DB:A28

Stock Analysis Report

Executive Summary

Affimed N.V., a clinical-stage biopharmaceutical company, focuses on discovering and developing cancer immunotherapies in the United States, Europe, and Germany.


Snowflake Analysis

Excellent balance sheet and slightly overvalued.

Share Price & News

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


Latest Share Price and Events

Stable Share Price: A28 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-3.8%

A28

-4.1%

DE Biotechs

-5.7%

DE Market


1 Year Return

-24.3%

A28

3.7%

DE Biotechs

6.1%

DE Market

Return vs Industry: A28 underperformed the German Biotechs industry which returned 3.7% over the past year.

Return vs Market: A28 underperformed the German Market which returned 6.1% over the past year.


Shareholder returns

A28IndustryMarket
7 Day-3.8%-4.1%-5.7%
30 Day-12.4%-8.2%-5.7%
90 Day2.7%-2.0%-3.6%
1 Year-24.3%-24.3%4.0%3.7%9.3%6.1%
3 Year21.9%21.9%38.2%36.7%8.9%-0.7%
5 Year-57.3%-57.3%9.9%7.5%13.6%-2.0%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: A28 (€2.26) is trading below our estimate of fair value (€51.1)

Significantly Below Fair Value: A28 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: A28 is unprofitable, so we can't compare its PE Ratio to the Biotechs industry average.

PE vs Market: A28 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 A28's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: A28 is overvalued based on its PB Ratio (6x) compared to the DE Biotechs industry average (3.2x).


Next Steps

Future Growth

How is Affimed forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

22.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: A28 is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: A28 is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: A28 is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: A28's revenue (36.1% per year) is forecast to grow faster than the German market (5.1% per year).

High Growth Revenue: A28's revenue (36.1% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if A28's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Affimed performed over the past 5 years?

-16.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: A28 is currently unprofitable.

Growing Profit Margin: A28 is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: A28 is unprofitable, and losses have increased over the past 5 years at a rate of -16.3% per year.

Accelerating Growth: Unable to compare A28's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: A28 is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (-4.7%).


Return on Equity

High ROE: A28 has a negative Return on Equity (-47.73%), as it is currently unprofitable.


Next Steps

Financial Health

How is Affimed's financial position?


Financial Position Analysis

Short Term Liabilities: A28's short term assets (€79.5M) exceed its short term liabilities (€29.2M).

Long Term Liabilities: A28's short term assets (€79.5M) exceed its long term liabilities (€34.2M).


Debt to Equity History and Analysis

Debt Level: A28's debt to equity ratio (14.7%) is considered satisfactory.

Reducing Debt: A28's debt to equity ratio has increased from 10.1% to 14.7% over the past 5 years.


Balance Sheet

Inventory Level: A28 has a low level of unsold assets or inventory.

Debt Coverage by Assets: A28's debt is covered by short term assets (assets are 24.4x 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: Whilst unprofitable A28 has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: A28 is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 22.5% per year.


Next Steps

Dividend

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


Dividend Yield vs Market

Notable Dividend: Unable to evaluate A28's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate A28's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if A28's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if A28'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 A28's dividend in 3 years as they are not forecast to pay a notable one for the German market.


Next Steps

Management

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

6.8yrs

Average management tenure


CEO

Adi Hoess (57yo)

8.4yrs

Tenure

€1,352,000

Compensation

Dr. Adi Hoess, M.D., Ph.D., has been the Chief Executive Officer of Affimed N.V. since September 2011 and serves as its Managing Director and Member of Management Board. Dr. Hoess served as Chief Commercia ...


CEO Compensation Analysis

Compensation vs Market: Adi's total compensation ($USD1.47M) is above average for companies of similar size in the German market ($USD627.72K).

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


Leadership Team

NamePositionTenureCompensationOwnership
Adi Hoess
CEO, MD & Member of Management Board8.4yrs€1.35mno data
Wolfgang Fischer
MD, COO & Member of Management Board0yrs€686.00k0.28% 497.9k
Melvyn Little
Founder & Consultant20.1yrsno datano data
Michael Wolf
Head of Finance & Administration5.1yrsno datano data
Gregory Gin
Head of Investor Relations2.1yrsno datano data
Uwe Reusch
Head of Cell Culture0yrsno datano data
Stefan Knackmuss
Head of Antibody Screening0yrsno datano data
Sergey Kipriyanov
Head of Research and Development0yrsno datano data
Erich Rajkovic
Head of Research Operations and Intellectual Property4.1yrsno datano data
Claudia Wall
Head of Project Management Regulatory Affairs & Quality Management12.1yrsno datano data

6.8yrs

Average Tenure

52yo

Average Age

Experienced Management: A28's management team is seasoned and experienced (6.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Ferdinand Verdonck
Member of Supervisory Board5.6yrs€77.00k0.098% 172.3k
Ulrich Grau
Member of Supervisory Board4.6yrs€85.00k0.085% 149.4k
Miroslav Ravic
Member of Scientific Advisory Board0yrsno datano data
Thomas Hecht
Chairman of Supervisory Board6.1yrs€152.00k0.23% 394.4k
Susanne Becker
Member of Scientific Advisory Board0yrsno datano data
Andreas Engert
Member of Scientific Advisory Board0yrsno datano data
Max Topp
Member of Scientific Advisory Board0yrsno datano data
Christian Hucke
Member of Scientific Advisory Board0yrsno datano data
Anton Hagenbeek
Member of Scientific Advisory Board0yrsno datano data
Franck Morschhauser
Member of Scientific Advisory Board0yrsno datano data

5.6yrs

Average Tenure

70yo

Average Age

Experienced Board: A28's board of directors are considered experienced (5.6 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.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 11.1%.


Top Shareholders

Company Information

Affimed N.V.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Affimed N.V.
  • Ticker: A28
  • Exchange: DB
  • Founded: 2000
  • Industry: Biotechnology
  • Sector: Pharmaceuticals & Biotech
  • Market Cap: US$190.601m
  • Listing Market Cap: US$175.200m
  • Shares outstanding: 76.24m
  • Website: https://www.affimed.com

Number of Employees


Location

  • Affimed N.V.
  • Technologiepark
  • Im Neuenheimer Feld 582
  • Heidelberg
  • Baden-Württemberg
  • 69120
  • Germany

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AFMDNasdaqGM (Nasdaq Global Market)YesCommon SharesUSUSDSep 2014
A28DB (Deutsche Boerse AG)YesCommon SharesDEEURSep 2014
0HL9LSE (London Stock Exchange)YesCommon SharesGBUSDSep 2014

Biography

Affimed N.V., a clinical-stage biopharmaceutical company, focuses on discovering and developing cancer immunotherapies in the United States, Europe, and Germany. Its lead product candidate is AFM13, a natural killer cell (NK-cell) TandAb, which is in Phase 2a clinical study of relapsed CD30-positive lymphoma and Phase 1b clinical study of anti-PD-1 antibody Keytruda (pembrolizumab) in patients with relapsed Hodgkin lymphoma. The company’s products include AFM24, an innate cell-engaging bispecific antibody that treats patients suffering of EGFR expressing solid tumors; AFM26, which binds to B cell maturation antigen (BCMA) for the treatment of multiple myeloma; and Trispecific Abs for the treatment of multiple myeloma. Its products also comprise AFM11, a T cell TandAb, which is in Phase 1 clinical trial in patients with relapsed CD19+ B cell malignancies, including non-Hodgkin Lymphoma and acute lymphocytic leukemia (AML); and AMV564, a CD33/CD3-specific T-cell TandAb is in Phase 1 clinical study of refractory AML. The company has license agreements with Amphivena Therapeutics, Inc., Deutsches Krebsforschungszentrum, and Xoma Ireland Limited; research funding agreement with The Leukemia & Lymphoma Society; and collaboration with Merck Sharp & Dohme B.V. It also has a clinical development and commercialization collaboration with The University of Texas MD Anderson Cancer Center to evaluate AFM13 in combination with MD Anderson’s NK-cell product; and Genentech. The company was formerly known as Affimed Therapeutics B.V. and changed its name to Affimed N.V. in October 2014. Affimed N.V. was founded in 2000 and is headquartered in Heidelberg, Germany. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/25 22:55
End of Day Share Price2020/02/25 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.