Edison Investment Research - Bionaturis (ADL) ADL Bionatur Solutions - Q1 off to a good start, raising margin expectations

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Edison Investment Research

Pooya Hemami

ADL Bionatur Solutions - Q1 off to a good start, raising margin expectations

ADL Bionatur Solutions (ADL-BS) recently reported Q119 results, showing positive â‚¬0.11m EBITDA, and over 134% year-on-year revenue growth to â‚¬10m, driven by 180% growth in contract manufacturing (CMO). After increasing our margin assumptions and rolling forward our estimates, we now obtain an NPV of â‚¬163.1m, translating into an equity valuation of â‚¬3.02 per share (from â‚¬2.37 previously) after adjusting for net debt.

23/05/2019 8 EN

Underlying

Bionaturis

ADL Bionatur Solutions SA Formerly known as Bioorganic Research and Services SA. ADL BIONATUR SOLUTIONS SA (Bionatur), formerly known as Bioorganic Research and Services SA, is a Spain-based company engaged in the management and advice in the development of organic chemical processes carried out by third party entities. Among the chemical projects, the Company comprises the examination and interpretation of samples from waste treatment works, valuation of biological activities and retrosynthetic analysis. The Company's subsidiaries are BBD BioPhenix SL, a San Sebastian-based biotechnology company and Zera Intein Protein Solutions SL.

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ES0184980003 Madrid Stock Exchange Spain

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Pooya Hemami

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ADL Bionatur Solutions - CMO business driving growth

ADL Bionatur Solutionsâ€™ (ADL-BS) 9M19 results show â‚¬2.16m adjusted EBITDA and 127% year-on-year operating revenue growth to â‚¬33.2m, driven by 195% growth in contract manufacturing (CMO). On 2 December it announced a new seven-year CMO contract with a Swiss biotech client worth â‚¬20m to produce two novel cosmetics and/or nutrition products. ADL-BS is on track to report positive full-year EBITDA and maintained its FY19 revenue guidance of â‚¬50m. We now obtain an EV of â‚¬165.8m, translating into an equity valuation of â‚¬2.94 per share (from â‚¬3.02 previously) after adjusting for net de...

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ADL Bionatur Solutions - Q1 off to a good start, raising margin expectations

ADL Bionatur Solutions - CMO business driving growth

ADL Bionatur Solutions - â‚¬25m debt financing to fund current strategy

ADL Bionatur Solutions - New contract to serve Asia-Pacific API market

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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