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Vectura Group

LSE:VEC
Snowflake Description

Excellent balance sheet with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VEC
LSE
£541M
Market Cap
  1. Home
  2. GB
  3. Pharmaceuticals & Biotech
Company description

Vectura Group plc engages in the design, development, and supply of pharmaceutical products for the treatment of airways-related diseases worldwide. The last earnings update was 63 days ago. More info.


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VEC Share Price and Events
7 Day Returns
1.2%
LSE:VEC
1.5%
GB Pharmaceuticals
-0.1%
GB Market
1 Year Returns
0.7%
LSE:VEC
7.2%
GB Pharmaceuticals
-3.5%
GB Market
VEC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Vectura Group (VEC) 1.2% 3.6% 10.6% 0.7% -48.3% -37.5%
GB Pharmaceuticals 1.5% 3.9% 1.6% 7.2% 29.5% 20.7%
GB Market -0.1% 0.4% 0.6% -3.5% 15.8% 3.9%
1 Year Return vs Industry and Market
  • VEC underperformed the Pharmaceuticals industry which returned 7.2% over the past year.
  • VEC outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -3.5% over the past year.
Price Volatility
VEC
Industry
5yr Volatility vs Market

VEC Value

 Is Vectura Group 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 Vectura Group 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 Vectura Group.

LSE:VEC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.5%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

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 LSE:VEC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 6.7%
Pharmaceuticals Unlevered Beta Simply Wall St/ S&P Global 0.64
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.64 (1 + (1- 19%) (0.74%))
0.761
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (0.8 * 6.65%)
6.55%

Discounted Cash Flow Calculation for LSE:VEC using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Vectura Group 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.

LSE:VEC DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 6.55%)
2019 15.15 Analyst x4 14.22
2020 24.83 Analyst x3 21.88
2021 28.87 Analyst x3 23.87
2022 31.71 Est @ 9.83% 24.60
2023 34.00 Est @ 7.25% 24.76
2024 35.86 Est @ 5.44% 24.51
2025 37.35 Est @ 4.18% 23.96
2026 38.58 Est @ 3.29% 23.23
2027 39.62 Est @ 2.67% 22.39
2028 40.50 Est @ 2.24% 21.48
Present value of next 10 years cash flows £224.90
LSE:VEC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= £40.50 × (1 + 1.23%) ÷ (6.55% – 1.23%)
£770.68
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £770.68 ÷ (1 + 6.55%)10
£408.75
LSE:VEC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £224.90 + £408.75
£633.65
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £633.65 / 664.60
£0.95
LSE:VEC Discount to Share Price
Calculation Result
Value per share (GBP) From above. £0.95
Current discount Discount to share price of £0.81
= -1 x (£0.81 - £0.95) / £0.95
14.6%

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

Current Discount
Amount off the current price Vectura Group is available for.
Intrinsic value
15%
Share price is £0.814 vs Future cash flow value of £0.95343
Current Discount Checks
For Vectura Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Vectura Group's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Vectura Group's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 Vectura Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Vectura Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:VEC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in GBP £-0.13
LSE:VEC Share Price ** LSE (2019-06-18) in GBP £0.81
United Kingdom of Great Britain and Northern Ireland Pharmaceuticals Industry PE Ratio Median Figure of 9 Publicly-Listed Pharmaceuticals Companies 20.42x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 789 Publicly-Listed Companies 16.27x

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

** Primary Listing of Vectura Group.

LSE:VEC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:VEC Share Price ÷ EPS (both in GBP)

= 0.81 ÷ -0.13

-6.15x

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

  • Vectura Group is loss making, we can't compare its value to the GB Pharmaceuticals industry average.
  • Vectura Group is loss making, we can't compare the value of its earnings to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Vectura Group's expected growth come at a high price?
Raw Data
LSE:VEC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -6.15x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
68.8%per year
United Kingdom of Great Britain and Northern Ireland Pharmaceuticals Industry PEG Ratio Median Figure of 7 Publicly-Listed Pharmaceuticals Companies 1.83x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 576 Publicly-Listed Companies 1.47x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Vectura Group, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Vectura Group's assets?
Raw Data
LSE:VEC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in GBP £0.74
LSE:VEC Share Price * LSE (2019-06-18) in GBP £0.81
United Kingdom of Great Britain and Northern Ireland Pharmaceuticals Industry PB Ratio Median Figure of 25 Publicly-Listed Pharmaceuticals Companies 2.7x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,371 Publicly-Listed Companies 1.48x
LSE:VEC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:VEC Share Price ÷ Book Value per Share (both in GBP)

= 0.81 ÷ 0.74

1.09x

* Primary Listing of Vectura Group.

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

  • Vectura Group is good value based on assets compared to the GB Pharmaceuticals industry average.
X
Value checks
We assess Vectura Group'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 Pharmaceuticals 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 Pharmaceuticals industry average (and greater than 0)? (1 check)
  5. Vectura Group 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.

VEC Future Performance

 How is Vectura Group expected to perform in the next 1 to 3 years based on estimates from 8 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
68.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Vectura Group expected to grow at an attractive rate?
  • Vectura Group's earnings growth is expected to exceed the low risk savings rate of 1.2%.
Growth vs Market Checks
  • Vectura Group's earnings growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
  • Vectura Group's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:VEC Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:VEC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 68.8%
LSE:VEC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 6.1%
United Kingdom of Great Britain and Northern Ireland Pharmaceuticals Industry Earnings Growth Rate Market Cap Weighted Average 19.7%
United Kingdom of Great Britain and Northern Ireland Pharmaceuticals Industry Revenue Growth Rate Market Cap Weighted Average 7.7%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 10.7%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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
LSE:VEC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:VEC Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 227 82 3
2022-12-31 194 26 3
2021-12-31 178 43 9 8
2020-12-31 167 35 -22 8
2019-12-31 161 23 -18 8
LSE:VEC Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2018-12-31 161 30 -88
2018-09-30 155 26 -80
2018-06-30 149 23 -71
2018-03-31 149 24 -78
2017-12-31 148 26 -86
2016-12-31 169 25 -43
2016-09-30 120 48 -11
2016-06-30 96 41 -3
2016-03-31 72 33 5

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Vectura Group's earnings are expected to grow significantly at over 20% yearly.
  • Vectura Group's revenue is expected to grow by 6.1% 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
LSE:VEC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Vectura Group Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:VEC Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 0.12 0.13 0.11 2.00
2022-12-31 0.04 0.04 0.03 2.00
2021-12-31 0.02 0.04 0.00 3.00
2020-12-31 -0.03 -0.03 -0.04 5.00
2019-12-31 -0.03 0.13 -0.07 8.00
LSE:VEC Past Financials Data
Date (Data in GBP Millions) EPS *
2018-12-31 -0.13
2018-09-30 -0.12
2018-06-30 -0.11
2018-03-31 -0.12
2017-12-31 -0.13
2016-12-31 -0.07
2016-09-30 -0.02
2016-06-30 -0.01
2016-03-31 0.01

*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.
  • Vectura Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Vectura Group'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 United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland 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.
Vectura Group 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.

VEC Past Performance

  How has Vectura Group 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 Vectura Group's growth in the last year to its industry (Pharmaceuticals).
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.
  • Vectura Group does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Vectura Group's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Vectura Group's 1-year growth to the GB Pharmaceuticals industry average as it is not currently profitable.
Earnings and Revenue History
Vectura Group'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 Vectura Group Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:VEC Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 160.50 -88.20 15.40 55.50
2018-09-30 154.80 -79.60 14.60 54.85
2018-06-30 149.10 -71.00 13.80 54.20
2018-03-31 148.55 -78.35 14.00 57.25
2017-12-31 148.00 -85.70 14.20 60.30
2016-12-31 168.67 -42.80 15.47 60.80
2016-09-30 119.80 -10.90 11.40 50.40
2016-06-30 95.90 -2.95 9.35 46.25
2016-03-31 72.00 5.00 7.30 42.10
2015-12-31 68.35 5.85 6.90 41.40
2015-09-30 64.70 6.70 6.50 40.70
2015-06-30 61.35 5.20 6.05 38.40
2015-03-31 58.00 3.70 5.60 36.10
2014-12-31 48.45 -2.00 5.30 31.85
2014-09-30 38.90 -7.70 5.00 27.60
2014-06-30 37.70 -5.00 4.65 27.80
2014-03-31 36.50 -2.30 4.30 28.00
2013-12-31 33.50 -4.70 4.40 29.60
2013-09-30 30.50 -7.10 4.50 31.20
2013-06-30 30.50 -6.50 4.35 31.05
2013-03-31 30.50 -5.90 4.20 30.90
2012-12-31 29.70 -6.00 4.15 31.60
2012-09-30 28.90 -6.10 4.10 32.30
2012-06-30 30.95 -5.25 4.25 32.55

*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.
  • It is difficult to establish if Vectura Group has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Vectura Group has efficiently used its assets last year compared to the GB Pharmaceuticals industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Vectura Group improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Vectura Group'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 Pharmaceuticals 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.
Vectura Group has a total score of 0/6, 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.

VEC Health

 How is Vectura Group'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 Vectura Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Vectura Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Vectura Group's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Vectura Group'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.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 42.6x 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 Vectura Group Company Filings, last reported 5 months ago.

LSE:VEC Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 494.30 4.00 108.20
2018-09-30 494.30 4.00 108.20
2018-06-30 544.40 0.00 83.90
2018-03-31 544.40 0.00 83.90
2017-12-31 578.50 4.10 103.70
2016-12-31 677.20 4.50 92.50
2016-09-30 696.00 0.00 92.00
2016-06-30 696.00 0.00 92.00
2016-03-31 237.20 0.00 99.80
2015-12-31 237.20 0.00 99.80
2015-09-30 223.00 0.00 78.50
2015-06-30 223.00 0.00 78.50
2015-03-31 221.90 0.00 90.00
2014-12-31 221.90 0.00 90.00
2014-09-30 218.10 0.00 84.60
2014-06-30 218.10 0.00 84.60
2014-03-31 226.70 0.00 81.70
2013-12-31 226.70 0.00 81.70
2013-09-30 137.70 0.00 65.50
2013-06-30 137.70 0.00 65.50
2013-03-31 135.10 0.00 70.10
2012-12-31 135.10 0.00 70.10
2012-09-30 141.00 0.00 72.10
2012-06-30 141.00 0.00 72.10
  • Vectura Group's level of debt (0.8%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0% vs 0.8% today).
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.

  • Whilst loss making Vectura Group has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Vectura Group has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 28.8% per year.
X
Financial health checks
We assess Vectura Group'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. Vectura Group has a total score of 5/6, 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.

VEC Dividends

 What is Vectura Group'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 Vectura Group dividends. Estimated to be 0.46% next year.
If you bought £2,000 of Vectura Group 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 Vectura Group's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Vectura Group'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
LSE:VEC 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 8 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Pharmaceuticals Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.2%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 705 Stocks 4.3%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

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

LSE:VEC Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.03 1.00
2022-12-31 0.02 1.00
2021-12-31 0.00 4.00
2020-12-31 0.00 5.00
2019-12-31 0.00 5.00

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

  • Unable to perform a dividend volatility check as Vectura Group has not reported any payouts.
  • Unable to verify if Vectura Group's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Vectura Group's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Vectura Group has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Vectura Group's dividends in 3 years as they are not expected to pay a notable one for United Kingdom of Great Britain and Northern Ireland.
X
Income/ dividend checks
We assess Vectura Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - 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 Vectura Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Vectura Group 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.

VEC Management

 What is the CEO of Vectura Group'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
James Ward-Lilley
COMPENSATION £1,041,000
AGE 53
TENURE AS CEO 3.8 years
CEO Bio

Mr. James Ward-Lilley, BA, MBA, has been the Chief Executive Officer and Executive Director of Vectura Group plc since September 24, 2015. Mr. Ward-Lilley served as Vice President of Respiratory, Inflammation & Autoimmunity for Global Product and Portfolio Strategy at AstraZeneca PLC until September 2015.

CEO Compensation
  • James's compensation has been consistent with company performance over the past year, both up more than 20%.
  • James's remuneration is about average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure and age of the Vectura Group management team in years:

3
Average Tenure
49
Average Age
  • The tenure for the Vectura Group management team is about average.
Management Team

James Ward-Lilley

TITLE
CEO & Executive Director
COMPENSATION
£1M
AGE
53
TENURE
3.8 yrs

Paul Fry

TITLE
CFO & Executive Director
TENURE
0.7 yrs

Tony Fitzpatrick

TITLE
Executive Vice President of Operations

Elizabeth Knowles

TITLE
Vice President of Investor Relations

John Murphy

TITLE
General Counsel & Company Secretary
AGE
65
TENURE
3 yrs

David Ginivan

TITLE
Vice President of Corporate Communications

Jo Hombal

TITLE
Executive Vice President of Human Resources
AGE
44

Roger Heerman

TITLE
Executive Vice President of Commercial & Business Development
AGE
45
TENURE
6.4 yrs

Geraldine Venthoye

TITLE
Executive Vice President of Pharmaceutical Development
TENURE
3 yrs

David Lescuyer

TITLE
Executive Vice President of Oral Business
TENURE
3 yrs
Board of Directors Tenure

Average tenure and age of the Vectura Group board of directors in years:

3
Average Tenure
62
Average Age
  • The average tenure for the Vectura Group board of directors is less than 3 years, this suggests a new board.
Board of Directors

Bruno Francois Angelici

TITLE
Non-Executive Chairman
COMPENSATION
£150K
AGE
71
TENURE
5.3 yrs

James Ward-Lilley

TITLE
CEO & Executive Director
COMPENSATION
£1M
AGE
53
TENURE
3.8 yrs

Paul Fry

TITLE
CFO & Executive Director
TENURE
0.7 yrs

Neil Warner

TITLE
Independent Non-Executive Director
COMPENSATION
£58K
AGE
65
TENURE
8.3 yrs

Juliet Thompson

TITLE
Independent Non-Executive Director
COMPENSATION
£4K
AGE
52
TENURE
1.5 yrs

Sue Foden

TITLE
Senior Independent Director
COMPENSATION
£60K
AGE
65
TENURE
2.9 yrs

Per-Olof Andersson

TITLE
Independent Non-Executive Director
COMPENSATION
£60K
AGE
65
TENURE
4.2 yrs

Thomas Werner

TITLE
Independent Non-Executive Director
COMPENSATION
£50K
AGE
62
TENURE
3 yrs

Anne Whitaker

TITLE
Independent Non-Executive Director
AGE
51
TENURE
1 yrs

Kevin Roger Matthews

TITLE
Independent Non-Executive Director
AGE
55
TENURE
0.3 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 Vectura Group'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. Vectura Group 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.

VEC News

Simply Wall St News

Imagine Owning Vectura Group (LON:VEC) While The Price Tanked 52%

View our latest analysis for Vectura Group Vectura Group isn't currently profitable, so most analysts would look to revenue growth to get an idea of how fast the underlying business is growing. … When a company doesn't make profits, we'd generally expect to see good revenue growth. … You could get a better understanding of Vectura Group's growth by checking out this more detailed historical graph of earnings, revenue and cash flow.

Simply Wall St -

Vectura Group plc (LON:VEC): Is Breakeven Near?

Vectura Group plc's (LON:VEC):. … Vectura Group plc engages in the design, development, and supply of pharmaceutical products for the treatment of airways-related diseases worldwide. … See our latest analysis for Vectura Group

Simply Wall St -

Our Take On Vectura Group plc's (LON:VEC) CEO Salary

How Does James Ward-Lilley's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Vectura Group plc has a market cap of UK£476m, and is paying total annual CEO compensation of UK£1.0m. … We looked at a group of companies with market capitalizations from UK£307m to UK£1.2b, and the median CEO total compensation was UK£846k.

Simply Wall St -

Imagine Owning Vectura Group While The Price Tanked 51%

Given that Vectura Group didn't make a profit in the last twelve months, we'll focus on revenue growth to form a quick view of its business development. … Some companies are willing to postpone profitability to grow revenue faster, but in that case one does expect good top-line growth. … In the last three years, Vectura Group saw its revenue grow by 31% per year, compound.

Simply Wall St -

Calculating The Fair Value Of Vectura Group plc (LON:VEC)

by taking the foreast future cash flows of the company and discounting them back to today's value. … Discounted Cash Flows (DCF). … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model

Simply Wall St -

How Many Insiders Bought Vectura Group plc (LON:VEC) Shares?

So we'll take a look at whether insiders have been buying or selling shares in Vectura Group plc (LON:VEC). … Vectura Group Insider Transactions Over The Last Year. … That means that an insider was happy to buy shares at above the current price.

Simply Wall St -

What does Vectura Group plc's (LON:VEC) Balance Sheet Tell Us About Its Future?

However, it also faces higher cost of capital given interest cost is generally lower than equity. … Is financial flexibility worth the lower cost of capital. … Debt funding can be cheaper than issuing new equity due to lower interest cost on debt

Simply Wall St -

Does Vectura Group plc's (LON:VEC) CEO Pay Matter?

How Does James Ward-Lilley's Compensation Compare With Similar Sized Companies. … We looked at a group of companies with market capitalizations from UK£307m to UK£1.2b, and the median CEO compensation was UK£930k … So James Ward-Lilley receives a similar amount to the median CEO pay, amongst the companies we looked at.

Simply Wall St -

Calculating The Fair Value Of Vectura Group plc (LON:VEC)

by taking the foreast future cash flows of the company and discounting them back to today's value. … discounted cash flows (DCF). … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model

Simply Wall St -

Did Insiders Buy On Vectura Group plc's (LON:VEC) Price Volatility?

I will be analysing whether these buying activities are supported by favourable future outlook and recent share price volatility. … Within the past three months, Vectura Group’s share price traded at a high of £1.05 and a low of £0.7. … Next Steps: Vectura Group’s insider meaningful buying activity tells us the shares are currently in favour, reinforced by the substantial earnings growth expectations, as well as the relatively large share price volatility over the same period of trade.

Simply Wall St -

VEC Company Info

Description

Vectura Group plc engages in the design, development, and supply of pharmaceutical products for the treatment of airways-related diseases worldwide. The company’s in-market products include Seebri Breezhaler and Neohaler, a DPI device and bronchodilator; AirFluSal Forspiro for the treatment of asthma and chronic obstructive pulmonary disease (COPD); Breelib for the treatment of pulmonary arterial hypertension; Relvar Ellipta/Breo Ellipta that is used in treating asthma and COPD; and Incruse Ellipta, Anoro Ellipta, and Trelegy Ellipta for the treatment of COPD. It is also developing VR315 (US) for the treatment of asthma and COPD in adolescents and adults; VR647 (US) that is Phase II clinical trials for the treatment of pediatric asthma; and VR475 (EU), which is in Phase III clinical trials for asthma in adult and adolescent patients. In addition, the company offers dry powder inhalers, pressurized metered dose inhalers, and nebulized devices. Vectura Group plc was founded in 1997 and is headquartered in Chippenham, the United Kingdom.

Details
Name: Vectura Group plc
VEC
Exchange: LSE
Founded: 1997
£540,985,682
664,601,576
Website: http://www.vectura.com
Address: Vectura Group plc
One Prospect West,
Chippenham,
Wiltshire, SN14 6FH,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE VEC Ordinary Shares London Stock Exchange GB GBP 02. Jul 2004
OTCPK VEGP.F Ordinary Shares Pink Sheets LLC US USD 02. Jul 2004
DB V4T Ordinary Shares Deutsche Boerse AG DE EUR 02. Jul 2004
BATS-CHIXE VECL Ordinary Shares BATS 'Chi-X Europe' GB GBP 02. Jul 2004
Number of employees
Current staff
Staff numbers
453
Vectura Group employees.
Industry
Pharmaceuticals
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/18 21:01
End of day share price update: 2019/06/18 00:00
Last estimates confirmation: 2019/06/14
Last earnings filing: 2019/04/16
Last earnings reported: 2018/12/31
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.