brockmeyer

9.08yrs

Tenure

Dr. Carsten Brockmeyer, PhD, has been Chief Executive Officer and Member of Executive Board at Formycon AG since April 16, 2013 and served as its Chairman of Executive Board. Dr. Brockmeyer has internation...

Leadership Team

Experienced Management: FYB's management team is seasoned and experienced (9.1 years average tenure).

Board Members

Experienced Board: FYB's board of directors are considered experienced (8.2 years average tenure).

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	2022/05/22 00:00
End of Day Share Price	2022/05/20 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31