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argenx

DB:1AE
Snowflake Description

Flawless balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
1AE
DB
€4B
Market Cap
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Last updated 2019/04/25 23:19
Company description

argenx SE, a clinical-stage biopharmaceutical company, focuses on developing antibody-based therapies for the treatment of autoimmune diseases and cancer. The last earnings update was 30 days ago. More info.

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1AE Share Price and Events
7 Day Returns
7%
DB:1AE
0.4%
DE Biotechs
0.8%
DE Market
1 Year Returns
52.1%
DB:1AE
-5.6%
DE Biotechs
-4.5%
DE Market
1AE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
argenx (1AE) 7% -1.6% 17.9% 52.1% - -
DE Biotechs 0.4% 7.3% -6.5% -5.6% 51.9% 10.5%
DE Market 0.8% 6.9% 8.1% -4.5% 10.4% 13.9%
1 Year Return vs Industry and Market
  • 1AE outperformed the Biotechs industry which returned -5.6% over the past year.
  • 1AE outperformed the Market in Germany which returned -4.5% over the past year.
Price Volatility
1AE
Industry
5yr Volatility vs Market
Related Companies

1AE Value

 Is argenx 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 argenx 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 argenx.

DB:1AE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

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 DB:1AE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Biotechs Unlevered Beta Simply Wall St/ S&P Global 1.45
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.453 (1 + (1- 25%) (0%)) 		1.303
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 1.3
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.303 * 5.96%) 		8%

Discounted Cash Flow Calculation for DB:1AE using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for argenx 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.

DB:1AE DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 8%)
2019 -87.22 Analyst x1 -80.76
2020 -79.68 Analyst x2 -68.31
2021 -109.00 Analyst x1 -86.54
2022 -72.00 Analyst x1 -52.93
2023 23.00 Analyst x1 15.66
2024 30.85 Est @ 34.15% 19.45
2025 38.25 Est @ 23.97% 22.32
2026 44.69 Est @ 16.85% 24.15
2027 50.00 Est @ 11.86% 25.02
2028 54.18 Est @ 8.37% 25.10
Present value of next 10 years cash flows €-156.84
DB:1AE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €54.18 × (1 + 0.23%) ÷ (8% – 0.23%) 		€699.04
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €699.04 ÷ (1 + 8%)10 		€323.90
DB:1AE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €-156.84 + €323.90 		€167.06
Equity Value per Share
(EUR)		 = Total value / Shares Outstanding
= €167.06 / 37.97 		€4.4
DB:1AE Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:1AE represents 1.00369x of ENXTBR:ARGX
(This could be a different class, a depositary receipt, a different currency, or all of these things.) 		1.00369x
Value per Share
(Listing Adjusted, EUR)		 = Value per Share (EUR) x Listing Adjustment Factor
= € 4.40 x 1.00369 		€4.42
Value per share (EUR) From above. €4.42
Current discount Discount to share price of €108.80
= -1 x (€108.80 - €4.42) / €4.42 		-2364%

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

  • The current share price of argenx is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 argenx's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are argenx's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:1AE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €-1.99
ENXTBR:ARGX Share Price ** ENXTBR (2019-04-25) in EUR €108.4
Europe Biotechs Industry PE Ratio Median Figure of 30 Publicly-Listed Biotechs Companies 22.58x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 20.1x

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

** Primary Listing of argenx.

DB:1AE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTBR:ARGX Share Price ÷ EPS (both in EUR)

= 108.4 ÷ -1.99

 -54.36x

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

  • argenx is loss making, we can't compare its value to the Europe Biotechs industry average.
  • argenx is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does argenx's expected growth come at a high price?
Raw Data
DB:1AE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -54.36x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts		 4.6%per year
Europe Biotechs Industry PEG Ratio Median Figure of 22 Publicly-Listed Biotechs Companies 1.33x
Germany Market PEG Ratio Median Figure of 268 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for argenx, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on argenx's assets?
Raw Data
DB:1AE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €14.97
ENXTBR:ARGX Share Price * ENXTBR (2019-04-25) in EUR €108.4
Germany Biotechs Industry PB Ratio Median Figure of 15 Publicly-Listed Biotechs Companies 3.83x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.87x
DB:1AE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTBR:ARGX Share Price ÷ Book Value per Share (both in EUR)

= 108.4 ÷ 14.97

 7.24x

* Primary Listing of argenx.

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

  • argenx is overvalued based on assets compared to the DE Biotechs industry average.
X
Value checks
We assess argenx'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. argenx has a total score of 0/6, 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.

1AE Future Performance

 How is argenx expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

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
4.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is argenx expected to grow at an attractive rate?
  • argenx's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • argenx's earnings growth is positive but not above the Germany market average.
  • argenx's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:1AE Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:1AE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 4.6%
DB:1AE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 50.8%
Germany Biotechs Industry Earnings Growth Rate Market Cap Weighted Average 47.5%
Germany Biotechs Industry Revenue Growth Rate Market Cap Weighted Average 26.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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
DB:1AE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:1AE Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 453 183 2
2022-12-31 194 -94 1
2021-12-31 30 116 -203 2
2020-12-31 39 -116 -154 4
2019-12-31 49 179 -123 3
DB:1AE Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 29 -54 -67
2018-09-30 35 -48
2018-06-30 38 -49 -40
2018-03-31 41 -37
2017-12-31 41 -37 -28
2017-09-30 35 -25
2017-06-30 34 -27 -22
2017-03-31 22 -27
2016-12-31 17 11 -21
2016-09-30 15 -18
2016-06-30 13 14 -16
2016-03-31 11 -15

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • argenx's earnings are expected to grow by 4.6% yearly, however this is not considered high growth (20% yearly).
  • argenx's revenue is expected to grow significantly at over 20% yearly.
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
DB:1AE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from argenx Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:1AE Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 14.99 14.99 14.99 1.00
2022-12-31 3.47 3.47 3.47 1.00
2021-12-31 -5.88 -5.88 -5.88 1.00
2020-12-31 -5.99 -5.99 -5.99 1.00
2019-12-31 -3.63 -3.63 -3.63 1.00
DB:1AE Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 -1.99
2018-09-30
2018-06-30 -1.34
2018-03-31
2017-12-31 -1.14
2017-09-30
2017-06-30 -1.06
2017-03-31
2016-12-31 -1.14
2016-09-30
2016-06-30 -0.94
2016-03-31

*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 argenx will efficiently use shareholders’ funds in the future (Return on Equity greater than 20%) as it is not expected to be profitable.
Show me more growth companies in the Biotechs industry
X
Future performance checks
We assess argenx'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 Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany 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.
argenx has a total score of 3/6, 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.

1AE Past Performance

  How has argenx 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 argenx'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.
  • argenx does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare argenx's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare argenx's 1-year growth to the Europe Biotechs industry average as it is not currently profitable.
Earnings and Revenue History
argenx'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 argenx Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:1AE Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 29.23 -66.64 27.47
2018-09-30 35.26 -48.05 23.35
2018-06-30 37.87 -39.96 18.92
2018-03-31 40.94 -37.32 14.93
2017-12-31 41.26 -28.08 12.45
2017-09-30 35.14 -25.27 9.42
2017-06-30 34.06 -22.21 8.99
2017-03-31 21.53 -26.81 9.02
2016-12-31 17.15 -21.37 7.01
2016-09-30 15.18 -17.81 6.51
2016-06-30 12.58 -15.65 5.67
2016-03-31 10.97 -15.30 5.22
2015-12-31 9.96 -15.31 4.93
2015-09-30 9.08 -14.10 4.64
2015-06-30 8.08 -12.76 4.38
2015-03-31 6.37 -11.43 3.98
2014-12-31 5.38 -10.31 3.48
2014-09-30 4.85 -7.69 2.81
2014-06-30 5.36 -5.88 2.56
2014-03-31 5.22 -6.18 2.32
2013-12-31 5.25 -6.13 2.13
2012-12-31 3.03 -9.70 2.02

*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.
  • It is difficult to establish if argenx has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if argenx has efficiently used its assets last year compared to the Europe Biotechs industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if argenx improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess argenx'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.
argenx has a total score of 0/6, 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.

1AE Health

 How is argenx'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 argenx's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • argenx is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • argenx's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of argenx'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.
  • argenx 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 argenx Company Filings, last reported 3 months ago.

DB:1AE Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 538.40 0.00 564.57
2018-09-30 332.96 0.00 338.85
2018-06-30 332.96 0.00 338.85
2018-03-31 344.93 0.00 359.77
2017-12-31 344.93 0.00 359.77
2017-09-30 150.25 0.00 173.43
2017-06-30 150.25 0.00 173.43
2017-03-31 63.37 0.00 96.73
2016-12-31 63.37 0.00 96.73
2016-09-30 75.40 0.00 108.74
2016-06-30 75.40 0.00 108.74
2016-03-31 37.28 0.00 42.33
2015-12-31 37.28 0.00 42.33
2015-09-30 44.18 0.00 50.55
2015-06-30 44.18 0.00 50.55
2015-03-31 50.08 0.00 55.97
2014-12-31 50.08 0.00 55.97
2014-09-30 17.51 0.00 21.14
2014-06-30 17.51 0.00 21.14
2014-03-31 19.87 0.00 20.92
2013-12-31 21.70 0.00 23.22
2012-12-31 12.59 1.69 16.48
  • argenx has no debt.
  • argenx had no debt 5 years ago.
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.

  • argenx has sufficient cash runway for more than 3 years based on current free cash flow.
  • argenx has sufficient cash runway for more than 3 years if free cash flow continues to grow at historical rates of 71.2% each year.
Show me more healthy companies in the Biotechs industry
X
Financial health checks
We assess argenx'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. argenx 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.

1AE Dividends

 What is argenx'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 argenx dividends.
If you bought €2,000 of argenx shares you are expected to receive €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 argenx's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate argenx'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
DB:1AE 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 8 Analyst Estimates (S&P Global) See Below
Europe Biotechs Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 0.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

DB:1AE 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

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

  • Unable to perform a dividend volatility check as argenx has not reported any payouts.
  • Unable to verify if argenx's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of argenx's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as argenx 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 argenx's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 argenx afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. argenx 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.

1AE Management

 What is the CEO of argenx'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
Tim Van Hauwermeiren
COMPENSATION €3,607,146
AGE 46
TENURE AS CEO 10.8 years
CEO Bio

Mr. Tim Van Hauwermeiren, MSc, EMBA, has been the Chief Executive Officer and Executive Director at argenx SE since July 2008 and July 9, 2014 respectively. Mr. Van Hauwermeiren co-founded Argenx SE in 2008. He served as Director of Management Board at argenx SE since July 15, 2008. Mr. Van Hauwermeiren served as the Business Development Manager of Ablynx NV. He developed broad business development and operational management experience as Senior Business Development Manager at Ablynx NV. Mr. Van Hauwermeiren has more than 20 years of general management and business development experience across the life sciences and consumer goods sectors. Prior to joining Ablynx, Mr. Van Hauwermeiren has held various management positions with the Procter & Gamble Company in R&D and Corporate New Business Development, where he conceived and developed several new to the world products. He is an Independent Director of Optidrive, a High-Tech spin-off from the University of Leuven. Mr. Van Hauwermeiren holds B.Sc. and Master of Science degree in Bio-Engineering from the University of Gent and received general management training at INSEAD. He also holds Executive MBA from The Vlerick School of Management.

CEO Compensation
  • Tim's compensation has increased whilst company is loss making.
  • Tim's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the argenx management team in years:

5
Average Tenure
54
Average Age
  • The average tenure for the argenx management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Tim Van Hauwermeiren

TITLE
CEO & Executive Director
COMPENSATION
€4M
AGE
46
TENURE
10.8 yrs

Eric Castaldi

TITLE
Chief Financial Officer
COMPENSATION
€5M
AGE
54
TENURE
5 yrs

Hans de Haard

TITLE
Chief Scientific Officer
AGE
58
TENURE
10.8 yrs

Dirk Marcel Beeusaert

TITLE
General Counsel
AGE
54
TENURE
2 yrs

Torsten Dreier

TITLE
Chief Development Officer
AGE
54
TENURE
10.9 yrs

Debbie Allen

TITLE
Senior Vice President of Business Development
AGE
58
TENURE
8.4 yrs

Nicolas Leupin

TITLE
Chief Medical Officer
AGE
44
TENURE
3.2 yrs

R. Woods

TITLE
Chief Operating Officer
AGE
50
TENURE
1 yrs

Joke Comijn

TITLE
Corporate Communications & IR Manager

Rebecca McLeod

TITLE
Vice President of Marketing
TENURE
1 yrs
Board of Directors Tenure

Average tenure and age of the argenx board of directors in years:

3.9
Average Tenure
58.5
Average Age
  • The tenure for the argenx board of directors is about average.
Board of Directors

Peter K. Verhaeghe

TITLE
Chairman of the Board
COMPENSATION
€78K
AGE
60
TENURE
4.8 yrs

Tim Van Hauwermeiren

TITLE
CEO & Executive Director
COMPENSATION
€4M
AGE
46
TENURE
4.8 yrs

Werner Lanthaler

TITLE
Vice-Chairperson
COMPENSATION
€55K
AGE
50

David Lacey

TITLE
Non-Executive Director
COMPENSATION
€607K
AGE
66
TENURE
4.8 yrs

Don deBethizy

TITLE
Non-Executive Director
COMPENSATION
€53K
AGE
68
TENURE
3.9 yrs

Pam Klein

TITLE
Non-Executive Director
COMPENSATION
€43K
AGE
57
TENURE
3 yrs

Tony Rosenberg

TITLE
Non-Executive Director
COMPENSATION
€43K
AGE
65
TENURE
2 yrs

James Daly

TITLE
Non-Executive Director
AGE
57
TENURE
0.9 yrs
Who owns this company?
Recent Insider Trading
  • argenx insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
05. Mar 19 Sell Tim Van Hauwermeiren Individual 05. Mar 19 05. Mar 19 -6,107 €117.19 €-715,679
04. Mar 19 Sell Tim Van Hauwermeiren Individual 04. Mar 19 04. Mar 19 -18,205 €117.13 €-2,132,352
17. Dec 18 Sell Tim Van Hauwermeiren Individual 17. Dec 18 17. Dec 18 -7,370 €92.05 €-678,409
18. May 18 Sell Tim Van Hauwermeiren Individual 18. May 18 18. May 18 -30,000 €80.82 €-2,424,600
X
Management checks
We assess argenx'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. argenx 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.

1AE News

Simply Wall St News

1AE Company Info

Description

argenx SE, a clinical-stage biopharmaceutical company, focuses on developing antibody-based therapies for the treatment of autoimmune diseases and cancer. The company’s lead product candidates include Efgartigimod (ARGX-113) that completed Phase II clinical trials for the treatment of autoimmune diseases, including myasthenia gravis, immune thrombocytopenia, pemphigus vulgaris, and chronic inflammatory demyelinating polyneuropathy; and Cusatuzumab (ARGX-110), which is in Phase I/II clinical trials for the treatment of acute myeloid leukemia and T-cell lymphoma. It is also developing ARGX-117 for the treatment of severe autoimmune diseases; ARGX-111 to treat solid tumors; ARGX-112 to treat dermatologic indications; ARGX-115, a cancer immunotherapy-focused product candidate against the glycoprotein A repetitions predominant; ARGX-116 for the treatment of dyslipidemia; and ARGX-109 for the treatment of rheumatoid arthritis. The company has license and collaboration agreements with AbbVie S.Á.R.L.; Cilag GmbH International; Bird Rock Bio, Inc.; LEO Pharma A/S; Staten Biotechnology B.V.; and Shire International GmbH. argenx SE was founded in 2008 and is based in Breda, the Netherlands.

Details
Name: argenx SE
1AE
Exchange: DB
Founded: 2008
€4,116,214,880
37,972,462
Website: http://www.argenx.com
Address: argenx SE
Willemstraat 5,
Breda,
Noord-Brabant, 4811 AH,
Netherlands
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTBR ARGX Ordinary Shares Euronext Brussels BE EUR 10. Jul 2014
OTCPK ARGN.F Ordinary Shares Pink Sheets LLC US USD 10. Jul 2014
DB 1AE Ordinary Shares Deutsche Boerse AG DE EUR 10. Jul 2014
LSE 0QW0 Ordinary Shares London Stock Exchange GB EUR 10. Jul 2014
NasdaqGS ARGX American Depository Receipts Nasdaq Global Select US USD 18. May 2017
Number of employees
Current staff
Staff numbers
104
argenx employees.
Industry
Biotechnology
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/25 23:19
End of day share price update: 2019/04/25 00:00
Last estimates confirmation: 2019/04/23
Last earnings filing: 2019/03/26
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


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.

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