NasdaqGM:AFMD

Stock Analysis Report

Executive Summary

Affimed N.V., a clinical-stage biopharmaceutical company, focuses on discovering and developing cancer immunotherapies in the United States, Europe, and Germany.

Rewards

Trading at 95.8% below its fair value

Revenue is forecast to grow 39.36% per year

Risk Analysis

Currently unprofitable and not forecast to become profitable over the next 3 years

Highly volatile share price over past 3 months

Shareholders have been diluted in the past year



Snowflake Analysis

Excellent balance sheet and slightly overvalued.

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

-7.8%

AFMD

0.5%

US Biotechs

0.7%

US Market


1 Year Return

-38.2%

AFMD

14.8%

US Biotechs

18.2%

US Market

Return vs Industry: AFMD underperformed the US Biotechs industry which returned 14.8% over the past year.

Return vs Market: AFMD underperformed the US Market which returned 18.2% over the past year.


Shareholder returns

AFMDIndustryMarket
7 Day-7.8%0.5%0.7%
30 Day-12.5%8.0%1.5%
90 Day-22.9%14.9%5.0%
1 Year-38.2%-38.2%15.8%14.8%20.8%18.2%
3 Year9.8%9.8%28.1%24.0%45.2%35.8%
5 Year-58.6%-58.6%8.9%3.8%71.6%52.7%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: AFMD ($2.25) is trading below our estimate of fair value ($53.8)

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


Price To Earnings Ratio

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

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


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: AFMD is overvalued based on its PB Ratio (5.7x) compared to the US Biotechs industry average (3.1x).


Next Steps

Future Growth

How is Affimed forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

5.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AFMD is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: AFMD is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: AFMD is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: AFMD's revenue (39.4% per year) is forecast to grow faster than the US market (7.4% per year).

High Growth Revenue: AFMD's revenue (39.4% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if AFMD's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Affimed performed over the past 5 years?

-16.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: AFMD is currently unprofitable.

Growing Profit Margin: AFMD is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: AFMD is unprofitable, and losses have increased over the past 5 years at a rate of -16.3% per year.

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

Earnings vs Industry: AFMD is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (103.3%).


Return on Equity

High ROE: AFMD has a negative Return on Equity (-47.73%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Affimed's financial position?


Financial Position Analysis

Short Term Liabilities: AFMD's short term assets (€79.5M) exceed its short term liabilities (€29.2M).

Long Term Liabilities: AFMD's short term assets (€79.5M) exceed its long term liabilities (€34.2M).


Debt to Equity History and Analysis

Debt Level: AFMD's debt to equity ratio (14.7%) is considered satisfactory.

Reducing Debt: AFMD's debt to equity ratio has increased from 10.1% to 14.7% over the past 5 years.


Balance Sheet

Inventory Level: AFMD has a low level of unsold assets or inventory.

Debt Coverage by Assets: AFMD's debt is covered by short term assets (assets are 24.4x debt).


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: Whilst unprofitable AFMD has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: AFMD is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 87.2% per year.


Next Steps

Dividend

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


Dividend Yield vs Market

companyn/amarketbottom25%1.4%markettop25%3.7%industryaverage2.1%forecastin3Yearsn/a

Current dividend yield vs market & industry

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

High Dividend: Unable to evaluate AFMD's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if AFMD's dividends per share have been stable in the past.

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


Current Payout to Shareholders

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


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of AFMD's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

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

4.9yrs

Average management tenure


CEO

Adi Hoess (57yo)

8.3yrs

Tenure

€1,352,000

Compensation

Dr. Adi Hoess, M.D., Ph.D., has been the Chief Executive Officer of Affimed N.V. since September 2011 and serves as its Managing Director and Member of Management Board. Dr. Hoess served as Chief Commercia ...


CEO Compensation Analysis

Compensation vs Market: Adi's total compensation ($USD1.50M) is above average for companies of similar size in the US market ($USD1.12M).

Compensation vs Earnings: Adi's compensation has been consistent with company performance over the past year.


Management Age and Tenure

4.9yrs

Average Tenure

52yo

Average Age

Experienced Management: AFMD's management team is considered experienced (4.9 years average tenure).


Board Age and Tenure

5.4yrs

Average Tenure

70yo

Average Age

Experienced Board: AFMD's board of directors are considered experienced (5.4 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Buy€2,469,00018 Nov 19
New Enterprise Associates
EntityCompany
Shares987,600
Max Price€2.50
Sell€1,804,32311 Apr 19
SGR Sagittarius Holding AG
EntityCompany
Shares436,145
Max Price€4.18
Sell€2,627,98309 Apr 19
SGR Sagittarius Holding AG
EntityCompany
Shares651,159
Max Price€4.06
Sell€2,699,09405 Apr 19
SGR Sagittarius Holding AG
EntityCompany
Shares647,600
Max Price€4.18
Sell€3,910,75202 Apr 19
SGR Sagittarius Holding AG
EntityCompany
Shares936,161
Max Price€4.23

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 11.1%.


Management Team

  • Adi Hoess (57yo)

    CEO, MD & Member of Management Board

    • Tenure: 8.3yrs
    • Compensation: €1.35m
  • Florian H. Fischer (51yo)

    MD, CFO & Member of Management Board

    • Tenure: 14.8yrs
    • Compensation: €780.00k
  • Uwe Reusch

    Head of Cell Culture

    • Tenure: 0yrs
  • Stefan Knackmuss

    Head of Antibody Screening

    • Tenure: 0yrs
  • Sergey Kipriyanov

    Head of Research and Development

    • Tenure: 0yrs
  • Melvyn Little

    Founder & Consultant

    • Tenure: 19.9yrs
  • Greg Gin

    Head of Investor Relations

    • Tenure: 1.9yrs
  • Michael Wolf (52yo)

    Head of Finance & Administration

    • Tenure: 4.9yrs
  • Erich Rajkovic (40yo)

    Head of Research Operations and Intellectual Property

    • Tenure: 3.9yrs
  • Wolfgang Fischer (55yo)

    MD, COO & Member of Management Board

    • Tenure: 2.3yrs
    • Compensation: €686.00k

Board Members

  • Ferdinand Verdonck (77yo)

    Member of Supervisory Board

    • Tenure: 5.4yrs
    • Compensation: €77.00k
  • Ulrich Grau (70yo)

    Member of Supervisory Board

    • Tenure: 4.4yrs
    • Compensation: €85.00k
  • Miroslav Ravic (70yo)

    Member of Scientific Advisory Board

    • Tenure: 0yrs
  • Thomas Hecht (68yo)

    Chairman of Supervisory Board

    • Tenure: 5.9yrs
    • Compensation: €152.00k
  • Susanne Becker

    Member of Scientific Advisory Board

    • Tenure: 0yrs
  • Andreas Engert

    Member of Scientific Advisory Board

    • Tenure: 0yrs
  • Max Topp

    Member of Scientific Advisory Board

    • Tenure: 0yrs
  • Christian Hucke

    Member of Scientific Advisory Board

    • Tenure: 0yrs
  • Anton Hagenbeek

    Member of Scientific Advisory Board

    • Tenure: 0yrs
  • Franck Morschhauser

    Member of Scientific Advisory Board

    • Tenure: 0yrs

Company Information

Affimed N.V.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Affimed N.V.
  • Ticker: AFMD
  • Exchange: NasdaqGM
  • Founded: 2000
  • Industry: Biotechnology
  • Sector: Pharmaceuticals & Biotech
  • Market Cap: US$171.540m
  • Shares outstanding: 76.24m
  • Website: https://www.affimed.com

Number of Employees


Location

  • Affimed N.V.
  • Technologiepark
  • Im Neuenheimer Feld 582
  • Heidelberg
  • Baden-Württemberg
  • 69120
  • Germany

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AFMDNasdaqGM (Nasdaq Global Market)YesCommon SharesUSUSDSep 2014
A28DB (Deutsche Boerse AG)YesCommon SharesDEEURSep 2014
0HL9LSE (London Stock Exchange)YesCommon SharesGBUSDSep 2014

Biography

Affimed N.V., a clinical-stage biopharmaceutical company, focuses on discovering and developing cancer immunotherapies in the United States, Europe, and Germany. Its lead product candidate is AFM13, a natu ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/10 00:38
End of Day Share Price2019/12/09 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.