DB:A89

Stock Analysis Report

Executive Summary

Adocia SA, a clinical-stage biotechnology company, researches and develops formulations of pre-approved therapeutic proteins and peptides for the treatment of diabetes and other metabolic diseases.


Snowflake Analysis

High growth potential and fair value.

Share Price & News

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


Latest Share Price and Events

Stable Share Price: A89's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-20.5%

A89

-11.1%

DE Biotechs

-9.1%

DE Market


1 Year Return

-39.4%

A89

-2.9%

DE Biotechs

2.9%

DE Market

Return vs Industry: A89 underperformed the German Biotechs industry which returned -2.9% over the past year.

Return vs Market: A89 underperformed the German Market which returned 2.9% over the past year.


Shareholder returns

A89IndustryMarket
7 Day-20.5%-11.1%-9.1%
30 Day-36.7%-12.8%-7.2%
90 Day1.0%-9.6%-6.5%
1 Year-39.4%-39.4%-2.7%-2.9%6.1%2.9%
3 Year-54.4%-54.4%25.8%24.4%3.5%-5.6%
5 Year-85.7%-85.7%1.6%-0.5%8.0%-6.8%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

Is Adocia 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: A89 (€9.51) is trading below our estimate of fair value (€83.3)

Significantly Below Fair Value: A89 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: A89 is unprofitable, so we can't compare its PE Ratio to the Biotechs industry average.

PE vs Market: A89 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 A89's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: A89 is good value based on its PB Ratio (2x) compared to the DE Biotechs industry average (3.2x).


Next Steps

Future Growth

How is Adocia forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

76.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: A89 is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (-0.4%).

Earnings vs Market: A89 is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: A89's is expected to become profitable in the next 3 years.

Revenue vs Market: A89's revenue (20.5% per year) is forecast to grow faster than the German market (5.1% per year).

High Growth Revenue: A89's revenue (20.5% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: A89's Return on Equity is forecast to be low in 3 years time (1.7%).


Next Steps

Past Performance

How has Adocia performed over the past 5 years?

12.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: A89 is currently unprofitable.

Growing Profit Margin: A89 is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: A89 is unprofitable, but has reduced losses over the past 5 years at a rate of 12.5% per year.

Accelerating Growth: Unable to compare A89's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: A89 is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (-4.7%).


Return on Equity

High ROE: A89 has a negative Return on Equity (-48.83%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Adocia's financial position?


Financial Position Analysis

Short Term Liabilities: A89's short term assets (€45.4M) exceed its short term liabilities (€12.4M).

Long Term Liabilities: A89's short term assets (€45.4M) exceed its long term liabilities (€10.5M).


Debt to Equity History and Analysis

Debt Level: A89's debt to equity ratio (24.7%) is considered satisfactory.

Reducing Debt: A89's debt to equity ratio has increased from 17.4% to 24.7% over the past 5 years.


Balance Sheet

Inventory Level: A89 has a low level of unsold assets or inventory.

Debt Coverage by Assets: A89's debt is covered by short term assets (assets are 5.6x 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: A89 has less than a year of cash runway based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if A89 has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.


Next Steps

Dividend

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


Dividend Yield vs Market

companyn/amarketbottom25%1.5%markettop25%3.9%industryaverage1.1%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate A89's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate A89'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 A89's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if A89'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 A89'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?

8.3yrs

Average board tenure


CEO

Gérard Soula (74yo)

8.3yrs

Tenure

€583,387

Compensation

Dr. Gérard Soula, Ph.D., M.B.A. is a founder and serves as the President and Chief Executive Officer of Proteins & Peptides Management S.A.S., a French company. Dr. Soula serves as Interim Director of Busi ...


CEO Compensation Analysis

Compensation vs Market: Gérard's total compensation ($USD640.31K) is above average for companies of similar size in the German market ($USD419.45K).

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


Board Members

NamePositionTenureCompensationOwnership
Gérard Soula
Co-Founder8.3yrs€583.39k12.93% 8.0m
Olivier Soula
Co-Founder8.3yrs€404.16k4.4% 2.7m
Jean-Marie Lehn
Member of Scientific Advisory Board0yrsno datano data
Laurent Arthaud
Director8.3yrsno datano data
Olivier Martinez
Director8.3yrsno datano data
Jay Skyler
Chairman of Diabetes Medical Advisory Board0yrsno datano data
Dominique Takizawa
Independent Director8.3yrs€37.00kno data
Ekaterina Smirnyagina
Independent Director6.7yrs€28.00kno data
Bernard Cabane
Member of Scientific Advisory Board0yrsno datano data
Vanita Aroda
Member of the Diabetes Medical Advisory Board3.9yrsno datano data

8.3yrs

Average Tenure

59yo

Average Age

Experienced Board: A89's board of directors are considered experienced (8.3 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.


Top Shareholders

Company Information

Adocia SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Adocia SA
  • Ticker: A89
  • Exchange: DB
  • Founded: 2005
  • Industry: Biotechnology
  • Sector: Pharmaceuticals & Biotech
  • Market Cap: €62.199m
  • Shares outstanding: 6.95m
  • Website: https://www.adocia.com

Number of Employees


Location

  • Adocia SA
  • 115 Avenue Lacassagne
  • Lyon
  • Rhône-Alpes
  • 69003
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ADOCENXTPA (Euronext Paris)YesCommon SharesFREURFeb 2012
A89DB (Deutsche Boerse AG)YesCommon SharesDEEURFeb 2012
0QAILSE (London Stock Exchange)YesCommon SharesGBEURFeb 2012
ADOCPBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEURFeb 2012
ADOC.YOTCPK (Pink Sheets LLC)SPONSORED ADRUSUSDJun 2014

Biography

Adocia SA, a clinical-stage biotechnology company, researches and develops formulations of pre-approved therapeutic proteins and peptides for the treatment of diabetes and other metabolic diseases. Its proprietary BioChaperone technological platform is designed and developed based on novel polymers, oligomers, and small molecules to enhance the effectiveness and/or safety of therapeutic proteins. The company’s clinical product pipeline includes insulin formulations, such as BioChaperone Lispro U100 and U200, which are ultra-rapid formulations of insulin analogs; HinsBet U100, a rapid-acting formulation of human insulin; BioChaperone Combo, a combination of basal insulin glargine and rapid-acting insulin lispro; BioChaperone Pramlintide Insulin, a prandial combination of human insulin with amylin pramlintide; and BioChaperone Human Glucagon, an aqueous formulation of human glucagon. It is also developing BioChaperone Glargine Dulaglutide and BioChaperone Glargine Liraglutide that are combinations of insulin glargine with GLP-1s; BioChaperone Teduglutide, an aqueous formulation of teduglutide, a GLP-2 analog for the treatment of short bowel syndrome; and BioChaperone Glucagon GLP-1, a combination of glucagon and a GLP-1 receptor agonist for the treatment of obesity. The company has a strategic alliance with Tonghua Dongbao Pharmaceutical Co., Ltd. Adocia SA was founded in 2005 and is headquartered in Lyon, France. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/28 22:28
End of Day Share Price2020/02/28 00:00
Earnings2019/06/30
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.