DB:BIX

Stock Analysis Report

Executive Summary

BioInvent International AB (publ) focuses on the research and development of immunomodulating antibodies for the treatment of cancer in Sweden, Europe, and internationally.

Rewards

Trading at 79.2% below its fair value

Earnings are forecast to grow 130.45% per year

Risk Analysis

Highly volatile share price over past 3 months

Shareholders have been diluted in the past year

Does not have a meaningful market cap (€758M)



Snowflake Analysis

Exceptional growth potential with excellent balance sheet.

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

2.0%

BIX

-1.0%

DE Biotechs

1.7%

DE Market


1 Year Return

-41.2%

BIX

6.2%

DE Biotechs

15.0%

DE Market

Return vs Industry: BIX underperformed the German Biotechs industry which returned 6.2% over the past year.

Return vs Market: BIX underperformed the German Market which returned 15% over the past year.


Shareholder returns

BIXIndustryMarket
7 Day2.0%-1.0%1.7%
30 Day18.0%-2.3%0.8%
90 Day35.2%7.8%3.7%
1 Year-41.1%-41.2%6.4%6.2%18.5%15.0%
3 Year-61.2%-61.3%49.0%47.3%17.1%6.9%
5 Year-42.3%-51.9%12.6%10.3%24.3%7.3%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

Is BioInvent International 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: BIX (€0.1) is trading below our estimate of fair value (€0.5)

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


Price To Earnings Ratio

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

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


Price to Book Ratio

PB vs Industry: BIX is overvalued based on its PB Ratio (3.6x) compared to the DE Biotechs industry average (3.5x).


Next Steps

Future Growth

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

130.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

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

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

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

Revenue vs Market: BIX's revenue (36% per year) is forecast to grow faster than the German market (5% per year).

High Growth Revenue: BIX's revenue (36% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BIX's Return on Equity is forecast to be very high in 3 years time (65.9%).


Next Steps

Past Performance

How has BioInvent International performed over the past 5 years?

-18.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BIX is currently unprofitable.

Growing Profit Margin: BIX is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: BIX is unprofitable, and losses have increased over the past 5 years at a rate of -18.7% per year.

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

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


Return on Equity

High ROE: BIX has a negative Return on Equity (-61.95%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is BioInvent International's financial position?


Financial Position Analysis

Short Term Liabilities: BIX's short term assets (SEK239.2M) exceed its short term liabilities (SEK52.4M).

Long Term Liabilities: BIX's short term assets (SEK239.2M) exceed its long term liabilities (SEK10.9M).


Debt to Equity History and Analysis

Debt Level: BIX is debt free.

Reducing Debt: BIX has not had any debt for past 5 years.


Balance Sheet

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

Debt Coverage by Assets: Insufficient data to determine if BIX's debt is covered by short term assets.


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

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


Next Steps

Dividend

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

33.11%

Forecast Dividend Yield


Dividend Yield vs Market

companyn/amarketbottom25%1.3%markettop25%3.6%industryaverage1.0%forecastin3Years33.1%

Current dividend yield vs market & industry

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

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

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

3.3yrs

Average management tenure


CEO

Martin Welschof (58yo)

2.1yrs

Tenure

0

Dr. Martin Welschof, Ph.D has been the Chief Executive Officer of Opsona Therapeutics Limited since February 2012. Dr. Welschof has been Chief Executive Officer at BioInvent Intl AB (publ) since 2018. He i ...


Leadership Team

NamePositionTenureCompensationOwnership
Martin Welschof
President & CEO2.1yrsno datano data
Stefan Ericsson
Chief Financial Officer4.1yrsno data0.023% SEK16.4k
Björn Frendéus
Chief Scientific Officer0yrsno data0.096% SEK69.3k
Kristoffer Hansson
Senior Vice President of Technical Operations3.4yrsno data0.098% SEK70.5k
Andres McAllister
Chief Medical Officer3.1yrsno datano data

3.3yrs

Average Tenure

56yo

Average Age

Experienced Management: BIX's management team is considered experienced (3.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Bernd Seizinger
Director2.1yrsno datano data
Leonard Kruimer
Chairman of the Board2.1yrskr180.00k0.048% SEK34.4k
Vincent Ossipow
Independent Director3.8yrskr129.00kno data
Falk Nimmerjahn
Member of Scientific Advisory Board3.1yrsno datano data
Dharminder Chahal
Independent Director3.1yrskr169.00k0.061% SEK43.8k
Vessela Alexieva
Employee Representative Director6.3yrsno data0.0042% SEK3.0k
An van Johansson
Independent Director3.8yrskr129.00k0.032% SEK23.3k
Elin Gyllenbäck
Employee Representative Director3.1yrsno data0.0030% SEK2.2k
Martin Glennie
Chairman of the Scientific Advisory Board3.1yrsno datano data
Rienk Offringa
Member of Scientific Advisory Board3.1yrsno datano data

3.1yrs

Average Tenure

59yo

Average Age

Experienced Board: BIX's board of directors are considered experienced (3.1 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 been diluted in the past year, with total shares outstanding growing by 28.9%.


Top Shareholders

Company Information

BioInvent International AB (publ)'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: BioInvent International AB (publ)
  • Ticker: BIX
  • Exchange: DB
  • Founded: 1997
  • Industry: Biotechnology
  • Sector: Pharmaceuticals & Biotech
  • Market Cap: kr757.673m
  • Listing Market Cap: kr71.937m
  • Shares outstanding: 501.77m
  • Website: https://www.bioinvent.com

Number of Employees


Location

  • BioInvent International AB (publ)
  • The Gamma Building
  • Sölvegatan 41
  • Lund
  • 223 70
  • Sweden

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BINVOM (OMX Nordic Exchange Stockholm)YesOrdinary SharesSESEKJun 2001
BIXDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJun 2001
0H22LSE (London Stock Exchange)YesOrdinary SharesGBSEKJun 2001
BOVN.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJun 2001
BINVSBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBSEKJun 2001

Biography

BioInvent International AB (publ) focuses on the research and development of immunomodulating antibodies for the treatment of cancer in Sweden, Europe, and internationally. The company’s lead drug candidate is BI-1206, a monoclonal antibody targeting CD32b, which is in Phase I/II clinical trials in patients with B-cell non-Hodgkin lymphoma and chronic lymphocytic leukaemia who are resistant to rituximab. It has a collaboration agreement with Oncurious to develop TB-403, an antibody that targets the protein PlGF, which is in Phase I/II clinical trials used for the treatment of patients with medulloblastoma; and with Oxurion to develop THR-317 that is in Phase I/II clinical trials used for the treatment of patients with diabetic macular edema. The company is also developing immuno-modulatory antibodies, such as cancer-associated regulatory T cells and tumour-associated myeloid-derived suppressor cells, as well as BI-1808, an antibody candidate. It has a strategic collaboration with Pfizer Inc. for the development of antibodies against tumour-associated myeloid cells; and partnership and collaboration with Transgene to co-develop multi-functional oncolytic viruses encoding for undisclosed antibodies sequences for treating a range of solid tumors. The Company was founded in 1997 and is based in Lund, Sweden. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/16 21:09
End of Day Share Price2020/02/14 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.