BME:ALM

Stock Analysis Report

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Executive Summary

Almirall, S.A., a pharmaceutical company, engages in the research, development, manufacture, and sale of medicines worldwide.


Snowflake Analysis

Undervalued with reasonable growth potential.


Similar Companies

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

-0.5%

ALM

-0.6%

ES Pharmaceuticals

6.6%

ES Market


1 Year Return

-23.2%

ALM

19.2%

ES Pharmaceuticals

-19.4%

ES Market

Return vs Industry: ALM underperformed the Spanish Pharmaceuticals industry which returned 19.2% over the past year.

Return vs Market: ALM underperformed the Spanish Market which returned -19.4% over the past year.


Shareholder returns

ALMIndustryMarket
7 Day-0.5%-0.6%6.6%
30 Day2.2%-1.7%5.5%
90 Day0.5%6.7%-16.7%
1 Year-23.2%-23.2%23.1%19.2%-17.0%-19.4%
3 Year-22.3%-24.1%24.9%10.5%-24.8%-31.7%
5 Year-34.0%-36.8%29.3%6.9%-17.8%-31.0%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

39.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ALM (€11.94) is trading below our estimate of fair value (€19.55)

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


Price To Earnings Ratio

PE vs Industry: ALM is good value based on its PE Ratio (17x) compared to the Pharmaceuticals industry average (23.3x).

PE vs Market: ALM is poor value based on its PE Ratio (17x) compared to the Spanish market (15.8x).


Price to Earnings Growth Ratio

PEG Ratio: ALM is good value based on its PEG Ratio (0.8x)


Price to Book Ratio

PB vs Industry: ALM is good value based on its PB Ratio (1.5x) compared to the XE Pharmaceuticals industry average (3.3x).


Next Steps

Future Growth

How is Almirall forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

20.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ALM's forecast earnings growth (20.8% per year) is above the savings rate (1.3%).

Earnings vs Market: ALM's earnings (20.8% per year) are forecast to grow faster than the Spanish market (17.8% per year).

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

Revenue vs Market: ALM's revenue (8.1% per year) is forecast to grow faster than the Spanish market (5.1% per year).

High Growth Revenue: ALM's revenue (8.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ALM's Return on Equity is forecast to be low in 3 years time (10.5%).


Next Steps

Past Performance

How has Almirall performed over the past 5 years?

-39.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ALM has high quality earnings.

Growing Profit Margin: ALM's current net profit margins (13.9%) are higher than last year (10.1%).


Past Earnings Growth Analysis

Earnings Trend: ALM's earnings have declined by -39.8% per year over the past 5 years.

Accelerating Growth: ALM's earnings growth over the past year (51.8%) exceeds its 5-year average (-39.8% per year).

Earnings vs Industry: ALM earnings growth over the past year (51.8%) exceeded the Pharmaceuticals industry 7%.


Return on Equity

High ROE: ALM's Return on Equity (9%) is considered low.


Next Steps

Financial Health

How is Almirall's financial position?


Financial Position Analysis

Short Term Liabilities: ALM's short term assets (€421.7M) exceed its short term liabilities (€256.2M).

Long Term Liabilities: ALM's short term assets (€421.7M) do not cover its long term liabilities (€781.7M).


Debt to Equity History and Analysis

Debt Level: ALM's debt to equity ratio (34.1%) is considered satisfactory.

Reducing Debt: ALM's debt to equity ratio has increased from 22.4% to 34.1% over the past 5 years.

Debt Coverage: ALM's debt is well covered by operating cash flow (64.6%).

Interest Coverage: ALM's interest payments on its debt are well covered by EBIT (10.1x coverage).


Balance Sheet


Next Steps

Dividend

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

1.69%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: ALM's dividend (1.68%) isn’t notable compared to the bottom 25% of dividend payers in the Spanish market (2.61%).

High Dividend: ALM's dividend (1.68%) is low compared to the top 25% of dividend payers in the Spanish market (7.43%).


Stability and Growth of Payments

Stable Dividend: ALM's dividend payments have been volatile in the past 10 years.

Growing Dividend: ALM's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (28.5%), ALM's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ALM's dividends in 3 years are forecast to be well covered by earnings (29.9% payout ratio).


Next Steps

Management

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

6.6yrs

Average board tenure


CEO

Peter Guenter (57yo)

2.75yrs

Tenure

Mr. Peter Guenter serves as Member of Supervisory Board at Galapagos NV since April 28, 2020. He has been Chairman of Management Board and Chief Executive Officer at Almirall, S.A. since August 28, 2017 an ...


Board Members

NamePositionTenureCompensationOwnership
Jorge Gallardo Ballart
Chairman & Presidentno data€455.00kno data
Peter Guenter
CEO, Chairman of Management Board & Executive Director2.75yrsno datano data
Joan Figueras Carreras
General Counselno datano datano data
José Juan Pintó Sala
Secretary & Non-Voting Directorno datano datano data
Sidney Taurel
Member of Global Advisory Board-Spain11.33yrsno datano data
Gerhard Mayr
External Independent Director7.58yrs€122.00kno data
Thomas Fulton McKillop
Independent Vice Chairmanno data€132.00kno data
Karen Louise Dorrepaal
External Independent Director7.33yrs€122.00kno data
Antonio Gallardo Torrededía
External Director5.83yrs€50.00kno data
Carlos Gallardo Piqué
External Director5.83yrs€50.00k0.00057% 11.8k

6.6yrs

Average Tenure

66.5yo

Average Age

Experienced Board: ALM's board of directors are considered experienced (6.6 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

Almirall, S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Almirall, S.A.
  • Ticker: ALM
  • Exchange: BME
  • Founded: 1943
  • Industry: Pharmaceuticals
  • Sector: Pharmaceuticals & Biotech
  • Market Cap: €2.068b
  • Shares outstanding: 174.55m
  • Website: https://www.almirall.com

Number of Employees


Location

  • Almirall, S.A.
  • Ronda General Mitre, 151
  • Barcelona
  • Catalonia
  • 8022
  • Spain

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ALMBME (Bolsas y Mercados Espanoles)YesCommon StockESEURJun 2007
E2ZDB (Deutsche Boerse AG)YesCommon StockDEEURJun 2007
0O9BLSE (London Stock Exchange)YesCommon StockGBEURJun 2007
LBTS.FOTCPK (Pink Sheets LLC)YesCommon StockUSUSDJun 2007
ALMEBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURJun 2007

Biography

Almirall, S.A., a pharmaceutical company, engages in the research, development, manufacture, and sale of medicines worldwide. The company offers its products for dermatological diseases comprising actinic keratosis, atopic dermatitis, acne, rosacea, and psoriasis; and central nervous system, cardiovascular, and gastrointestinal diseases. Its strategic brands include ACTIKERALL, BALNEUM, DECODERM, SATIVEX, SKILARENCE, and DECODERM. Almirall, S.A. has a strategic research collaboration with Evotec AG to discover and develop first-in-class therapeutics in the field of dermatology diseases, as well as drug discovery partnership with X-Chem, Inc.; and a research collaboration with Iktos in the area of artificial intelligence for new drug design. The company was formerly known as Laboratorios Almirall, S.A. and changed its name to Almirall, S.A. in May 2009. Almirall, S.A. was founded in 1943 and is headquartered in Barcelona, Spain. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/29 22:34
End of Day Share Price2020/05/29 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.