Loading...

Circassia Pharmaceuticals

DB:82C
Snowflake Description

Excellent balance sheet with high growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
82C
DB
£111M
Market Cap
  1. Home
  2. DE
  3. Pharmaceuticals & Biotech
Company description

Circassia Pharmaceuticals plc, a specialty pharmaceutical company, focuses on the development and commercialization of products for the treatment of respiratory diseases. The last earnings update was 206 days ago. More info.


Add to Portfolio Compare Print
  • Circassia Pharmaceuticals has significant price volatility in the past 3 months.
82C Share Price and Events
7 Day Returns
1.3%
DB:82C
-2.4%
DE Biotechs
1.8%
DE Market
1 Year Returns
-68%
DB:82C
-10.2%
DE Biotechs
-6%
DE Market
82C Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Circassia Pharmaceuticals (82C) 1.3% -13.7% -43.2% -68% -90.7% -91.1%
DE Biotechs -2.4% 3.2% -7.7% -10.2% 51.2% 10.1%
DE Market 1.8% 4.6% 7.4% -6% 10.1% 15.3%
1 Year Return vs Industry and Market
  • 82C underperformed the Biotechs industry which returned -10.2% over the past year.
  • 82C underperformed the Market in Germany which returned -6% over the past year.
Price Volatility
82C
Industry
5yr Volatility vs Market

Value

 Is Circassia Pharmaceuticals 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 Circassia Pharmaceuticals 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 Circassia Pharmaceuticals.

DB:82C Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.9%
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:82C
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6.7%
Biotechs Unlevered Beta Simply Wall St/ S&P Global 1.45
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.448 (1 + (1- 19%) (0%))
1.3
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% + (1.3 * 6.65%)
8.87%

Discounted Cash Flow Calculation for DB:82C using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Circassia Pharmaceuticals 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:82C DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 8.87%)
2019 -135.00 Analyst x1 -124.00
2020 2.00 Analyst x1 1.69
2021 33.00 Analyst x1 25.57
2022 68.00 Analyst x1 48.40
2023 80.00 Analyst x1 52.30
2024 89.14 Est @ 11.43% 53.53
2025 96.33 Est @ 8.07% 53.13
2026 101.84 Est @ 5.72% 51.59
2027 105.98 Est @ 4.07% 49.31
2028 109.08 Est @ 2.92% 46.62
Present value of next 10 years cash flows £258.13
DB:82C DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= £109.08 × (1 + 0.23%) ÷ (8.87% – 0.23%)
£1,264.62
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £1,264.62 ÷ (1 + 8.87%)10
£540.47
DB:82C Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £258.13 + £540.47
£798.60
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £798.60 / 374.26
£2.13
DB:82C Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:82C represents 1.07744x of AIM:CIR
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.07744x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (GBP) x Listing Adjustment Factor
= £ 2.13 x 1.07744
€2.30
Value per share (EUR) From above. €2.30
Current discount Discount to share price of €0.32
= -1 x (€0.32 - €2.30) / €2.30
86.1%

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

Current Discount
Amount off the current price Circassia Pharmaceuticals is available for.
Intrinsic value
>50%
Share price is €0.32 vs Future cash flow value of €2.3
Current Discount Checks
For Circassia Pharmaceuticals to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Circassia Pharmaceuticals's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Circassia Pharmaceuticals'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 Circassia Pharmaceuticals's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Circassia Pharmaceuticals's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:82C PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-06-30) in GBP £-0.26
AIM:CIR Share Price ** AIM (2019-04-18) in GBP £0.3
Europe Biotechs Industry PE Ratio Median Figure of 30 Publicly-Listed Biotechs Companies 22.44x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.59x

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

** Primary Listing of Circassia Pharmaceuticals.

DB:82C PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= AIM:CIR Share Price ÷ EPS (both in GBP)

= 0.3 ÷ -0.26

-1.13x

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

  • Circassia Pharmaceuticals is loss making, we can't compare its value to the Europe Biotechs industry average.
  • Circassia Pharmaceuticals is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does Circassia Pharmaceuticals's expected growth come at a high price?
Raw Data
DB:82C PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -1.13x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
56.3%per year
Europe Biotechs Industry PEG Ratio Median Figure of 22 Publicly-Listed Biotechs Companies 1.3x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.56x

*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 Circassia Pharmaceuticals, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Circassia Pharmaceuticals's assets?
Raw Data
DB:82C PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-06-30) in GBP £0.59
AIM:CIR Share Price * AIM (2019-04-18) in GBP £0.3
Germany Biotechs Industry PB Ratio Median Figure of 15 Publicly-Listed Biotechs Companies 3.71x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.84x
DB:82C PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= AIM:CIR Share Price ÷ Book Value per Share (both in GBP)

= 0.3 ÷ 0.59

0.5x

* Primary Listing of Circassia Pharmaceuticals.

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

  • Circassia Pharmaceuticals is good value based on assets compared to the DE Biotechs industry average.
X
Value checks
We assess Circassia Pharmaceuticals'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. Circassia Pharmaceuticals has a total score of 3/6, 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.

Future Performance

 How is Circassia Pharmaceuticals expected to perform in the next 1 to 3 years based on estimates from 3 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
56.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Circassia Pharmaceuticals expected to grow at an attractive rate?
  • Circassia Pharmaceuticals's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Circassia Pharmaceuticals's earnings growth is expected to exceed the Germany market average.
  • Circassia Pharmaceuticals's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:82C Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:82C Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 56.3%
DB:82C Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 26.3%
Germany Biotechs Industry Earnings Growth Rate Market Cap Weighted Average 47.5%
Germany Biotechs Industry Revenue Growth Rate Market Cap Weighted Average 26%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.6%
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:82C Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (9 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:82C Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 212 1
2022-12-31 154 63 23 2
2021-12-31 117 28 -1 2
2020-12-31 84 1 -23 3
2019-12-31 62 -24 -34 3
2018-12-31 49 -18 -120 3
DB:82C Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2018-06-30 56 -31 -87
2018-03-31 51 -44 -90
2017-12-31 46 -58 -94
2017-06-30 30 -54 -53
2017-03-31 27 -55 -45
2016-12-31 23 -57 -37
2016-09-30 22 -63 -46
2016-06-30 21 -69 -42
2016-03-31 16 -62 -46
2015-12-31 11 -56 -50
2015-09-30 6 -48 -45

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Circassia Pharmaceuticals's earnings are expected to grow significantly at over 20% yearly.
  • Circassia Pharmaceuticals'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:82C Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (9 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Circassia Pharmaceuticals Company Filings, last reported 9 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:82C Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 0.06 0.14 -0.02 2.00
2021-12-31 0.00 0.06 -0.06 2.00
2020-12-31 -0.06 -0.02 -0.10 2.00
2019-12-31 -0.09 -0.08 -0.11 2.00
2018-12-31 -0.24 -0.14 -0.34 2.00
DB:82C Past Financials Data
Date (Data in GBP Millions) EPS *
2018-06-30 -0.26
2018-03-31 -0.28
2017-12-31 -0.29
2017-06-30 -0.18
2017-03-31 -0.15
2016-12-31 -0.13
2016-09-30 -0.16
2016-06-30 -0.14
2016-03-31 -0.17
2015-12-31 -0.20
2015-09-30 -0.20

*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 Circassia Pharmaceuticals will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Circassia Pharmaceuticals'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.
Circassia Pharmaceuticals has a total score of 5/6, 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.

Past Performance

  How has Circassia Pharmaceuticals performed over the past 5 years?

  • Circassia Pharmaceuticals's last earnings update was 206 days ago.
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 Circassia Pharmaceuticals'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.
  • Circassia Pharmaceuticals does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Circassia Pharmaceuticals's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Circassia Pharmaceuticals's 1-year growth to the Europe Biotechs industry average as it is not currently profitable.
Earnings and Revenue History
Circassia Pharmaceuticals'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 Circassia Pharmaceuticals Company Filings, last reported 9 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:82C Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-06-30 56.40 -87.30 67.50 13.90
2018-03-31 51.35 -90.45 63.90 14.60
2017-12-31 46.30 -93.60 60.30 15.30
2017-06-30 30.30 -52.60 46.60 16.50
2017-03-31 26.70 -44.70 44.10 16.90
2016-12-31 23.10 -36.80 41.60 17.30
2016-09-30 22.20 -45.75 42.45 30.85
2016-06-30 21.30 -42.10 42.50 36.30
2016-03-31 16.05 -46.00 34.85 41.55
2015-12-31 10.80 -49.90 27.20 46.80
2015-09-30 5.70 -45.18 18.35 43.67
2015-06-30 0.60 -40.46 9.51 40.55
2015-03-31 0.30 -37.78 8.35 39.57
2014-12-31 -35.10 7.20 38.60
2014-09-30 -31.99 6.48 33.45
2014-06-30 -28.88 5.77 28.31
2014-03-31 -24.43 4.79 24.64
2013-12-31 -19.98 3.82 20.98
2012-12-31 -15.50 2.65 16.49

*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 Circassia Pharmaceuticals has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Circassia Pharmaceuticals 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 Circassia Pharmaceuticals 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 Circassia Pharmaceuticals'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.
Circassia Pharmaceuticals 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.

Health

 How is Circassia Pharmaceuticals'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 Circassia Pharmaceuticals's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Circassia Pharmaceuticals is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Circassia Pharmaceuticals's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Circassia Pharmaceuticals'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.
  • Circassia Pharmaceuticals 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 Circassia Pharmaceuticals Company Filings, last reported 9 months ago.

DB:82C Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2018-06-30 198.00 0.00 50.80
2018-03-31 198.00 0.00 50.80
2017-12-31 224.80 0.00 59.50
2017-06-30 286.70 0.00 82.90
2017-03-31 286.70 0.00 82.90
2016-12-31 280.70 0.00 117.40
2016-09-30 280.70 0.00 117.40
2016-06-30 312.70 0.00 138.00
2016-03-31 312.70 0.00 138.00
2015-12-31 409.70 0.00 203.80
2015-09-30 409.70 0.00 203.80
2015-06-30 436.93 0.00 238.89
2015-03-31 436.93 0.00 238.89
2014-12-31 190.80 0.00 186.60
2014-09-30 190.80 0.00 186.60
2014-06-30 209.16 0.00 201.88
2014-03-31 209.16 0.00 201.88
2013-12-31 30.05 2.01 30.62
2012-12-31 49.99 2.00 48.21
  • Circassia Pharmaceuticals has no debt.
  • Circassia Pharmaceuticals has no debt compared to 5 years ago when it was 5%.
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.

  • Circassia Pharmaceuticals has sufficient cash runway for 1.6 years based on current free cash flow.
  • Circassia Pharmaceuticals has sufficient cash runway for 1.7 years if free cash flow continues to reduce at historical rates of -5.5% each year.
X
Financial health checks
We assess Circassia Pharmaceuticals'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. Circassia Pharmaceuticals has a total score of 5/6, 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.

Dividends

 What is Circassia Pharmaceuticals'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 Circassia Pharmaceuticals dividends. Estimated to be 0% next year.
If you bought €2,000 of Circassia Pharmaceuticals 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 Circassia Pharmaceuticals's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Circassia Pharmaceuticals'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:82C 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 3 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 327 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:82C 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 0.00 1.00
2018-12-31 0.00 1.00

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

  • Unable to perform a dividend volatility check as Circassia Pharmaceuticals has not reported any payouts.
  • Unable to verify if Circassia Pharmaceuticals's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Circassia Pharmaceuticals's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Circassia Pharmaceuticals has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Circassia Pharmaceuticals's dividends in 3 years as they are not expected to pay a notable one for Germany.
X
Income/ dividend checks
We assess Circassia Pharmaceuticals'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 Circassia Pharmaceuticals afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Circassia Pharmaceuticals 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.

Management

 What is the CEO of Circassia Pharmaceuticals'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
Steve Harris
COMPENSATION £825,000
AGE 51
TENURE AS CEO 12.9 years
CEO Bio

Mr. Steven Charles Andrew Harris, also known as Steve, co-founded Circassia Pharmaceuticals plc on March 19, 2006 and has been its Chief Executive Officer since March 19, 2006. Mr. Harris is a bioscience entrepreneur with extensive experience of founding and leading specialty pharmaceutical companies. He co-founded Cephalon Limited (alternate name Zeneus Pharma Ltd) and served as its Chief Financial Officer and Chief Executive Officer where he played a key role in refocusing the business, turning around under-performing products and managing Zeneus’ acquisition by Cephalon Inc. (now part of Teva Pharmaceutical Industries Ltd). He was Finance Director and Executive Director at Chiron Pharmaceuticals Limited. He spent seven years at PowderJect Pharmaceuticals plc (PowderJect) as Chief Financial Officer, where he was a key member of the management team that grew the private biotechnology organisation into an integrated, profitable public company, which became the world’s fifth largest vaccines business. He has been Chairman at Aerocrine AB since July 14, 2015. He serves as Director of Circassia Pharmaceuticals Plc and Woodford Patient Capital Trust plc. He is a member of the Institute of Chartered Accountants of England and Wales (ICAEW) and of the Association of Certified Accountants (ACA). Mr. Harris holds B.Sc. and M.S. from Southampton University.

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

Average tenure and age of the Circassia Pharmaceuticals management team in years:

7.3
Average Tenure
52
Average Age
  • The average tenure for the Circassia Pharmaceuticals management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Steve Harris

TITLE
Co-Founder
COMPENSATION
£825K
AGE
51
TENURE
12.9 yrs

Julien Cotta

TITLE
CFO, Company Secretary & Director
COMPENSATION
£513K
AGE
54
TENURE
7.3 yrs

Rod Hafner

TITLE
Senior VP of Research & Development and Director
COMPENSATION
£566K
AGE
52
TENURE
11.1 yrs

Nina Kataria

TITLE
Senior Vice President Global Human Resources
TENURE
4.8 yrs

David Acheson

TITLE
Senior Vice President of US Commercial
TENURE
2.3 yrs

Darren Mercer

TITLE
Senior Vice President of EU & RoW Commercial
Board of Directors Tenure

Average tenure and age of the Circassia Pharmaceuticals board of directors in years:

5.5
Average Tenure
54
Average Age
  • The tenure for the Circassia Pharmaceuticals board of directors is about average.
Board of Directors

Francesco Granata

TITLE
Chairman
COMPENSATION
£147K
AGE
67
TENURE
5.6 yrs

Steve Harris

TITLE
Co-Founder
COMPENSATION
£825K
AGE
51

Julien Cotta

TITLE
CFO, Company Secretary & Director
COMPENSATION
£513K
AGE
54
TENURE
5.4 yrs

Rod Hafner

TITLE
Senior VP of Research & Development and Director
COMPENSATION
£566K
AGE
52
TENURE
11.1 yrs

Le Jo

TITLE
Non-Executive Director
TENURE
1.2 yrs

Russ Cummings

TITLE
Non-Executive Director
COMPENSATION
£46K
AGE
54
TENURE
12.3 yrs

Sharon Curran

TITLE
Non-Executive Director
TENURE
1.2 yrs
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 (€) Value (€)
X
Management checks
We assess Circassia Pharmaceuticals'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. Circassia Pharmaceuticals 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.

News

Simply Wall St News

Company Info

Description

Circassia Pharmaceuticals plc, a specialty pharmaceutical company, focuses on the development and commercialization of products for the treatment of respiratory diseases. The company markets NIOX and NIOX VERO for use in asthma diagnosis and management; and Tudorza for the treatment of chronic obstructive pulmonary disease (COPD). Its pipeline products include Flixotide, Seretide, and Flovent for asthma; and various novel specialty for COPD treatments, such as Duaklir, Spiriva, Novel LABA/LAMA formulation, and novel COPD therapy formulation. The company has a collaboration agreement with AstraZeneca to promote Tudorza and for COPD treatment, and has the United States commercial rights to COPD therapy Duaklir. It markets its products directly to specialists in the United States, the United Kingdom, and Germany, as well as through a network of partners in China, Japan, Europe, and internationally. Circassia Pharmaceuticals plc was founded in 2006 and is headquartered in Oxford, the United Kingdom.

Details
Name: Circassia Pharmaceuticals plc
82C
Exchange: DB
Founded: 2006
£128,488,676
374,262,626
Website: http://www.circassia.com
Address: Circassia Pharmaceuticals plc
Northbrook House,
Robert Robinson Avenue,
Oxford,
Oxfordshire, OX4 4GA,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
AIM CIR Ordinary Shares London Stock Exchange AIM Market GB GBP 13. Mar 2014
OTCPK CSSP.F Ordinary Shares Pink Sheets LLC US USD 13. Mar 2014
DB 82C Ordinary Shares Deutsche Boerse AG DE EUR 13. Mar 2014
BATS-CHIXE CIRL Ordinary Shares BATS 'Chi-X Europe' GB GBP 13. Mar 2014
Number of employees
Current staff
Staff numbers
400
Circassia Pharmaceuticals employees.
Industry
Biotechnology
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/21 21:40
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/01
Last earnings filing: 2018/09/27
Last earnings reported: 2018/06/30
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.