Biocorp Production (ENXTPA:ALCOR) - Share price, News & Analysis

Q: What is the Fair Price of ALCOR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

ALCOR (€22.3) is trading below our estimate of [[fair value]] (€85.3)

ALCOR fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	6/6
Past Performance	2/6
Financial Health	2/6
Dividends	0/6

ALCOR Stock Overview

Biocorp Production designs, develops, and manufactures medical devices and drug delivery systems in France.

Rewards

Trading at 73.9% below our estimate of its fair value

Earnings are forecast to grow 57.87% per year

Became profitable this year

Risk Analysis

Interest payments are not well covered by earnings

High level of non-cash earnings

Volatile share price over the past 3 months

Does not have a meaningful market cap (€97M)

Biocorp Production Competitors

Visiomed Group

ENXTPA:ALVMG

€89.5m

Amplitude Surgical

ENXTPA:AMPLI

€146.8m

Mauna Kea Technologies

ENXTPA:MKEA

€37.5m

Theradiag

ENXTPA:ALTER

€21.4m

Price History & Performance

Summary of all time highs, changes and price drops for Biocorp Production
Historical stock prices
Current Share Price	€21.60
52 Week High	€38.90
52 Week Low	€19.00
Beta	1.11
1 Month Change	-12.90%
3 Month Change	-32.92%
1 Year Change	-8.48%
3 Year Change	92.86%
5 Year Change	131.26%
Change since IPO	137.89%

Recent News & Updates

Jun 26

What Does The Future Hold For Biocorp Production (EPA:ALCOR)? These Analysts Have Been Cutting Their Estimates

Market forces rained on the parade of Biocorp Production ( EPA:ALCOR ) shareholders today, when the analysts downgraded...

Shareholder Returns

	ALCOR	FR Medical Equipment	FR Market
7D	-4.0%	-3.7%	1.7%
1Y	-8.5%	-4.7%	-4.8%

Return vs Industry: ALCOR underperformed the French Medical Equipment industry which returned -1.7% over the past year.

Return vs Market: ALCOR underperformed the French Market which returned -5.2% over the past year.

Price Volatility

Is ALCOR's price volatile compared to industry and market?
ALCOR volatility
ALCOR Average Weekly Movement	7.5%
Medical Equipment Industry Average Movement	5.8%
Market Average Movement	4.9%
10% most volatile stocks in FR Market	9.3%
10% least volatile stocks in FR Market	2.8%

Stable Share Price: ALCOR is more volatile than 75% of French stocks over the past 3 months, typically moving +/- 8% a week.

Volatility Over Time: ALCOR's weekly volatility (8%) has been stable over the past year, but is still higher than 75% of French stocks.

About the Company

Founded	Employees	CEO	Website
2004	68	Eric Dessertenne	https://biocorpsys.com

Biocorp Production designs, develops, and manufactures medical devices and drug delivery systems in France. The company provides Inspair, a smart cap to monitor inhalers and assesses the usage of the device; Mallya, a smart cap for pen injectors that captures injection data; Onejet, a motor driven disposable auto-injector designed to deliver viscosity products; Datapen, a motor driven pen injector; and Injay which collects essential information, such as injection completed, time and date, type of drug, batch number, and expiration date. It also offers pharmaceutical devices, such as NEWGUARD, a safety device compatible with various sizes of prefilled syringes; BIOPASS, a reconstitution system with a needle; and closure systems.

Biocorp Production Fundamentals Summary

How do Biocorp Production's earnings and revenue compare to its market cap?
ALCOR fundamental statistics
Market Cap	€97.01m
Earnings (TTM)	€294.23k
Revenue (TTM)	€10.27m

319.4x

P/E Ratio

9.2x

P/S Ratio

Is ALCOR overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
ALCOR income statement (TTM)
Revenue	€10.27m
Cost of Revenue	€3.79m
Gross Profit	€6.47m
Other Expenses	€6.18m
Earnings	€294.23k

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

Sep 29, 2022

Earnings per share (EPS)	0.068
Gross Margin	63.05%
Net Profit Margin	2.87%
Debt/Equity Ratio	134.4%

How did ALCOR perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is ALCOR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ALCOR?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for ALCOR. This is calculated by dividing ALCOR's market cap by their current preferred multiple.
What is ALCOR's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€97.01m

ALCOR key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	9.7x
Enterprise Value/EBITDA	108.7x
PEG Ratio	5.5x

Price to Sales Ratio vs Peers

How does ALCOR's PS Ratio compare to its peers?

ALCOR PS Ratio vs Peers

The above table shows the PS ratio for ALCOR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	5x
ALVMG Visiomed Group	12.5x	n/a	€89.5m
AMPLI Amplitude Surgical	1.5x	n/a	€146.8m
MKEA Mauna Kea Technologies	4.4x	31.4%	€37.5m
ALTER Theradiag	1.8x	6.4%	€21.4m
ALCOR Biocorp Production	9.4x	28.3%	€97.0m

Price-To-Sales vs Peers: ALCOR is expensive based on its Price-To-Sales Ratio (9.4x) compared to the peer average (5x).

Price to Earnings Ratio vs Industry

How does ALCOR's PE Ratio compare vs other companies in the FR Medical Equipment Industry?

Price-To-Sales vs Industry: ALCOR is expensive based on its Price-To-Sales Ratio (9.4x) compared to the French Medical Equipment industry average (1.9x)

Price to Sales Ratio vs Fair Ratio

What is ALCOR's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ALCOR PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	9.2x
Fair PS Ratio	5.4x

Price-To-Sales vs Fair Ratio: ALCOR is expensive based on its Price-To-Sales Ratio (9.4x) compared to the estimated Fair Price-To-Sales Ratio (5.4x).

Share Price vs Fair Value

What is the Fair Price of ALCOR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ALCOR (€22.3) is trading below our estimate of fair value (€85.3)

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

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Future Growth

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

Future Growth Score

6/6

Future Growth Score 6/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

57.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ALCOR's forecast earnings growth (57.9% per year) is above the savings rate (0.3%).

Earnings vs Market: ALCOR's earnings (57.9% per year) are forecast to grow faster than the French market (11.7% per year).

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

Revenue vs Market: ALCOR's revenue (28.3% per year) is forecast to grow faster than the French market (5.4% per year).

High Growth Revenue: ALCOR's revenue (28.3% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: ALCOR's Return on Equity is forecast to be high in 3 years time (33%)

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Past Performance

How has Biocorp Production performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

44.0%

Historical annual earnings growth

Earnings and Revenue History

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

Growing Profit Margin: ALCOR became profitable in the past.

Past Earnings Growth Analysis

Earnings Trend: ALCOR has become profitable over the past 5 years, growing earnings by 44% per year.

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

Earnings vs Industry: ALCOR has become profitable in the last year, making it difficult to compare its past year earnings growth to the Medical Equipment industry (11.7%).

Return on Equity

High ROE: ALCOR's Return on Equity (9.4%) is considered low.

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Financial Health

How is Biocorp Production's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: ALCOR's short term assets (€6.5M) exceed its short term liabilities (€4.2M).

Long Term Liabilities: ALCOR's short term assets (€6.5M) exceed its long term liabilities (€3.3M).

Debt to Equity History and Analysis

Debt Level: ALCOR's net debt to equity ratio (75.2%) is considered high.

Reducing Debt: ALCOR's debt to equity ratio has increased from 47.4% to 134.4% over the past 5 years.

Debt Coverage: ALCOR's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: ALCOR's interest payments on its debt are not well covered by EBIT (1.5x coverage).

Balance Sheet

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Dividend

What is Biocorp Production current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

2.62%

Forecast Dividend Yield

Dividend Yield vs Market

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

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

Growing Dividend: Insufficient data to determine if ALCOR's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as ALCOR has not reported any payouts.

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Management

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

7.3yrs

Average board tenure

CEO

Eric Dessertenne

2.67yrs

Tenure

Mr. Eric Dessertenne has been Chief Executive Officer at Biocorp Production since December 23, 2019 and its Director since September 24, 2021. He had been Chief Operating Officer of Biocorp Production sinc...

Board Members

Experienced Board: ALCOR's board of directors are considered experienced (7.3 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 not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/17 00:00
End of Day Share Price	2022/08/17 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31