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Valneva

ENXTPA:VLA
Snowflake Description

Reasonable growth potential with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VLA
ENXTPA
€296M
Market Cap
  1. Home
  2. FR
  3. Pharmaceuticals & Biotech
Company description

Valneva SE, a biotech company, develops and commercializes vaccine for the treatment of infectious diseases. The last earnings update was 18 days ago. More info.


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VLA Share Price and Events
7 Day Returns
-0.6%
ENXTPA:VLA
1.5%
FR Biotechs
1.9%
FR Market
1 Year Returns
-19.8%
ENXTPA:VLA
-33.5%
FR Biotechs
-2.3%
FR Market
VLA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Valneva (VLA) -0.6% -6.9% 3% -19.8% -0.9% -43.6%
FR Biotechs 1.5% -2.5% 2.2% -33.5% -50.4% -32.4%
FR Market 1.9% -2.3% 5.4% -2.3% 30.8% 29.8%
1 Year Return vs Industry and Market
  • VLA outperformed the Biotechs industry which returned -33.5% over the past year.
  • VLA underperformed the Market in France which returned -2.3% over the past year.
Price Volatility
VLA
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Valneva undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Valneva to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Valneva.

ENXTPA:VLA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.1%
Perpetual Growth Rate 10-Year FR Government Bond Rate 0.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTPA:VLA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FR Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 6.7%
Biotechs Unlevered Beta Simply Wall St/ S&P Global 1.38
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.381 (1 + (1- 33%) (25.81%))
1.416
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.42
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.73% + (1.416 * 6.65%)
10.15%

Discounted Cash Flow Calculation for ENXTPA:VLA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Valneva is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ENXTPA:VLA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 10.15%)
2019 1.87 Analyst x2 1.69
2020 9.05 Analyst x2 7.46
2021 7.00 Analyst x1 5.24
2022 10.00 Analyst x1 6.79
2023 15.00 Analyst x1 9.25
2024 17.17 Est @ 14.45% 9.61
2025 18.94 Est @ 10.34% 9.63
2026 20.35 Est @ 7.45% 9.39
2027 21.46 Est @ 5.44% 8.99
2028 22.33 Est @ 4.03% 8.49
Present value of next 10 years cash flows €76.56
ENXTPA:VLA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €22.33 × (1 + 0.73%) ÷ (10.15% – 0.73%)
€238.89
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €238.89 ÷ (1 + 10.15%)10
€90.88
ENXTPA:VLA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €76.56 + €90.88
€167.44
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €167.44 / 90.92
€1.84
ENXTPA:VLA Discount to Share Price
Calculation Result
Value per share (EUR) From above. €1.84
Current discount Discount to share price of €3.26
= -1 x (€3.26 - €1.84) / €1.84
-77%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Valneva is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Valneva's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Valneva's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTPA:VLA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €0.08
ENXTPA:VLA Share Price ** ENXTPA (2019-05-20) in EUR €3.26
France Biotechs Industry PE Ratio Median Figure of 8 Publicly-Listed Biotechs Companies 18.19x
France Market PE Ratio Median Figure of 419 Publicly-Listed Companies 18.04x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Valneva.

ENXTPA:VLA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:VLA Share Price ÷ EPS (both in EUR)

= 3.26 ÷ 0.08

42.38x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Valneva is overvalued based on earnings compared to the FR Biotechs industry average.
  • Valneva is overvalued based on earnings compared to the France market.
Price based on expected Growth
Does Valneva's expected growth come at a high price?
Raw Data
ENXTPA:VLA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 42.38x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
41.3%per year
France Biotechs Industry PEG Ratio Median Figure of 7 Publicly-Listed Biotechs Companies 0.34x
France Market PEG Ratio Median Figure of 269 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

ENXTPA:VLA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 42.38x ÷ 41.3%

1.03x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Valneva is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Valneva's assets?
Raw Data
ENXTPA:VLA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €1.43
ENXTPA:VLA Share Price * ENXTPA (2019-05-20) in EUR €3.26
France Biotechs Industry PB Ratio Median Figure of 33 Publicly-Listed Biotechs Companies 2.33x
France Market PB Ratio Median Figure of 619 Publicly-Listed Companies 1.44x
ENXTPA:VLA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:VLA Share Price ÷ Book Value per Share (both in EUR)

= 3.26 ÷ 1.43

2.27x

* Primary Listing of Valneva.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Valneva is good value based on assets compared to the FR Biotechs industry average.
X
Value checks
We assess Valneva's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Biotechs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Biotechs industry average (and greater than 0)? (1 check)
  5. Valneva has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Valneva expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
41.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Valneva expected to grow at an attractive rate?
  • Valneva's earnings growth is expected to exceed the low risk savings rate of 0.7%.
Growth vs Market Checks
  • Valneva's earnings growth is expected to exceed the France market average.
  • Valneva's revenue growth is expected to exceed the France market average.
Annual Growth Rates Comparison
Raw Data
ENXTPA:VLA Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTPA:VLA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 41.3%
ENXTPA:VLA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 9.8%
France Biotechs Industry Earnings Growth Rate Market Cap Weighted Average 32.7%
France Biotechs Industry Revenue Growth Rate Market Cap Weighted Average 39.4%
France Market Earnings Growth Rate Market Cap Weighted Average 13.2%
France Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTPA:VLA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTPA:VLA Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 184 16 1
2022-12-31 172 12 1
2021-12-31 159 8 1
2020-12-31 143 5 4 5
2019-12-31 126 4 -1 3
ENXTPA:VLA Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 116 17 7
2018-12-31 113 16 3
2018-09-30 112 6 -7
2018-06-30 115 10 -7
2018-03-31 108 5 -8
2017-12-31 105 13 -11
2017-09-30 103 17 -11
2017-06-30 100 19 -14
2017-03-31 102 25 -46
2016-12-31 98 7 -49
2016-09-30 93 4 -63
2016-06-30 96 -5 -61

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Valneva's earnings are expected to grow significantly at over 20% yearly.
  • Valneva's revenue is expected to grow by 9.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTPA:VLA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Valneva Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:VLA Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 -0.19 -0.19 -0.19 1.00
2020-12-31 0.04 0.05 0.03 2.00
2019-12-31 -0.02 -0.02 -0.02 2.00
ENXTPA:VLA Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 0.08
2018-12-31 0.04
2018-09-30 -0.09
2018-06-30 -0.09
2018-03-31 -0.11
2017-12-31 -0.15
2017-09-30 -0.13
2017-06-30 -0.19
2017-03-31 -0.59
2016-12-31 -0.66
2016-09-30 -1.26
2016-06-30 -0.83

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Valneva will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Valneva's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the France market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the France market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Valneva has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Valneva performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Valneva's growth in the last year to its industry (Biotechs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Valneva has delivered over 20% year on year earnings growth in the past 5 years.
  • Valneva has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Valneva has become profitable in the last year making it difficult to compare the Europe Biotechs industry average.
Earnings and Revenue History
Valneva's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Valneva Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:VLA Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 115.81 6.66 38.01
2018-12-31 113.04 3.26 37.86
2018-09-30 111.74 -6.93 37.88
2018-06-30 114.86 -7.31 37.57
2018-03-31 108.25 -8.37 35.14
2017-12-31 105.29 -11.48 33.42
2017-09-30 103.49 -10.52 32.50
2017-06-30 100.36 -14.09 31.97
2017-03-31 102.33 -45.80 32.29
2016-12-31 97.89 -49.18 31.05
2016-09-30 93.39 -62.87 29.21
2016-06-30 95.51 -61.02 27.62
2016-03-31 88.52 -35.45 26.59
2015-12-31 83.33 -20.62 23.52
2015-09-30 73.80 -15.74 19.91
2015-06-30 65.17 -13.14 17.35
2015-03-31 54.84 -9.37 14.95
2014-12-31 42.43 -26.27 14.14
2014-09-30 40.96 -20.64 12.82
2014-06-30 42.79 -28.04 16.97
2014-03-31 41.21 -28.54 16.90
2013-12-31 35.99 -23.97 14.72
2013-09-30 25.76 -21.79 14.32
2013-06-30 12.83 -14.25 8.03
2013-03-31 6.41 -12.11 5.23
2012-12-31 5.91 -12.99 5.57
2012-09-30 7.95 -9.52 3.53
2012-06-30 9.65 -7.33 2.98

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Valneva has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Valneva used its assets less efficiently than the FR Biotechs industry average last year based on Return on Assets.
  • Valneva has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess Valneva's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Biotechs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Valneva has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Valneva's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Valneva's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Valneva is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Valneva's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Valneva's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Valneva Company Filings, last reported 1 month ago.

ENXTPA:VLA Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 139.19 76.50 68.06
2018-12-31 143.19 57.60 81.73
2018-09-30 89.73 60.35 33.07
2018-06-30 91.94 61.99 37.72
2018-03-31 94.72 66.52 36.17
2017-12-31 92.67 71.50 38.06
2017-09-30 96.21 69.91 40.56
2017-06-30 98.14 74.08 43.91
2017-03-31 99.46 75.35 41.52
2016-12-31 100.05 82.50 42.18
2016-09-30 97.58 80.20 39.65
2016-06-30 104.27 80.47 38.02
2016-03-31 139.77 82.43 32.78
2015-12-31 144.34 102.26 41.91
2015-09-30 145.21 87.99 34.62
2015-06-30 150.97 89.25 41.04
2015-03-31 158.44 90.85 38.33
2014-12-31 124.44 73.15 28.88
2014-09-30 136.91 71.55 36.35
2014-06-30 140.91 70.59 36.74
2014-03-31 137.22 71.32 28.20
2013-12-31 144.11 71.28 40.17
2013-09-30 150.95 51.59 18.18
2013-06-30 121.21 79.40 23.11
2013-03-31 26.19 6.71 12.06
2012-12-31 26.19 6.71 12.06
2012-09-30
2012-06-30 33.22 6.21 17.97
  • Valneva's level of debt (55%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (52% vs 55% today).
  • Debt is well covered by operating cash flow (22.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5x coverage).
X
Financial health checks
We assess Valneva's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Valneva has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Valneva dividends.
If you bought €2,000 of Valneva shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Valneva's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Valneva's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTPA:VLA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Europe Biotechs Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 0.8%
France Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.1%
France Minimum Threshold Dividend Yield 10th Percentile 1%
France Bottom 25% Dividend Yield 25th Percentile 1.6%
France Top 25% Dividend Yield 75th Percentile 4.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTPA:VLA Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31
2019-12-31

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Valneva has not reported any payouts.
  • Unable to verify if Valneva's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Valneva's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Valneva has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Valneva's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Valneva afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Valneva has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Thomas Lingelbach
COMPENSATION €648,797
AGE 55
TENURE AS CEO 6 years
CEO Bio

Mr. Thomas Lingelbach has been the Chief Executive Officer of Valneva SE since May 2013 and as its Chairman and Member of the Management Board since May 10, 2013. Mr. Lingelbach serves as a Managing Director of Valneva Scotland Ltd. Mr. Lingelbach has been Co-President of Valneva SE since July 17, 2017 and served as its President since May 2013 until July 17, 2017. He served as Chairman of the Management Board of Intercell Ag and served as its Chief Executive Officer since May 10, 2011. He served as the Managing Director of Intercell Ag. since August 3, 2006. He served as the President of Intercell USA Inc. since 2008. He has a long international pharmaceutical management track-record and extensive knowledge and expertise in the field of development, industrialization and commercialization of vaccines. He served as the Chief Executive Officer of Intercell USA, Inc. since 2008. He joined Intercell in 2006. He served as the Chief Operating Officer of Intercell Biomedical Research & Development AG (Intercell) since August 3, 2006 and served as its Member of the Management Board since November 2007. He has more than twenty years of experience in the phar-ma and vaccines industry, having held a variety of leading positions of increasing interna-tional responsibility at Hoechst AG from 1989 to 1993, Behringwerke AG (1993-1997), Chiron Vaccines (1997-2005), and Novartis Vaccines and Diagnostics (2005-2006), Mr. Lingelbach has been significantly involved in Novartis' Vaccines and Diagnostics integration activities acting as General Manager and Managing Director of its German Vaccines Operations. Since 2001 until Chiron's acquisition by Novartis in April 2006, he served as a Vice President Industrial Operations in Chiron Vaccines' Executive Committee from 2003 to 2006 and as well as Managing Director of Chiron-Behring GmbH & Co. KG in Germany from 2001 to 2006. He has been a Director of Intercell USA, Inc. since 2008. Mr. Lingelbach holds a Master's Degree in Engineering and complemented his Education with a Business Administration program from 1999 to 2000 with a Business Administration program.

CEO Compensation
  • Thomas's compensation has increased in line with Valneva recently becoming profitable.
  • Thomas's remuneration is higher than average for companies of similar size in France.
Management Team Tenure

Average tenure and age of the Valneva management team in years:

1.8
Average Tenure
55
Average Age
  • The average tenure for the Valneva management team is less than 2 years, this suggests a new team.
Management Team

Thomas Lingelbach

TITLE
Chairman of the Management Board
COMPENSATION
€649K
AGE
55
TENURE
6 yrs

Franck Grimaud

TITLE
President
COMPENSATION
€415K
AGE
51
TENURE
1.8 yrs

David Lawrence

TITLE
CFO & Member of Management Board
COMPENSATION
€467K
AGE
55
TENURE
1.8 yrs

Frédéric Jacotot

TITLE
General Counsel
COMPENSATION
€226K
AGE
54
TENURE
2.1 yrs

Wolfgang Bender

TITLE
Chief Medical Officer & Member of Management Board
COMPENSATION
€469K
AGE
64
TENURE
1.7 yrs

Laetitia Bachelot-Fontaine

TITLE
Head of Investor Relations & Corporate Communications

Gerald Strohmaier

TITLE
Human Resources Officer

Kerstin Westritschnig

TITLE
Head of Clinical Development

Janet Hoogstraate

TITLE
Chairman of the Management Board of Valneva Sweden AB

Fabienne Guehenneux

TITLE
Executive
Board of Directors Tenure

Average tenure and age of the Valneva board of directors in years:

6.2
Average Tenure
68
Average Age
  • The tenure for the Valneva board of directors is about average.
Board of Directors

Frédéric Grimaud

TITLE
Chairman of Supervisory Board
COMPENSATION
€50K
AGE
53

Jim Sulat

TITLE
Independent Vice Chairman of the Supervisory Board
COMPENSATION
€45K
AGE
68

Alain Munoz

TITLE
Independent Member of the Supervisory Board
COMPENSATION
€35K
AGE
69
TENURE
16.4 yrs

Ralf Clemens

TITLE
Member of Supervisory Board
COMPENSATION
€35K
AGE
65
TENURE
2.9 yrs

James Petitte

TITLE
Member of Scientific Advisory Board

Marcel Hibert

TITLE
Member of Scientific Advisory Board

Marc Eloit

TITLE
Member of Scientific Advisory Board

Marc Girard

TITLE
Member of Scientific Advisory Board
AGE
82

Mohamed Al-Rubeai

TITLE
Member of Scientific Advisory Board

Alexander Von Gabain

TITLE
Independent Member of Supervisory Board
COMPENSATION
€30K
AGE
68
TENURE
6.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Valneva's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Valneva has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

What Kind Of Shareholders Own Valneva SE (EPA:VLA)?

A look at the shareholders of Valneva SE (EPA:VLA) can tell us which group is most powerful. … Valneva is a smaller company with a market capitalization of €295m, so it may still be flying under the radar of many institutional investors. … Our analysis of the ownership of the company, below, shows that.

Simply Wall St -

Valneva SE's (EPA:VLA) Path To Profitability

Valneva SE, an integrated commercial stage biotech company, focuses on developing lifesaving vaccines. … With the latest financial year loss of -€11m and a trailing-twelve month of -€7m, the €325m market-cap alleviates its loss by moving closer towards its target of breakeven. … See our latest analysis for Valneva

Simply Wall St -

Does Valneva SE's (EPA:VLA) CEO Salary Compare Well With Others?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Thomas Lingelbach's Compensation Compare With Similar Sized Companies. … It would therefore appear that Valneva SE pays Thomas Lingelbach more than the median CEO remuneration at companies of a similar size, in the same market

Simply Wall St -

Who Are The Top Investors In Valneva SE (EPA:VLA)?

Today, I will be analyzing Valneva SE’s (EPA:VLA) recent ownership structure, an important but not-so-popular subject among individual investors. … Ownership structure has been found to have an impact on shareholder returns in both short- and long-term. … ENXTPA:VLA Ownership Summary August 2nd 18

Simply Wall St -

How Does Valneva SE's (ENXTPA:VLA) Earnings Growth Stack Up Against Industry Performance?

When Valneva SE (ENXTPA:VLA) announced its most recent earnings (31 March 2018), I compared it against two factor: its historical earnings track record, and the performance of its industry peers on average. … VLA is loss-making, with the most recent trailing twelve-month earnings of -€8.37m (from 31 March 2018), which compared to last year has become. … Furthermore, the company's loss seem to be growing over time, with the five-year earnings average of -€20.71m

Simply Wall St -

How Valneva SE (EPA:VLA) Can Impact Your Portfolio Volatility

Generally, an investor should consider two types of risk that impact the market value of VLA. … Every stock in the market is exposed to this risk, which arises from macroeconomic factors such as economic growth and geo-political tussles just to name a few. … A popular measure of market risk for a stock is its beta, and the market as a whole represents a beta value of one.

Simply Wall St -

What’s Ahead For Valneva SE (EPA:VLA)?

Today, I will analyse the industry outlook, and also determine whether Valneva is a laggard or leader relative to its healthcare sector peers. … Moreover, the trend of below-industry growth rate is expected to continue in the future with Valneva poised to deliver a 11.64% growth compared to the industry average growth rate of 52.01%. … Next Steps: Valneva is a biotech industry laggard in terms of its future growth outlook.

Simply Wall St -

What You Must Know About Valneva SE's (EPA:VLA) Major Investors

See our latest analysis for Valneva ENXTPA:VLA Ownership_summary Apr 26th 18 Institutional Ownership Institutions account for 33.07% of VLA's outstanding shares, a significant enough holding to move stock prices if they start buying and selling in large quantities, especially when there are relatively small amounts of shares available on the market to trade. … Insider Ownership Another important group of shareholders are company insiders. … Thus, potential investors should look into these business relations and check how it can impact long-term shareholder returns.Next Steps: The company's high institutional ownership makes margin of safety a very important consideration to existing investors since long bull and bear trends often emerge when these big-ticket investors see a change in long-term potential of the company.

Simply Wall St -

Does Valneva SE's (EPA:VLA) Past Performance Indicate A Stronger Future?

See our latest analysis for Valneva Commentary On VLA's Past Performance To account for any quarterly or half-yearly updates, I use data from the most recent 12 months, which annualizes the latest 6-month earnings release, or some times, the latest annual report is already the most recent financial data. … Scanning growth from a sector-level, the FR biotechs industry has been increasing growth, more than doubling average earnings over the prior year, and a substantial 33.27% over the last five years. … This means any tailwind the industry is benefiting from, Valneva has not been able to reap as much as its industry peers.What does this mean?

Simply Wall St -

Breakeven On The Horizon For Valneva SE (EPA:VLA)

In this article, I will touch on the expectations for VLA’s growth and when analysts expect the company to become profitable. … This means, large upcoming growth rates are not abnormal as the company is beginning to reap the benefits of earlier investments. … Next Steps: There are too many aspects of VLA to cover in one brief article, but the key fundamentals for the company can all be found in one place – VLA’s company page on Simply Wall St.

Simply Wall St -

Company Info

Description

Valneva SE, a biotech company, develops and commercializes vaccine for the treatment of infectious diseases. The company markets IXIARO/JESPECT, a vaccine indicated for the prevention of Japanese encephalitis; and Dukoral, a vaccine indicated for the prevention of cholera and diarrhea caused by enterotoxigenic escherichia coli for travelers. It is also developing vaccines for the treatment of clostridium difficile, lyme, chikungunya, and zika diseases. The company has collaboration, service, and licensing agreements with biopharmaceutical and pharmaceutical companies, and academic institutions for its technologies, such as EB66 vaccine production cell line and IC31 adjuvant, as well as for its vaccine candidates. It has operations in Austria, Sweden, the United Kingdom, France, Canada, and the United States. Valneva SE is based in Nantes, France.

Details
Name: Valneva SE
VLA
Exchange: ENXTPA
Founded:
€296,392,148
90,917,837
Website: http://www.valneva.com
Address: Valneva SE
Campus Bio-Ouest,
6, Rue Alain Bombard,
Nantes,
Pays de la Loire, 44800,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA VLA Common Shares Euronext Paris FR EUR 29. Jun 2007
OTCPK INRL.F Common Shares Pink Sheets LLC US USD 29. Jun 2007
DB AYJ Common Shares Deutsche Boerse AG DE EUR 29. Jun 2007
XTRA AYJ Common Shares XETRA Trading Platform DE EUR 29. Jun 2007
LSE 0OB3 Common Shares London Stock Exchange GB EUR 29. Jun 2007
SWX VLA Common Shares SIX Swiss Exchange CH CHF 29. Jun 2007
WBAG VLA Common Shares Wiener Boerse AG AT EUR 29. Jun 2007
ENXTPA VLAP PRF SHS EUR0.01 Euronext Paris FR EUR 28. May 2013
OTCPK VNVL.F PRF SHS EUR0.01 Pink Sheets LLC US USD 28. May 2013
LSE 0QS6 PRF SHS EUR0.01 London Stock Exchange GB EUR 28. May 2013
WBAG VLAP PRF SHS EUR0.01 Wiener Boerse AG AT EUR 28. May 2013
Number of employees
Current staff
Staff numbers
480
Valneva employees.
Industry
Biotechnology
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 20:34
End of day share price update: 2019/05/20 00:00
Last estimates confirmation: 2019/05/07
Last earnings filing: 2019/05/02
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.