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Maria Vara
  • Maria Vara

BICO: profitability impacted by mixed sales in Q1 2024; CMD in Septemb...

BICO has reported Q1 2024 net sales amounting to SEK 510.3m (+2% vs. css) implying 4.4% YoY growth and organic growth of 4.7% (-1.1%). The Biosciences segment outperformed with net sales showing 36.3% organic growth to SEK 310m (SEK 230m), while Bioprinting and Bioautomation fell short of expectati

Maria Vara ... (+2)
  • Maria Vara
  • Oscar Haffen Lamm

Coverage update

Given team and strategy changes, Oscar Haffen Lamm is now assuming coverage of Medincell, Camurus, Valneva, Aelis Pharma, Abivax, Calliditas, Egetis Therapeutics, Basilea, Geneuro, Achilles, Valerio, Innate Pharma, Morphosys, Inventiva Pharma, Vicore, DBV Technologies, and Genfit.Maria Vara is now

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Terminating coverage

ABGSC terminates coverage of BICO HOLD is our final recommendation SEK 35 is our final target price

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - No light at the end of the tunnel yet

Improvement efforts not yet effective, Q2 FCF SEK -268m ’23e-‘24e EBITDA cut 10-6% on Bioautomation weakness Balance sheet and FCF trajectory still a concern: HOLD

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Weak cash flow in full Q2 report

EBITDA in line with prel, FCF -268m (ABGSCe -146m) Consensus to lower their cash flow expectations Expect share to be weak today

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Financial concerns, down to HOLD

PW for Q2 and a credit provision for 2021 sales Uncertainty regarding true demand and growth Balance sheet concerning, with weak FCF development

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - A clear path forward

New segment improves visibility on profitability Addressing outstanding issues, share remains depressed Limited estimate changes, keep BUY and TP SEK 210

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Improving visibity on margins

In line with prel. Q1 and small improvement to cash flow New segment reporting with underlying EBITDA margin We see some relief in the share today; cc. at 09.00 CET

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Show me the money

Sudden CFO departure has worsened market confidence Promising adj. EBITDA margin in preliminary Q1 figures ... but more is required to restore confidence

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Prelimenary Q1 figures: business as usual

Sales 477m, adj. EBITDA 6m - reduces uncertainty Slightly better than cons, true expectations likely lower Profitability and transparency important going forward

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Share plummets on CFO leaving

Effective immediately, three weeks ahead of Q1 report Significant uncertainty from timing and lack of information Market left to speculate; stock down -35%

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Looking to demonstrate profitability in 2022

Better sales and EBITDA margin in Q4 Profitability is a key priority near-term Small estimate revisions, keep BUY and TP of SEK 430

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Better sales and breakeven EBITDA

Better orgnaic growth at 25% (ABGSCe 17%) Cons ‘22e EBITDA down 3-5% Expectations were lower – Share to hold up today

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Good risk/reward despite higher costs

Factoring higher integration costs – partly offset by M&A Q4e: Only 18% org. growth, 2.5% adj. EBITDA margin Share down to 5x ‘22e EV/Sales, BUY, new TP of 430 (535)

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Buys into the software market

Complimentary software solutions enabling automation Pays 6x EV/Sales & adds 15/37% to ’22e sales/EBITDA Solid acquistion – decreases ‘22e EV/Sales to 7.7x

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Growing pains

M&A sales surprise on supply casing EBITDA miss ’22-’23e EBITDA down 27-15% More internal focus ahead – keep BUY, new TP 535 (620)

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Sales in line but EBITDA below

Org. growth 59% but lower EBITDA on weak deliveries Expects supply chain to improve in Q4 Share down MSD on weaker EBITDA – cc. at CET 14.00

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Triple-digit growth story continues

292% growth and 4% EBITDA margin expected in Q3 Recent acquisitions behind 20% ‘22e EBITDA revision Plenty of firepower left – keep BUY with new TP of SEK 620

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