CPSE:BAVA

Stock Analysis Report

Executive Summary

Bavarian Nordic A/S, a biotechnology company, develops, manufactures, and commercializes a portfolio of cancer immunotherapies and vaccines for infectious diseases.

Rewards

Earnings are forecast to grow 55.46% per year

Risk Analysis

No risks detected for BAVA from our risk checks.


Snowflake Analysis

High growth potential with adequate balance sheet.


Similar Companies

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

1.7%

BAVA

1.2%

DK Biotechs

3.0%

DK Market


1 Year Return

26.6%

BAVA

52.8%

DK Biotechs

25.2%

DK Market

Return vs Industry: BAVA underperformed the Danish Biotechs industry which returned 48.8% over the past year.

Return vs Market: BAVA exceeded the Danish Market which returned 25.1% over the past year.


Shareholder returns

BAVAIndustryMarket
7 Day1.7%1.2%3.0%
30 Day13.8%6.4%3.1%
90 Day20.1%13.5%13.5%
1 Year26.6%26.6%52.8%52.8%29.0%25.2%
3 Year-30.0%-30.0%21.7%21.7%56.4%42.9%
5 Year-9.6%-9.6%207.1%207.1%76.2%51.8%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

3.22x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate BAVA's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate BAVA's fair value to establish if it is undervalued.


Price To Earnings Ratio

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

PE vs Market: BAVA is unprofitable, so we can't compare its PE Ratio to the Danish market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate BAVA's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: BAVA is good value based on its PB Ratio (3.1x) compared to the DK Biotechs industry average (6.8x).


Next Steps

Future Growth

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

55.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BAVA is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (-0.3%).

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

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

Revenue vs Market: BAVA's revenue (20.2% per year) is forecast to grow faster than the Danish market (6.4% per year).

High Growth Revenue: BAVA's revenue (20.2% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BAVA's Return on Equity is forecast to be low in 3 years time (19.9%).


Next Steps

Past Performance

How has Bavarian Nordic performed over the past 5 years?

-39.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BAVA is currently unprofitable.

Growing Profit Margin: BAVA is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: BAVA is unprofitable, and losses have increased over the past 5 years at a rate of -39.4% per year.

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

Earnings vs Industry: BAVA is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (5.4%).


Return on Equity

High ROE: BAVA has a negative Return on Equity (-21.26%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Bavarian Nordic's financial position?


Financial Position Analysis

Short Term Liabilities: BAVA's short term assets (DKK1.7B) exceed its short term liabilities (DKK226.3M).

Long Term Liabilities: BAVA's short term assets (DKK1.7B) exceed its long term liabilities (DKK444.8M).


Debt to Equity History and Analysis

Debt Level: BAVA's debt to equity ratio (21.7%) is considered satisfactory.

Reducing Debt: BAVA's debt to equity ratio has increased from 8.7% to 21.7% over the past 5 years.


Balance Sheet

Inventory Level: BAVA has a high level of physical assets or inventory.

Debt Coverage by Assets: BAVA's debt is covered by short term assets (assets are 4.1x 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: BAVA has sufficient cash runway for more than a year based on its current free cash flow.

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


Next Steps

Dividend

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


Dividend Yield vs Market

companyn/amarketbottom25%1.5%markettop25%4.6%industryaverage1.0%forecastin3Years0%

Current dividend yield vs market & industry

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

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

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


Next Steps

Management

What is the CEO of Bavarian Nordic's salary, the management and board of directors tenure and is there insider trading?

2.8yrs

Average management tenure


CEO

Paul Chaplin (52yo)

5.6yrs

Tenure

ø8,317,000

Compensation

Dr. Paul Chaplin MSc, Ph.D. has been the Chief Executive Officer and President at Bavarian Nordic A/S since May 28, 2014. Dr. Chaplin served as an Executive Vice President of Bavarian Nordic A/S from 2004 ...


CEO Compensation Analysis

Compensation vs Market: Paul's total compensation ($USD1.24M) is about average for companies of similar size in the Danish market ($USD1.24M).

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


Management Age and Tenure

2.8yrs

Average Tenure

49yo

Average Age

Experienced Management: BAVA's management team is considered experienced (2.8 years average tenure).


Board Age and Tenure

5.8yrs

Average Tenure

62yo

Average Age

Experienced Board: BAVA's board of directors are considered experienced (5.8 years average tenure).


Insider Trading

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.


Management Team

  • Paul Chaplin (52yo)

    CEO & President

    • Tenure: 5.6yrs
    • Compensation: ø8.32m
  • Henrik Juuel (54yo)

    CFO & Executive VP

    • Tenure: 1.2yrs
    • Compensation: ø3.94m
  • Jean-Christophe May

    Executive VP & Chief Commercial Officer

    • Rolf Sørensen

      Vice President of Investor Relations & Communications

      • Henrik Birk (45yo)

        COO & Executive VP

        • Tenure: 3yrs
        • Compensation: ø3.63m
      • Tommi Kainu (46yo)

        Executive VP & Chief Business Officer

        • Tenure: 2.5yrs
        • Compensation: ø3.95m

      Board Members

      • Erik Hansen (67yo)

        Independent Director

        • Tenure: 9.8yrs
        • Compensation: ø668.00k
      • Peter Kürstein-Jensen (63yo)

        Independent Director

        • Tenure: 7.8yrs
        • Compensation: ø608.00k
      • Anders Pedersen (68yo)

        Deputy Chairman

        • Tenure: 5.8yrs
        • Compensation: ø843.00k
      • Frank A. G. Verwiel (57yo)

        Independent Director

        • Tenure: 3.8yrs
        • Compensation: ø747.00k
      • Gerard W. van Odijk (62yo)

        Independent Chairman

        • Tenure: 5.8yrs
        • Compensation: ø1.34m
      • Liz Anderson (62yo)

        Independent Director

        • Tenure: 2.8yrs
        • Compensation: ø633.00k
      • Anne Eberhard (56yo)

        Independent Director

        • Tenure: 0.8yrs

      Company Information

      Bavarian Nordic A/S's company bio, employee growth, exchange listings and data sources


      Key Information

      • Name: Bavarian Nordic A/S
      • Ticker: BAVA
      • Exchange: CPSE
      • Founded: 1994
      • Industry: Biotechnology
      • Sector: Pharmaceuticals & Biotech
      • Market Cap: ø6.162b
      • Shares outstanding: 32.32m
      • Website: https://www.bavarian-nordic.com

      Number of Employees


      Location

      • Bavarian Nordic A/S
      • Hejreskovvej 10A
      • Kvistgård
      • Capital Region of Denmark
      • 3490
      • Denmark

      Listings

      TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
      BVNK.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDNov 1998
      BAVACPSE (OMX Nordic Exchange Copenhagen)YesOrdinary SharesDKDKKNov 1998
      BV3DB (Deutsche Boerse AG)YesOrdinary SharesDEEURNov 1998
      0DPBLSE (London Stock Exchange)YesOrdinary SharesGBDKKNov 1998
      BAVACBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBDKKNov 1998
      BVNR.YOTCPK (Pink Sheets LLC)SPONSORED ADRUSUSDMay 2013

      Biography

      Bavarian Nordic A/S, a biotechnology company, develops, manufactures, and commercializes a portfolio of cancer immunotherapies and vaccines for infectious diseases. The company markets non-replicating smallpox vaccine under the IMVAMUNE and IMVANEX names. It is also developing MVA-BN RSV, which is in Phase II clinical trials development stage for the prevention of respiratory syncytial virus; MVA-BN Filo that is in Phase III clinical trials for the treatment of Ebola and Marburg; and MVA-BN HPV that is in Phase I/IIa clinical trials to treat human papillomavirus. In addition, the company develops MVA-BN HIV, a preclinical stage human immunodeficiency virus (HIV) vaccine candidate; MVA-BN HBV, a preclinical stage hepatitis B vaccine candidate; CV301 that is in various clinical trials for the treatment of bladder, colorecta, and pancreatic and colorectal cancers; and MVA-BN Brachyury that is in Phase II clinical trials for the treatment of chordoma and other metastatic cancers. It has license agreements with National Cancer Institute and Public Health Service. The company operates in the United States, the Netherlands, Canada, and internationally. Bavarian Nordic A/S was founded in 1994 and is based in Kvistgård, Denmark. 


      Company Analysis and Financial Data Status

      All financial data provided by Standard & Poor's Capital IQ.
      DataLast Updated (UTC time)
      Company Analysis2020/01/19 20:35
      End of Day Share Price2020/01/17 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.