DB:IMR

Stock Analysis Report

Executive Summary

AC Immune SA, a clinical stage biopharmaceutical company, discovers, designs, and develops therapeutic and diagnostic products for the prevention, diagnosis, and treatment of neurodegenerative diseases associated with protein misfolding.


Snowflake Analysis

Very undervalued with high growth potential.

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

-1.5%

IMR

-2.3%

DE Biotechs

-0.2%

DE Market


1 Year Return

107.7%

IMR

8.4%

DE Biotechs

13.7%

DE Market

Return vs Industry: IMR exceeded the German Biotechs industry which returned 8.4% over the past year.

Return vs Market: IMR exceeded the German Market which returned 13.7% over the past year.


Shareholder returns

IMRIndustryMarket
7 Day-1.5%-2.3%-0.2%
30 Day-6.4%-3.2%0.3%
90 Day15.1%6.3%3.7%
1 Year107.7%107.7%8.6%8.4%17.2%13.7%
3 Year-32.9%-32.9%44.5%42.9%15.4%5.3%
5 Yearn/a13.0%10.6%21.3%4.7%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

Is AC Immune 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: IMR (€7.65) is trading below our estimate of fair value (€69.71)

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


Price To Earnings Ratio

PE vs Industry: IMR is good value based on its PE Ratio (11.4x) compared to the Biotechs industry average (39.7x).

PE vs Market: IMR is good value based on its PE Ratio (11.4x) compared to the German market (20.9x).


Price to Earnings Growth Ratio

PEG Ratio: IMR is good value based on its PEG Ratio (0.5x)


Price to Book Ratio

PB vs Industry: IMR is good value based on its PB Ratio (2x) compared to the DE Biotechs industry average (3.5x).


Next Steps

Future Growth

How is AC Immune forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

24.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: IMR's forecast earnings growth (24% per year) is above the savings rate (-0.4%).

Earnings vs Market: IMR's earnings (24% per year) are forecast to grow faster than the German market (13.1% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: IMR's revenue (21.2% per year) is forecast to grow faster than the German market (5% per year).

High Growth Revenue: IMR's revenue (21.2% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: IMR is forecast to be unprofitable in 3 years.


Next Steps

Past Performance

How has AC Immune performed over the past 5 years?

-22.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: IMR has high quality earnings.

Growing Profit Margin: IMR became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: IMR has become profitable over the past 5 years, growing earnings by -22.2% per year.

Accelerating Growth: IMR has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: IMR has become profitable in the last year, making it difficult to compare its past year earnings growth to the Biotechs industry (-4.7%).


Return on Equity

High ROE: IMR's Return on Equity (17.2%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is AC Immune's financial position?


Financial Position Analysis

Short Term Liabilities: IMR's short term assets (CHF309.5M) exceed its short term liabilities (CHF14.0M).

Long Term Liabilities: IMR's short term assets (CHF309.5M) exceed its long term liabilities (CHF9.0M).


Debt to Equity History and Analysis

Debt Level: IMR's debt to equity ratio (0.2%) is considered satisfactory.

Reducing Debt: Insufficient data to determine if IMR's debt to equity ratio has reduced over the past 5 years.


Balance Sheet

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

Debt Coverage by Assets: IMR's debt is covered by short term assets (assets are 490.4x 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: IMR is profitable, therefore cash runway is not a concern.

Forecast Cash Runway: IMR is profitable, therefore cash runway is not a concern.


Next Steps

Dividend

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


Dividend Yield vs Market

companyn/amarketbottom25%1.3%markettop25%3.7%industryaverage1.0%forecastin3Years0%

Current dividend yield vs market & industry

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

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

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

4.6yrs

Average management tenure


CEO

Andrea Pfeifer (62yo)

CHF1,746,000

Compensation

Prof. Dr. Andrea Pfeifer, Ph.D. has been the Chief Executive Officer of AC Immune SA since 2003. Prof. Dr. Pfeifer Co-founded AC Immune SA in April 2003. She serves as an Advisor and Chairwoman of BioMedPa ...


CEO Compensation Analysis

Compensation vs Market: Andrea's total compensation ($USD1.78M) is above average for companies of similar size in the German market ($USD1.19M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Andrea Pfeifer
Co-Founder0yrsCHF1.75m3.37% CHF19.1m
Joerg Hornstein
Chief Financial Officer2.8yrsno datano data
Jean-Fabien Monin
Chief Administrative Officer4.6yrsno data0.46% CHF2.6m
Piergiorgio Donati
Head of Technical Operations & Program Management1yrsno data0.0063% CHF35.7k
Marie Kosco-Vilbois
Chief Scientific Officer1.1yrsno datano data
Gautam Maitra
Head of Regulatory & External Affairs and Senior Expert0yrsno datano data
Maria Pihlgren
Head of Biology14.3yrsno datano data
Wolfgang Fröstl
Head of Chemistry14.1yrsno datano data
Heiko Kroth
Head of Chemistry0yrsno datano data
David Hickman
Head of AD - SME10.1yrsno datano data

4.6yrs

Average Tenure

48yo

Average Age

Experienced Management: IMR's management team is considered experienced (4.6 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Andrea Pfeifer
Co-Founder0yrsCHF1.75m3.37% CHF19.1m
Jean-Marie Lehn
Chairman of Scientific Advisory Board0yrsno datano data
Claude Nicolau
Member of Scientific Advisory Board0yrsno datano data
Douglas Williams
Independent Chairman of the Board0.7yrsno data0.0042% CHF23.6k
Peter Bollmann
Independent Non-Executive Director4.2yrsCHF133.00k0.0082% CHF46.6k
Martin Velasco
Independent Vice Chairman0.7yrsCHF167.00k0.63% CHF3.6m
Detlev Riesner
Member of Scientific Advisory Board0yrsCHF116.00k1.1% CHF6.2m
Fred Van Leuven
Member of Scientific Advisory Board0yrsCHF105.00kno data
I. Rosenberg
Member of Scientific Advisory Board0yrsno datano data
M. Monsigny
Member of Scientific Advisory Board0yrsno datano data

2.2yrs

Average Tenure

65yo

Average Age

Experienced Board: IMR's board of directors are not considered experienced ( 2.2 years average tenure), which suggests a new board.


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 17.4%.


Top Shareholders

Company Information

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


Key Information

  • Name: AC Immune SA
  • Ticker: IMR
  • Exchange: DB
  • Founded: 2003
  • Industry: Biotechnology
  • Sector: Pharmaceuticals & Biotech
  • Market Cap: US$613.428m
  • Listing Market Cap: US$568.218m
  • Shares outstanding: 71.66m
  • Website: https://www.acimmune.com

Number of Employees


Location

  • AC Immune SA
  • Building B
  • EPFL Innovation Park
  • Lausanne
  • Vaud
  • 1015
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ACIUNasdaqGM (Nasdaq Global Market)YesCommon SharesUSUSDSep 2016
IMRDB (Deutsche Boerse AG)YesCommon SharesDEEURSep 2016

Biography

AC Immune SA, a clinical stage biopharmaceutical company, discovers, designs, and develops therapeutic and diagnostic products for the prevention, diagnosis, and treatment of neurodegenerative diseases associated with protein misfolding. Its SupraAntigen and Morphomer platforms are designed to generate vaccines, antibodies, and small molecules, which selectively interact with misfolded proteins that are common in a range of neurodegenerative diseases. The company’s lead product candidate is crenezumab, a humanized, monoclonal, and conformation-specific anti-Abeta antibody, which is in Phase II clinical prevention trial for the treatment of Alzheimer’s disease (AD). It is also developing ACI-24, an anti-Abeta vaccine candidate that is in Phase II clinical study for AD, as well as is in Phase Ib clinical study for Down syndrome; ACI-35, an anti-Tau vaccine candidate that has completed Phase Ib clinical study; RG6100, an anti-Tau antibody candidate, which is in Phase II clinical study for AD patients; and Tau-PET imaging tracer that has completed Phase I clinical study. In addition, the company is researching and developing Tau Morphomer aggregation inhibitor small molecules for AD. Further, it has discovery and pre-clinical stage molecules targeting neurodegenerative diseases, as well as diagnostics targeting Tau, alpha-synuclein, and TDP-43 aggregates. The company has license agreements and collaborations with Genentech, Inc.; Biogen International GmbH; Janssen Pharmaceuticals, Inc.; Life Molecular Imaging SA; Eli Lilly and Company; Essex Bio-Technology Limited; and WuXi Biologics. It also has a research collaboration with University of Pennsylvania to focus on pathogenic protein TDP-43 in neurodegenerative diseases. AC Immune SA was founded in 2003 and is headquartered in Lausanne, Switzerland. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/20 22:51
End of Day Share Price2020/02/20 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.