ABG Sundal Collier Sponsored - Enzymatica AB (ENZY) Enzymatica - Terminating coverage

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ABG Sundal Collier Sponsored

Erik Cassel ...

Jakob Lembke

Enzymatica - Terminating coverage

ABGSC ceases coverage of Enzymatica …due to the end of the contractual period Last published estimates are shown in this report

30/09/2022 1 EN

Underlying

Enzymatica AB

Enzymatica publ AB is a Sweden-based company engaged in biotechnology. It researches, develops and registers enzyme-based health and wellbeing products. The Company uses a patented enzyme, Penzyme, a cold-adapted trypsin from deep sea cod. The enzyme is active at about 37 Celsius degree and decomposes disease-related proteins, counteracting viral and bacterial infections and supporting healing processes. The Company conducts clinical studies of ColdZyme Munspray, a cold medicine. It operates such subsidiaries, as Enzymatica Care AB, Zymetech ehf, among others. Main shareholders of Enzymatica AB are Humea AB, Medi AB, and Nordic Consulting Group AB, among others. In November 2013, the Company established another subsidiary in the United States, Enzymatica North America Inc., responsible for future production and sale of veterinary products in the United States and Canada.

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SE0003943620 Nasdaq Nordic Stockholm Sweden

Provider

ABG Sundal Collier Sponsored

ABG Sundal Collier is the independent, Nordic investment banking powerhouse, developed over 30 years, founded on a hard working partnership culture and the ability to attract top talent.

Our strategy is to be an advisor and an intermediary, and the core product offering comprise corporate advisory services, corporate financing services and investor research and brokerage services.

Our corporate advisory team offers access to a broad financial and industrial network and unparalleled transaction experience. We provide financing to corporates through our superior Nordic and international distribution platform, and we are optimally structured for naturally matching trading flows, delivering best execution for clients.

The group employ approx. 250 staff working from the Nordic offices in Norway, Sweden and Denmark and in the offices in the key international markets US, UK and Germany.

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Analysts

Erik Cassel

Jakob Lembke

Other Reports on these Companies

ABG Sundal Collier Sponsored

Enzymatica - Two birds with one stone

Sales trend reversal in Q2 SEK 75m share issue, balance sheet issues resolved Estimates unchanged, EV/Sales ’23e-‘24e at 4.5-3.1x

July 20, 2022 July 20, 2022 1 EN

ABG Sundal Collier Sponsored

Enzymatica - Negative trend straining the cash position

Sales still held back by inventory build-up at distributors Weakness to continue in Q2 but potential for H2 SEK 20m in quarterly opex and SEK 28m in available funds

May 4, 2022 May 4, 2022 1 EN

Underlying Q1 growth intriguingly good

Solid 7% organic growth in Q1, underlying was even better. Another $3m in restructuring costs reveals margin pressure. Maintain FV 25-37 after smaller EPS changes.

10h / 37m 10h / 37m 1 EN

ABGSC Food & Beverage Research ... (+2)

ABGSC Food & Beverage Research
Sten Gustafsson

Slow start, but turnaround continues

Drop in sales due to tough comps. Gross margin negatively impacted by mix effects. EBITDA revised down 8-9% for '24e-'26e.

13h / 19m 13h / 19m 1 EN

ABGSC IT Research ... (+2)

ABGSC IT Research
Mikkel Kousgaard Rasmussen

Focus on profitability intensifies

Q1e: We expect 25% ARR growth and adj. EBITDA of DKK -1.9m. Likely to reiterate FY'24 guidance with no material change in demand. FTE reduction lifts '24e-'26e adj. EBITDA by 19-5%.

13h / 31m 13h / 31m 1 EN

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Enzymatica - Terminating coverage

Enzymatica - Two birds with one stone

Enzymatica - Negative trend straining the cash position

Underlying Q1 growth intriguingly good

Slow start, but turnaround continues

Focus on profitability intensifies

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