Targovax (OB:TRVX) - Share price, News & Analysis

TRVX fundamental analysis
Snowflake Score
Valuation	1/6
Future Growth	3/6
Past Performance	0/6
Financial Health	5/6
Dividends	0/6

TRVX Stock Overview

Targovax ASA, a clinical stage immuno-oncology company, engages in the development of immune activators to target hard-to-treat solid tumors.

Rewards

Earnings are forecast to grow 20.03% per year

Earnings have grown 3.9% per year over the past 5 years

Risk Analysis

Shareholders have been substantially diluted in the past year

Makes less than USD$1m in revenue (NOK0)

Does not have a meaningful market cap (NOK281M)

Targovax Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Targovax
Historical stock prices
Current Share Price	kr1.49
52 Week High	kr9.60
52 Week Low	kr1.43
Beta	2.28
1 Month Change	-15.34%
3 Month Change	-18.76%
1 Year Change	-80.11%
3 Year Change	-78.37%
5 Year Change	-94.58%
Change since IPO	-93.82%

Shareholder Returns

	TRVX	NO Biotechs	NO Market
7D	-11.8%	-7.5%	-4.2%
1Y	-80.1%	-47.5%	11.7%

Return vs Industry: TRVX underperformed the Norwegian Biotechs industry which returned -47.5% over the past year.

Return vs Market: TRVX underperformed the Norwegian Market which returned 11.7% over the past year.

Price Volatility

Is TRVX's price volatile compared to industry and market?
TRVX volatility
TRVX Average Weekly Movement	6.9%
Biotechs Industry Average Movement	8.5%
Market Average Movement	7.3%
10% most volatile stocks in NO Market	12.3%
10% least volatile stocks in NO Market	4.2%

Stable Share Price: TRVX is not significantly more volatile than the rest of Norwegian stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: TRVX's weekly volatility (7%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2010	22	Erik Wiklund	https://www.targovax.com

Targovax ASA, a clinical stage immuno-oncology company, engages in the development of immune activators to target hard-to-treat solid tumors. Its lead product candidate is ONCOS-102, which is in Phase I/II clinical trials for the treatment of mesothelioma, melanoma, and colorectal cancer. The company is also developing neoantigen vaccines targeting mutant KRAS cancers.

Targovax Fundamentals Summary

How do Targovax's earnings and revenue compare to its market cap?
TRVX fundamental statistics
Market Cap	kr280.75m
Earnings (TTM)	-kr97.97m
Revenue (TTM)	n/a

0.0x

P/S Ratio

-2.9x

P/E Ratio

Is TRVX overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
TRVX income statement (TTM)
Revenue	kr0
Cost of Revenue	kr0
Gross Profit	kr0
Other Expenses	kr97.97m
Earnings	-kr97.97m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

May 12, 2022

Earnings per share (EPS)	-0.52
Gross Margin	0.00%
Net Profit Margin	0.00%
Debt/Equity Ratio	13.7%

How did TRVX perform over the long term?

See historical performance and comparison

Valuation

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

Valuation Score

1/6

Valuation Score 1/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

0.67x

Price to Book (PB) ratio

Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate TRVX's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate TRVX's fair value for valuation analysis.

Price To Earnings Ratio

PE vs Industry: TRVX is unprofitable, so we can't compare its PE Ratio to the European Biotechs industry average.

PE vs Market: TRVX is unprofitable, so we can't compare its PE Ratio to the Norwegian market.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate TRVX's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: TRVX is good value based on its PB Ratio (0.7x) compared to the NO Biotechs industry average (3.7x).

Future Growth

How is Targovax forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

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

20.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: TRVX is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.1%).

Earnings vs Market: TRVX is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: TRVX's is expected to become profitable in the next 3 years.

Revenue vs Market: TRVX is forecast to have no revenue next year.

High Growth Revenue: TRVX is forecast to have no revenue next year.

Earnings per Share Growth Forecasts

Future Return on Equity

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

Past Performance

How has Targovax performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

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

3.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TRVX is currently unprofitable.

Growing Profit Margin: TRVX is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: TRVX is unprofitable, but has reduced losses over the past 5 years at a rate of 3.9% per year.

Accelerating Growth: Unable to compare TRVX's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: TRVX is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (-5.2%).

Return on Equity

High ROE: TRVX has a negative Return on Equity (-23.45%), as it is currently unprofitable.

Financial Health

How is Targovax's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: TRVX's short term assets (NOK190.9M) exceed its short term liabilities (NOK37.3M).

Long Term Liabilities: TRVX's short term assets (NOK190.9M) exceed its long term liabilities (NOK110.2M).

Debt to Equity History and Analysis

Debt Level: TRVX has more cash than its total debt.

Reducing Debt: TRVX's debt to equity ratio has increased from 9.9% to 13.7% over the past 5 years.

Balance Sheet

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.

Stable Cash Runway: TRVX has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: TRVX has sufficient cash runway for 1.5 years if free cash flow continues to reduce at historical rates of 0% each year.

Dividend

What is Targovax 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
Future Dividend Coverage

Dividend Yield vs Market

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

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

Growing Dividend: Insufficient data to determine if TRVX'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 TRVX has not reported any payouts.

Next Steps

Explore strong dividend paying companies in the Pharmaceuticals & Biotech industry.

Management

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

0.8yrs

Average management tenure

CEO

Erik Wiklund

0.58

Tenure

kr2,798,000

Compensation

Dr. Erik Digman Wiklund serves as Chief Executive Officer of Targovax ASA since October 2021 and had been its Chief Business Officer since September 24, 2018 until October 2021. He was Chief Financial Offi...

CEO Compensation Analysis

Compensation vs Market: Erik's total compensation ($USD284.24K) is about average for companies of similar size in the Norwegian market ($USD331.44K).

Compensation vs Earnings: Erik's compensation has increased whilst the company is unprofitable.

Leadership Team

Experienced Management: TRVX's management team is not considered experienced ( 0.8 years average tenure), which suggests a new team.

Board Members

Experienced Board: TRVX's board of directors are not considered experienced ( 1.8 years average tenure), which suggests a new board.

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.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 117.7%.

Data	Last Updated (UTC time)
Company Analysis	2022/05/12 00:00
End of Day Share Price	2022/05/12 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31