CPSE:BAVA

Stock Analysis Report

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Executive Summary

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


Snowflake Analysis

Adequate balance sheet and slightly overvalued.


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's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

5.4%

BAVA

3.2%

DK Biotechs

2.6%

DK Market


1 Year Return

13.7%

BAVA

32.2%

DK Biotechs

20.7%

DK Market

Return vs Industry: BAVA underperformed the Danish Biotechs industry which returned 31.6% over the past year.

Return vs Market: BAVA underperformed the Danish Market which returned 20.8% over the past year.


Shareholder returns

BAVAIndustryMarket
7 Day5.4%3.2%2.6%
30 Day0.8%6.6%2.5%
90 Day42.0%22.5%16.4%
1 Year43.8%13.7%33.1%32.2%23.1%20.7%
3 Year-36.1%-49.4%36.9%34.1%47.7%35.0%
5 Year-28.3%-43.3%57.3%52.6%50.6%31.7%

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?

24.63x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BAVA (DKK191.4) is trading above our estimate of fair value (DKK155.52)

Significantly Below Fair Value: BAVA is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: BAVA is good value based on its PE Ratio (24.6x) compared to the Biotechs industry average (41.7x).

PE vs Market: BAVA is poor value based on its PE Ratio (24.6x) compared to the Danish market (16.3x).


Price to Earnings Growth Ratio

PEG Ratio: BAVA's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: BAVA is good value based on its PB Ratio (1.5x) compared to the XE Biotechs industry average (4.5x).


Next Steps

Future Growth

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

-17.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BAVA's earnings are forecast to decline over the next 3 years (-17% per year).

Earnings vs Market: BAVA's earnings are forecast to decline over the next 3 years (-17% per year).

High Growth Earnings: BAVA's earnings are forecast to decline over the next 3 years.

Revenue vs Market: BAVA's revenue (18.6% per year) is forecast to grow faster than the Danish market (6.5% per year).

High Growth Revenue: BAVA's revenue (18.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

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


Next Steps

Past Performance

How has Bavarian Nordic performed over the past 5 years?

-34.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BAVA has a high level of non-cash earnings.

Growing Profit Margin: BAVA became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: BAVA has become profitable over the past 5 years, growing earnings by -34.2% per year.

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

Earnings vs Industry: BAVA has become profitable in the last year, making it difficult to compare its past year earnings growth to the Biotechs industry (16.5%).


Return on Equity

High ROE: BAVA's Return on Equity (5.2%) is considered low.


Next Steps

Financial Health

How is Bavarian Nordic's financial position?


Financial Position Analysis

Short Term Liabilities: BAVA's short term assets (DKK2.6B) exceed its short term liabilities (DKK710.0M).

Long Term Liabilities: BAVA's short term assets (DKK2.6B) do not cover its long term liabilities (DKK3.2B).


Debt to Equity History and Analysis

Debt Level: BAVA's debt to equity ratio (7.8%) is considered satisfactory.

Reducing Debt: BAVA's debt to equity ratio has increased from 2.7% to 7.8% over the past 5 years.

Debt Coverage: BAVA's debt is well covered by operating cash flow (57%).

Interest Coverage: BAVA's interest payments on its debt are well covered by EBIT (16.7x coverage).


Balance Sheet


Next Steps

Dividend

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


Dividend Yield vs Market

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

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

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

2.3yrs

Average management tenure


CEO

Paul Chaplin (53yo)

6.08yrs

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 ($USD0.00) is below average for companies of similar size in the Danish market ($USD1.68M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Paul Chaplin
CEO & President6.08yrsø8.32m0.13% DKK14.6m
Henrik Juuel
CFO & Executive VP1.67yrsø3.94m0.0043% DKK478.0k
Henrik Birk
COO & Executive VP3.5yrsø3.63mno data
Tommi Kainu
Executive VP & Chief Business Officer3yrsø3.95mno data
Rolf Sørensen
Vice President of Investor Relations & Communicationsno datano datano data
Jean-Christophe May
Executive VP & Chief Commercial Officer0.50yrno datano data
Laurence De Moerlooze
Executive VP & Chief Medical Officer0.17yrno datano data

2.3yrs

Average Tenure

53yo

Average Age

Experienced Management: BAVA's management team is considered experienced (2.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Erik Hansen
Independent Director10.25yrsø668.00k0.058% DKK6.5m
Peter Kürstein-Jensen
Independent Director8.25yrsø608.00k0.028% DKK3.1m
Anders Pedersen
Independent Deputy Chairman6.25yrsø843.00k0.015% DKK1.6m
Frank A. G. Verwiel
Independent Director4.25yrsø747.00kno data
Gerard W. van Odijk
Independent Chairman6.25yrsø1.34m0.027% DKK3.1m
Elizabeth Anderson
Independent Director3.25yrsø633.00kno data
Anne Eberhard
Independent Director1.25yrsno datano data

6.3yrs

Average Tenure

63yo

Average Age

Experienced Board: BAVA's board of directors are considered experienced (6.3 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 been substantially diluted in the past year, with total shares outstanding growing by 81%.


Top Shareholders

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: ø11.168b
  • Shares outstanding: 58.38m
  • Website: https://www.bavarian-nordic.com

Number of Employees


Location

  • Bavarian Nordic A/S
  • Philip Heymans Alle 3
  • Hellerup
  • Capital Region of Denmark
  • 2900
  • 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 and monkey pox vaccines under the IMVAMUNE, IMVANEX, and JYNNEOS names. It is also developing MVA-BN (freeze-dried) that is in Phase III clinical trials for the treatment of smallpox; 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; MVA-BN HPV that is in Phase I clinical trials to treat human papillomavirus; MVA-BN WEV, which is in Phase I clinical trials to treat equine encephalitis; and BN-Brachyury that is in Phase II clinical trials for the treatment of chordoma. 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 Hellerup, Denmark. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/07 20:50
End of Day Share Price2020/07/07 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


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.