E 2015E 2016E. Revenue, MSEK Growth 63% 32% 22% 61% 77%

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "2012 2013 2014E 2015E 2016E. Revenue, MSEK 326 430 523 843 1 490 Growth 63% 32% 22% 61% 77%"

Transcription

1 E 2015E 2016E COMPANY ANALYSIS 6 November 2014 Summary Orexo (orx.st) Zubsolv taking market share The report for the third quarter was better than we had anticipated, both in terms of revenue and profitability. Sales in the quarter amounted to SEK million versus our estimate of SEK million, and operating profit was SEK million compared with our expected SEK million. List: Market Cap: Industry: CEO: Chairman: Small cap MSEK Healthcare Nikolaj Sörensen Martin Nicklasson Zubsolv sales rose in the quarter to SEK 68.4 million and were therefore slightly better than the SEK 63.5 million we had expected. The drug continues to take market share, which is now 4 percent. Improved reimbursement for Zubsolv from, for example, Express Scripts from the start of 2015 indicates continued positive performance OMXS 30 Orexo We have adjusted up our estimate for this year slightly following the report. Our fair value estimate is unchanged and amounts to SEK 170 per share Nov 04-Feb 05-May 03-Aug 01-Nov Redeye Rating (0 10 points) Management Ownership Growth prospect Profitability Financial strength 7.5 points 7.0 points 7.5 points 0.0 points 3.0 points Key Financials E 2015E 2016E Revenue, MSEK Growth 63% 32% 22% 61% 77% EBITDA EBITDA margin -18% -20% -17% 11% 33% EBIT EBIT margin -24% -33% -18% 7% 31% Pre-tax earnings Net earnings Net margin -26% -36% -24% 2% 28% Dividend/Share EPS adj P/E adj EV/S EV/EBITDA Share information Share price (SEK) Number of shares (m) 34.3 Market Cap (MSEK) Net debt (MSEK) 207 Free float (%) 55 % Daily turnover ( 000) 122 Analysts: Klas Palin Björn Olander Important information: All information regarding limitation of liability and potential conflicts of interest can be found at the end of the report. Redeye, Mäster Samuelsgatan 42, 10tr, Box 7141, Stockholm. Tel E-post:

2 Redeye Rating: Background and definitions Orexo The aim of a Redeye Rating is to help investors identify high-quality companies with attractive valuation. Company Qualities The aim of Company Qualities is to provide a well-structured and clear profile of a company s qualities (or operating risk) its chances of surviving and its potential for achieving long-term stable profit growth. We categorize a company s qualities on a ten-point scale based on five valuation keys; 1 Management. 2 Ownership. 3 Growth Outlook. 4 Profitability and 5 Financial Strength. Each valuation key is assessed based a number of quantitative and qualitative key factors that are weighted differently according to how important they are deemed to be. Each key factor is allocated a number of points based on its rating. The assessment of each valuation key is based on the total number of points for these individual factors. The rating scale ranges from 0 to +10 points. The overall rating for each valuation key is indicated by the size of the bar shown in the chart. The relative size of the bars therefore reflects the rating distribution between the different valuation keys. Management Our Management rating represents an assessment of the ability of the board of directors and management to manage the company in the best interests of the shareholders. A good board and management can make a mediocre business concept profitable. while a poor board and management can even lead a strong company into crisis. The factors used to assess a company s management are: 1 Execution. 2 Capital allocation. 3 Communication. 4 Experience. 5 Leadership and 6 Integrity. Ownership Our Ownership rating represents an assessment of the ownership exercised for longer-term value creation. Owner commitment and expertise are key to a company s stability and the board s ability to take action. Companies with a dispersed ownership structure without a clear controlling shareholder have historically performed worse than the market index over time. The factors used to assess Ownership are: 1 Ownership structure. 2 Owner commitment. 3 Institutional ownership. 4 Abuse of power. 5 Reputation. and 6 Financial sustainability. Growth Outlook Our Growth Outlook rating represents an assessment of a company s potential to achieve long-term stable profit growth. Over the long-term. the share price roughly mirrors the company s earnings trend. A company that does not grow may be a good short-term investment. but is usually unwise in the long term. The factors used to assess Growth Outlook are: 1 Strategies and business model. 2 Sale potential. 3 Market growth. 4 Market position. and 5 Competitiveness. Profitability Our Profitability rating represents an assessment of how effective a company has historically utilised its capital to generate profit. Companies cannot survive if they are not profitable. The assessment of how profitable a company has been is based on a number of key ratios and criteria over a period of up to the past five years: 1 Return on total assets (ROA). 2 Return on equity (ROE). 3 Net profit margin. 4 Free cash flow. and 5 Operating profit margin or EBIT. Financial Strength Our Financial Strength rating represents an assessment of a company s ability to pay in the short and long term. The core of a company s financial strength is its balance sheet and cash flow. Even the greatest potential is of no benefit unless the balance sheet can cope with funding growth. The assessment of a company s financial strength is based on a number of key ratios and criteria: 1 Times-interest-coverage ratio. 2 Debt-to-equity ratio. 3 Quick ratio. 4 Current ratio. 5 Sales turnover. 6 Capital needs. 7 Cyclicality. and 8 Forthcoming binary events. 2

3 Q3 report beats our expectations Orexo Main products showed higher than expected revenues in the third quarter Results for the third quarter were better than we had anticipated in our updated and revised estimates before the report was released. The main reason for the improved performance was higher reported revenue for the drugs Abstral and Zubsolv. with the improvement fairly evenly distributed between the two products. Abstral figures have benefited more from favourable exchange rates than we had taken into account. For Zubsolv. it s all about lower utilisation of discounts in the form of co-pay coupons and thus better net revenue per tablet. The utilisation rate of discounts is reported to have decreased from percent to percent of prescriptions in this period. The following table summarises the results compared to our estimates for the third quarter. Estimates vs outcomes Q (MSEK) Q3'14E Outcome Diff Q3'13 Net sales % Abstral % Edluar % 2.1 Zubsolv % 0.5 Kibion % 11.9 Good cost control Other Net expenses % COGS % Sales % Admin % R&D % Other na -0.7 EBITDA % EBIT % Net income % Gross margin 73.8% 76.7% 4% 90.2% Gross margin adjusted 57.8% 62.1% 4% 4.0% EBIT margin neg neg neg neg Source: Orexo. Redeye The gross margin improved The differences between our forecast and the outcome were relatively large concerning turnover, but we were more spot on in our cost projections. No single item stood out in particular. If we were to highlight one thing, it would be the gross margin which was significantly better than expected, and probably is related to the lower level of utilisation of discount coupons. 3

4 The gross margin strengthened in the quarter compared with the second quarter Orexo The adjusted gross margin (based solely on current revenue and cost of goods sold) increased significantly during the third quarter compared with the previous quarter, at 62.1 percent. This marks an improvement in the trend following weakness in the previous quarter, bringing it in line with higher product revenues. We expect continued improvement in the coming quarters as sales of Zubsolv rise. The cost level will be higher in the fourth quarter In the report, Orexo provides some guidance on the costs side for the current quarter, and the general expectation is that these will be slightly higher in the fourth quarter than they were in the third quarter. This is partly because of the weakening in the Swedish krona against the dollar, as the company has taken into account in its guidance. Cash flow was SEK million Company coffers have been topped up by more than SEK 800 million in recent months Good finances after raising of capital The big question mark in recent reports has been cash flow. This has attracted the most interest due to strong build-up of working capital. Also in the third quarter, the build-up of working capital had a significant negative impact on cash flow, amounting to SEK million and operating activities showed overall cash flow of SEK million. Year to date, the increase in working capital has cost Orexo SEK million. However, management indicates that the company has now reached a level where no major additional investment in this is on the agenda, which is positive. The large deficits and growth in working capital have put finances under severe strain this year. We think management has done an exemplary job of covering capital needs and been able to secure financing on very good terms. Since last summer, over SEK 800 million has been raised, but dilution has been limited to less than 8 percent. After the financial transactions completed in recent months, Orexo has financially healthy foundations with cash of SEK million at the end of the third quarter. Given that the need for working capital ahead is set to slow, the financing provides the company with some strength, even if Zubsolv performance would be weak. Market share up to 4 percent for Zubsolv As mentioned, sales of Zubsolv beat our expectations and rose to SEK 68.4 million, an increase of 98 percent compared with the previous quarter, adjusted for non-recurring effects. The exclusive agreement with UnitedHealth Group (UHG), which came into force on 1 July this year, has had a strong contributory effect to the solid performance. Based on prescription data for Zubsolv from Wolters Kluwer, the product s market share had increased, in terms of the number of tablets sold, to 4.2 percent from 2.4 percent at the end of June this year. This is a good performance, but our expectations were for a slightly higher market share of 5 percent. Sales trends, however, are showing a continued positive trend, although some individual weeks may vary. Since most Zubsolv prescriptions cover 30 days use, the current growth of the drug is best evaluated by studying 4

5 prescription data as a rolling average over four weeks. This is presented in the charts below. Four-week rolling average, Zubsolv market share and tablet sales ,50% ,00% 3,50% 3,00% 2,50% 2,00% 1,50% 1,00% 0,50% 0,00% Source: Wolters Kluwer Equivalent reimbursement from Express Scripts for Zubsolv and Suboxone Film from the start of 2015 The images above make it clear that prescriptions have made small advances in connection with improved reimbursements for the drug by paying organisations where UHG exclusivity has had the greatest impact. Important new achievements taken in recent months include better reimbursement from Express Scripts. with Zubsolv set to receive a reimbursement equivalent to Suboxone Film from the beginning of Express Scripts accounts about 30 percent of the volume of private health insurance companies, which corresponds to a total market share of nearly 20 percent. In addition, a new exclusive agreement has been signed with Managed Medicaid player WellCare, which takes effect from 1 November this year. WellCare has a market share of about 0.5 percent. Strong underlying market for buprenorphine/naloxone drugs In the third quarter, medicinal products containing buprenorphine and naloxone showed accelerating growth and we estimate that this area could grow by 10 percent this year. We assess that this performance is positively affected by more individuals having access to insurance, more organisations spreading the message, and enhanced media interest surrounding the opiate-dependence issue following the death of actor Philip Seymour Hoffman at the beginning of this year. Percentage growth per quarter YoY. buprenorphine/naloxone 40,0% 35,0% 30,0% 25,0% 20,0% 15,0% 10,0% 5,0% 0,0% Source: Wolters Kluwer 5

6 We expect that these effects, which are currently having a positive impact on growth, will persist into 2015 and We have therefore now revised up our growth expectations from 5 percent and 3 percent for 2015 and 2016 to 10 percent and 8 percent, respectively. Four generic drugs have now been approved We expect that patient restrictions will be lifted. but it is unclear when It s not all good news, however, and on the negative side, the FDA has approved a fourth generic Suboxone tablet. Mid-November will see the launch of a third branded product, Bunavail from BioDelivery Sciences. With more players in the area, price risks playing a greater role in negotiations with payers, why the net effect of the growing market is expected to be limited. A tricky issue that could stir things up are potential changes to current restrictions on 100 patients per doctor, where advocates of lifting this restriction are gaining ground. The argument for lifting the restriction is mainly based on the notion that many are not currently receiving treatment with drugs due to a lack of prescribing physicians. However, not everyone is in favour of this owing to concerns that lifting the restriction will give rise to more uncontrolled prescribing. We interpret these trends, however, to mean that lifting of the restriction will occur, probably to 150 patients per doctor. But it is currently unclear when this might take place. Kyowa Hakko raises forecast for Abstral Sales in the US are handled by Galena Biopharma, which has not yet reported for the third quarter. Prescriptions (see below) show increasing volumes during the third quarter of approximately 13 percent compared to the second quarter of this year. Abstral sales, four-week average (USD) The entire market showed some growth in the past quarter Source: Wolters Kluwer The entire market for fast-acting fentanyl-based medications increased slightly during the period and market leader continues to be Subsys from Insys Therapeutics, with about a 40 percent market share. Abstral s share of the US market is just over 4 percent. 6

7 However. in Europe things are going really well and the third-quarter report showed growth of 19 percent for Abstral. Kyowa Hakko also took the opportunity to raise its full-year forecast by about 2 percent to GBP 54.8 million. These expectations appear conservative and imply growth in the fourth quarter of only 11 percent. We believe that the sights can beset a little higher, and in our estimate we have projected a growth rate of 15 percent. This puts full-year sales at EUR 70 million, which would mean the possibility of royalties of SEK 43 million to Orexo. We are raising our forecast for Abstral royalties Following Kyowa Hakko s report. we have raised our forecasts for Abstral for this year to SEK 57.8 million from the previous SEK 53.1 million. This is due entirely to better than expected performance in Europe. Other products maintaining their position Final third-quarter figures are not yet in for Edluar. but royalties of SEK 3.0 million have been recorded. This figure was lower than our expected figure of SEK 3.6 million. Sales are said to be going well, especially in Canada. We have cut our estimates for 2014 from SEK 15.2 million to SEK 14.2 million following the report. Solid quarter for Kibion Significant value could be hidden in the OX51 project Subsidiary Kibion achieved sales of SEK 11.8 million in the third quarter, which was slightly better than we had anticipated. We have nevertheless reduced our forecast for 2014 to SEK 44.6 million from the previous SEK 46.7 million due to the uncertainty prevailing in the Middle East, where the company has a significant portion of its sales. New products will have a greater focus Better finances and reduced working capital needs going forward create space for the company to consider other projects than Zubsolv. The plan is to take the OX51 (acute pain) forward over the next year and initiate Phase III trials. An assessment is in progress to find the best solution to take the project forward and we expect a decision about this early next year. The most attractive solution that we believe the company is looking for is to sign an agreement with a partner to co-finance Phase III trials. but whereby Orexo retains US rights. Perhaps most likely, we believe, is that Orexo will conduct the Phase III trials and then try to find a partner. A reference contract that gives some indication of the potential value of OX51 is the agreement reached last year between Acelrx Pharmaceuticals and Grunenthal GmbH for Zalviso. Zalviso is under registration in the US and, like OX51, it s a sublingual tablet formulation of sufentanil, but delivered through a pre-programmed device. Grunenthal licensed rights to Zalviso for all markets except those in Asia and the US. For the rights, Grunenthal pays an upfront of USD 30 million plus a further USD 220 million in regulatory and sales-based milestone payments. Acelrx will also receive increasing royalties starting at 15 percent and up to about 25 percent. 7

8 Financial estimates Orexo The slightly better performance in the third quarter is the reason we are now adjusting our full-year figures. This is primarily because of heightened expectations for Zubsolv. For 2015 and onwards, we have instead lowered our expectations, as we expect the sales trend for Zubsolv will be flatter than previously anticipated. Suboxone Film has a very strong market position that is difficult to shift. Furthermore, a certain increase in competitive pricing is expected as the number of players is now increasing. The table below lists the main features of the changes we made for We are raising this year s estimate. but lowered estimates for 2015 and 2016 (MSEK) 2014E 2015E 2016E Net sales New Old (%) 3% -12% -9% Zubsolv New Old (%) 5% -16% -10% EBIT New Old (%) 5% -62% -19% Source: Redeye In general, we have made relatively small changes to our estimate for the current year and we still expect that the company will report a loss for the current year. Growth this year is expected to reach 22 percent and we estimate that net sales for 2014 will rise to SEK million. Despite our lowered expectations for Zubsolv, we expect continued very strong growth with decent profit growth for the company. The table below presents our detailed estimates for Orexo until

9 Annualised estimates. Orexo E 2015E 2016E Revenues Revenues Abstral Edluar Zubsolv Licensing revenues Kibion Additional actual R&D Net sales Costs Cost of goods sold Gross profit Sales expenses Administrative expenses Research and development Total expenses Other income / expenses EBIT (Earnings) Net financial items Tax Net profit Earnings per share (EPS) Number of shares before dilution Source: Redeye R & D expenses are expected to increase with improved profitability in the business Enhanced profitability creates scope for the company to invest in product development and new projects, which is something we have taken into account in our projections for research and development. If the company is to carry out any major Phase III trials of OX51 on its own, however, will be a need to increase these costs estimates. In our estimates we have taken into account to see an increase in research and development activity with new projects starting in the third quarter of next year, which coincides with the point in time when we believe the company should be able to achieve positive cash flow from operating activities. The next page presents detailed quarterly estimates for this year and next. 9

10 Quarterly estimates. Orexo Q1:14 Q2:14 Q3:14 Q4:14E Q1:15E Q2:15E Q3:15E Q4:15E Revenues Revenues Abstral Edluar Zubsolv Licensing revenues Kibion Net sales Costs Cost of goods sold Gross profit Sales expenses Administrative expenses Research and development Total expenses Other income / expenses EBIT (Earnings) Net financial items Tax Net profit Earnings per share (EPS) Number of shares before dilution Source: Redeye We expect that a milestone payment in the US can be reached at the end of 2015 It is worth pointing out that a large portion of the revenue that the company reported for Abstral in the last two years consists of fixed payments linked to the agreement reached between Orexo and ProStrakan in June At that time, a significant portion of the European rights were sold for a total of SEK 610 million. The payments were divided into three parts, of which the last of SEK 138 million was made in June this year and allocated over twelve months until the end of May In our estimate for the fourth quarter of 2015, we have also included a license fee of SEK 14.5 million relating to a milestone payment for Abstral sales from Galena Biopharma of USD 2 million, which is payable when USD 20 million in annual sales is reached. Valuation Our valuation of Orexo assumes predictions for each product until For the projects in clinical development, we have taken into account the development risk and risk-adjusted future cash flows. After the adjustments we have made in our model, our DCF value is SEK 162 per share (SEK 144), in which we use a WACC of 13.4 percent. 10

11 In addition to the DCF valuation, we value Orexo based on a multiple valuation, in which we use multiples that a company of Orexo s nature could possibly be traded to when the company reaches a more mature stage, which we estimate will be as of The average value from the multiple valuation gives a current value of SEK 178 (196) per share. Multiple Valuation Multiple Multiples Current share value Average value EV/S 3x - 4x EV/EBITDA 9x - 11x EV/EBIT 10x - 12x Fair value estimate of SEK 170 Our fair value estimate is based on an average of the two above-described models and amounts to SEK 170 per share (SEK 170). Valuation of comparable companies The table below presents Orexo from a relative valuation perspective. The table consists mainly of smaller US-based operating pharmaceutical companies. Relative Valuation P/E EV/EBITDA EV/S Company 2014E 2015E 2016E 2014E 2015E 2016E 2014E 2015E 2016E ACTAVIS ALKERMES Neg Neg AUXILIUM Pharma. Neg BIODELIVERY Sci. Neg Na Na Na HOSPIRA INSYS Thera MEDA MEDICINES Co Neg MOBERG Pharma PERRIGO SALIX Pharma SHIRE PLC VALEANT Pharma Mean Median OREXO (Bloomberg) Neg Neg OREXO (Redeye) Neg 100> 11.4 Neg

12 Scenario analysis Orexo Zubsolv is the main value driver for Orexo in the coming years, based on our expectations regarding market penetration. Our base scenario expect Zubsolv to take a market share of 20 percent for buprenorphine/naloxone drugs. Our estimates also include risk-adjusted revenues for OX51 from Bull case fair value is SEK 260 The uncertainty in our estimates is greatest for Zubsolv, and this is where the company has the best chance to provide a surprise. Our bull case scenario models a 10 percentage-point higher market penetration for Zubsolv than our base case scenario, with a market share on par with the company s target sales of 30 percent. Such a scenario gives a fair value estimate per share of SEK 260. We model an bear-case scenario of 10 percent market share for Zubsolv Our bear case scenario is also built around market uptake of Zubsolv and here we assume weaker uptake with more intense competition than in our baseline scenario. We have calculated a lower market share for Zubsolv at 10 percent of the market. Such a scenario gives us a fair value estimate per share of SEK 70. Share performance recovering In August of this year, shares reached nearly SEK 150 before quickly falling, influenced heavily by the general exodus from small caps, to just over SEK 100. As the market has stabilised somewhat and a good report has helped the share recover, which has recovered more than half of its decline. Share trading has been good and we saw clearly how it increased when the price approached SEK 100. Measured over the past three months, the daily trading volume is 122,000 shares per day, which means that some 7 percent of the share capital is traded each month. With regard to ownership, we note that other AP funds and SHB funds increased their holdings, probably in connection with investments and issue of new shares. We also note that Länsförsäkringar and Danske Invest funds have come in as new owners with holdings of 1.4 and 1.2 percent. respectively. This is also probably related to the recent transactions. After the share issues during the third quarter, the number of outstanding shares amounts to 34.3 million. 12

13 Summary Redeye Rating Orexo The rating consists of five valuation keys. each constituting an overall assessment of several factors that are rated on a scale of 0 to 2 points. The maximum score for a valuation key is 10 points. Management 7.5p The management and board have solid, relevant experience of the sector. Communication with the market is good and clear. The launch of Zubsolv is lagging slightly behind the original plan. Ownership 7.0p Orexo s major shareholders are represented and active on the board, which is a big plus. However, we would prefer to see ownership among all of the board, which would bolster the rating. Growth prospect 7.5p Growth over the next few years is governed by the success of the recently launched Zubsolv on the US market. The drug has great commercial potential and sales are expected to grow strongly over the next few years. Risk remains relatively high as the product is not yet established. Profitability 0.0p The company s flagship product Zubsolv is in establishment phase and it will take until next year before Orexo achieves profitability. Financial strength 3.0p The financial position has improved due to issues and current financing is deemed adequate until positive cash flow can be achieved. 13

14 Income statement E 2015E 2016E Net sales Total operating costs EBITDA Depreciation Amortization Impairment charges EBIT Share in profits Net financial items Exchange rate dif Pre-tax profit Tax Net earnings Balance E 2015E 2016E Assets Current assets Cash in banks Receivables Inventories Other current assets Current assets Fixed assets Tangible assets Associated comp Investments Goodwill Cap. exp. for dev O intangible rights O non-current assets Total fixed assets Deferred tax assets Total (assets) Liabilities Current liabilities Short-term debt Accounts payable O current liabilities Current liabilities Long-term debt O long-term liabilities Convertibles Total Liabilities Deferred tax liab Provisions Shareholders' equity Minority interest (BS) Minority & equity Total liab & SE Free cash flow E 2015E 2016E Net sales Total operating costs Depreciations total EBIT Taxes on EBIT NOPLAT Depreciation Gross cash flow Change in WC Gross CAPEX Free cash flow Capital structure E 2015E 2016E Equity ratio 40% 21% 34% 35% 47% Debt/equity ratio 65% 149% 129% 123% 67% Net debt Capital employed Capital turnover rate Growth E 2015E 2016E Sales growth 63% 32% 22% 61% 77% EPS growth (adj) -78% 64% -21% -115% 2 080% DCF valuation Cash flow, MSEK WACC (%) 13.4 % NPV FCF ( ) -59 NPV FCF ( ) 2784 NPV FCF (2023-) 2627 Non-operating assets 445 Interest-bearing debt -241 Fair value estimate MSEK 5556 Assumptions (%) Average sales growth 7.1 % Fair value e. per share, SEK EBIT margin 39.9 % Share price, SEK Profitability E 2015E 2016E ROE -34% -88% -47% 5% 72% ROCE -21% -39% -19% 3% 42% ROIC -42% -204% -33% 7% 70% EBITDA margin -18% -20% -17% 11% 33% EBIT margin -24% -33% -18% 7% 31% Net margin -26% -36% -24% 2% 28% Data per share E 2015E 2016E EPS EPS adj Dividend Net debt Total shares Valuation E 2015E 2016E EV P/E P/E diluted P/Sales EV/Sales EV/EBITDA EV/EBIT P/BV Share performance Growth/year 12/14 1 month 10.7 % Net sales 26.6 % 3 month 8.2 % Operating profit adj 9.8 % 12 month -4.9 % EPS. just 9.5 % Since start of the year % Equity 41.7 % Shareholder structure % Capital Votes Novo Nordisk Fonden 28.1 % 28.1 % HealthCap 11.7 % 11.7 % ATP 5.4 % 5.4 % SHB fonder 4.9 % 4.9 % Anders Walldow 3.4 % 3.4 % Avanza Pension Försäkring 2.9 % 2.9 % Andra AP-fonden 2.2 % 2.2 % Hans Sköld 1.8 % 1.8 % Thomas Lundqvist 1.4 % 1.4 % Länsförsäkringar fondförvaltning 1.4 % 1.4 % Share information Reuters code orx.st List Small cap Share price 135. Total shares, million 34. Market Cap, MSEK Management & board CEO CFO IR Chairman Nikolaj Sörensen Henrik Juuel Henrik Juuel Martin Nicklasson Financial information FY 2014 Results January 29, 2015 Q1 report April 23, 2015 Q2 report July 10, 2015 Q3 report October 22, 2015 Analysts Klas Palin Björn Olander Redeye AB Mäster Samuelsgatan 42, 10tr Stockholm 14

15 Revenue & Growth (%) EBIT (adjusted) & Margin (%) E 2015E 2016E 90,0% 80,0% 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% -10,0% E 2015E 2016E 50,0% 0,0% -50,0% -100,0% -150,0% -200,0% -250,0% Net sales Net sales growth EBIT adj EBIT margin Earnings per share Equity & debt-equity ratio (%) E 2015E 2016E ,6 0,5 0,4 0,3 0,2 0, E 2015E 2016E 160,0% 140,0% 120,0% 100,0% 80,0% 60,0% 40,0% 20,0% 0,0% EPS, unadjusted EPS, adjusted Equity ratio Debt-equity ratio Conflict of interests Klas Palin owns shares in the company: No Björn Olander owns shares in the company: No Redeye performs/have performed services for the Company and receives/have received compensation from the Company in connection with this. 15

16 DISCLAIMER Important information Redeye AB ("Redeye" or "the Company") is a specialist investment banking boutique that focuses on small and mid-cap growth companies in the Nordic region. We focus on the IT. life sciences. media. betting. clean tech and commodities sectors. We provide services within Corporate Broking. Corporate Finance. equity research. investor relations and media services. Our strengths are our award-winning research and analysis department. experienced advisers. a unique investor network. and powerful distribution channel redeye.se. Redeye was founded in 1999 and since 2007 has been subject to the supervision of the Swedish Financial Supervisory Authority. Redeye is licensed to; receive and transmit orders in financial instruments. provide investment advice to clients regarding financial instruments. prepare and disseminate financial analyses/recommendations for trading in financial instruments. execute orders in financial instruments on behalf of clients. place financial instruments without position taking. provide for the safekeeping of financial instruments. accept funds with accounting responsibility. provide corporate advice and services within mergers and acquisition. provide services in conjunction with the provision of guarantees regarding financial instruments and to operate as a Certified Advisory business (ancillary authorization). Limitation of liability This document was prepared for information purposes for general distribution and is not intended to be advisory. The information contained in this analysis is based on sources deemed reliable by Redeye. However. Redeye cannot guarantee the accuracy of the information. The forward-looking information in the analysis is based on subjective assessments about the future. which constitutes a factor of uncertainty. Redeye cannot guarantee that forecasts and forward-looking statements will materialize. Investors take all investment decisions independently. This analysis is intended to be one of a number of tools that can be used in making an investment decision. All investors are therefore encouraged to supplement this information with additional relevant data and to consult a financial advisor prior to an investment decision. Accordingly. Redeye accepts no liability for any loss or damage resulting from the use of this analysis. Potential conflict of interest Redeye s research department is regulated by organisational and administrative rules established to avoid conflicts of interest and to ensure the objectivity and independence of its analysts. The following applies: For companies that are the subject of Redeye s research analysis. the applicable rules include those established by the Swedish Financial Supervisory Authority pertaining to investment recommendations and the handling of conflicts of interest. Furthermore. Redeye employees are not allowed to trade in financial instruments of the company in question. effective from the day that the decision is taken to produce a research analysis on the company and the two banking days after the report is published. An analyst may not engage in corporate finance transactions without the express approval of management. and may not receive any remuneration directly linked to such transactions. Redeye may carry out an analysis upon commission or in exchange for payment from the company that is the subject of the analysis. or from an underwriting institution in conjunction with a merger and acquisition (M&A) deal. new share issue or a public listing. Readers of these reports should assume that Redeye may have received or will receive remuneration from the company/companies cited in the report for the performance of financial advisory services. Such remuneration is of a predetermined amount and is not dependent on the content of the analysis. Redeye s research coverage Redeye s research analyses consist of case-based analyses. which implies that the frequency of the analytical reports may vary over time. Unless otherwise expressly stated in the report. the analysis is updated when considered necessary by the research department. for example in the event of significant changes in market conditions or events related to the issuer/the financial instrument. Recommendation structure Redeye does not issue any investment recommendations for fundamental analysis. However. Redeye has developed a proprietary analysis and rating model. Redeye Rating. in which each company is analysed and evaluated. This analysis aims to provide an independent assessment of the company in question. its opportunities. risks. etc. The purpose is to provide an objective and professional set of data for owners and investors to use in their decisionmaking. Redeye s recommendations for technical analyses are: Buy (Köp) and Sell (Sälj). The investment horizon for these recommendations is very short. at usually less than 1 month. Redeye Rating ( ) Rating Management Ownership Growth Prospect Profitability Financial Strength 7.5p p p - 7.0p p - 3.0p Company N Duplication and distribution This document may not be duplicated. reproduced or copied for purposes other than personal use. The document may not be distributed to physical or legal entities that are citizens of or domiciled in any country in which such distribution is prohibited according to applicable laws or other regulations. Copyright Redeye AB. 16

2014 2015 2016E 2017E 2018E 2014 2015 2016E 2017E 2018E

2014 2015 2016E 2017E 2018E 2014 2015 2016E 2017E 2018E 214 215 216E 217E 218E COMPANY ANALYSIS 1 July 216 Summary (orx.st) Zubsolv Rx Data week 25 According to latest Symphony Health Solutions Rx data Zubsolv tablets market share (4-week rolling average) were

More information

2013 2014 2015E 2016E 2017E. Revenue. MSEK 430 570 592 796 1 077 Growth 32% 33% 4% 35% 35%

2013 2014 2015E 2016E 2017E. Revenue. MSEK 430 570 592 796 1 077 Growth 32% 33% 4% 35% 35% 213 214 215E 216E 217E COMPANY ANALYSIS 14 August 215 Summary Orexo (orx.st) Zubsolv Rx Data week 32 According to latest Wolters Kluwer Rx data, released today, Zubsolv tablets market share (4-week rolling

More information

E 2017E 2018E E 2017E 2018E

E 2017E 2018E E 2017E 2018E 214 215 216E 217E 218E COMPANY ANALYSIS 3 September 216 Summary (orx.st) Zubsolv Rx Data week 38 According to latest Symphony Health Solutions Rx data, Zubsolv tablets market share (4-week rolling average)

More information

2013 2014 2015E 2016E 2017E 2013 2014 2015E 2016E 2017E

2013 2014 2015E 2016E 2017E 2013 2014 2015E 2016E 2017E 213 214 215E 216E 217E COMPANY ANALYSIS 2 October 215 Summary Orexo (orx.st) Zubsolv Rx Data week 39 Wloters Kluwer Rx data show an increased Zubsolv tablets market share by.1 percentage points, now totaling

More information

2013 2014 2015E 2016E 2017E. Revenue, MSEK 430 570 825 1,252 1,679 Growth 32% 33% 45% 52% 34%

2013 2014 2015E 2016E 2017E. Revenue, MSEK 430 570 825 1,252 1,679 Growth 32% 33% 45% 52% 34% 213 214 215E 216E 217E COMPANY ANALYSIS 13 March 215 Summary Orexo (orx.st) Zubsolv Rx Data week 1 According to latest Wolters Kluwer data, Zubsolv tablets sales were down.11 percentage points w/w to 6.8%,.

More information

Blue Canyon Holdings now holds 71.9 per cent of the company and we expect that Blue Canyon will retain full control of the company within 12 month.

Blue Canyon Holdings now holds 71.9 per cent of the company and we expect that Blue Canyon will retain full control of the company within 12 month. COMPANY ANALYSIS 22 May 2014 Summary Cision (CSN.ST) In line with estimates Cision s Q1 report was overall in line with our forecasts and revenues amounted to SEK 206 million and operating profits to SEK

More information

Important information: All information regarding limitation of liability and potential conflicts of interest can be found at the end of the report.

Important information: All information regarding limitation of liability and potential conflicts of interest can be found at the end of the report. COMPANY UPDATE 7 July 214 Summary Hexatronic Reasonably priced growth Hexatronic reported revenue levels that exceeded our expectations but fell a bit short on the margin levels. Still the company reported

More information

Important information: All information regarding limitation of liability and potential conflicts of interest can be found at the end of the report.

Important information: All information regarding limitation of liability and potential conflicts of interest can be found at the end of the report. COMPANY ANALYSIS 19 August 214 Summary Hexatronic A high-tech acquisition Hexatronic has acquired Proximon AB, a high-tech producer of fiber optical dispersion compensation modules. The price tag for Proximion

More information

2012 2013 2014E 2015E 2016E. Revenue, MSEK 201 294 347 376 397 Growth 79% 46% 18% 8% 6% EBITDA 51 65 71 89 112 EBITDA margin 25% 22% 21% 24% 28%

2012 2013 2014E 2015E 2016E. Revenue, MSEK 201 294 347 376 397 Growth 79% 46% 18% 8% 6% EBITDA 51 65 71 89 112 EBITDA margin 25% 22% 21% 24% 28% 2012 2013 2014E 2015E 2016E COMPANY ANALYSIS 27 October 2014 Summary Formpipe Software (fpip.st) Good quarter with reduced profit due to focus on future opportunities Formpipe Software s report for the

More information

Auriant Mining AUR.ST

Auriant Mining AUR.ST COMPANY ANALYSIS 1 March 214 ju Summary Auriant Mining AUR.ST Weaker balance sheet but growth intact. Auriant reported a higher than expected revenue but with an increased cost of sales which dampened

More information

2013 2014 2015E 2016E 2017E

2013 2014 2015E 2016E 2017E 213 214 215E 216E 217E COMPANY ANALYSIS 28 October 214 Summary Hexatronic (HTRO) Continued strong performance Hexatronic continues its strong performance in Q4, exceeding our expectations. The company

More information

2013 2014 2015E 2016E 2017E. Revenue, MSEK 294 342 380 402 424 Growth 46% 16% 11% 6% 6% EBITDA 65 78 81 88 106 EBITDA margin 22% 23% 21% 22% 25%

2013 2014 2015E 2016E 2017E. Revenue, MSEK 294 342 380 402 424 Growth 46% 16% 11% 6% 6% EBITDA 65 78 81 88 106 EBITDA margin 22% 23% 21% 22% 25% 213 214 215E 216E 217E COMPANY ANALYSIS 19 August 215 Summary Formpipe Software (fpip.st) Temporary margin dip, but stable underlying development Formpipe Software s Q2 sales of 95.8 msek just beat our

More information

E 2017E 2018E Revenue, MSEK Growth -4% 1% 89% 83% 25% EBITDA EBITDA margin -47% -32% -9% 11% 19%

E 2017E 2018E Revenue, MSEK Growth -4% 1% 89% 83% 25% EBITDA EBITDA margin -47% -32% -9% 11% 19% COMPANY ANALYSIS 4 March 2016 Summary (PAY.ST) enters the off-line market The Q4-report showed continued stable revenues of 6,7 msek from the PSP-operation which is at par with last year. EBIT was -4,0

More information

2013 2014 2015E 2016E 2017E. Revenue, MSEK 294 342 383 387 411 Growth 46% 16% 12% 1% 6% EBITDA 65 78 81 86 103 EBITDA margin 22% 23% 21% 22% 25%

2013 2014 2015E 2016E 2017E. Revenue, MSEK 294 342 383 387 411 Growth 46% 16% 12% 1% 6% EBITDA 65 78 81 86 103 EBITDA margin 22% 23% 21% 22% 25% 2013 2014 2015E 2016E 2017E COMPANY ANALYSIS 28 October 2015 Summary Formpipe Software (fpip.st) Stable quarter with one surprise Formpipe's Q3 showed sales of 88.1 msek, slightly above our estimate at

More information

2014 2015 2016E 2017E 2018E 2014 2015 2016E 2017E 2018E

2014 2015 2016E 2017E 2018E 2014 2015 2016E 2017E 2018E 214 215 216E 217E 218E COMPANY ANALYSIS 14 March 216 Summary Mr Green (MRG.ST) Increased marketing up ahead The Q4 report was largely in-line with our estimates, with positive deviations on the result

More information

2014 2015 2016E 2017E 2018E 2014 2015 2016E 2017E 2018E

2014 2015 2016E 2017E 2018E 2014 2015 2016E 2017E 2018E 214 215 216E 217E 218E COMPANY ANALYSIS 5 April 216 Summary 23 Web Group (23.ST) mytaste, the name of the game Because of the announced name change to mytaste and the ongoing rights issue we have written

More information

2013 2014 2015E 2016E 2017E Revenue. MSEK 157 200 284 295 315 Growth 0% 27% 42% 4% 7% EBITDA -8 25 44 51 58 EBITDA margin -5% 13% 16% 17% 18%

2013 2014 2015E 2016E 2017E Revenue. MSEK 157 200 284 295 315 Growth 0% 27% 42% 4% 7% EBITDA -8 25 44 51 58 EBITDA margin -5% 13% 16% 17% 18% COMPANY ANALYSIS 4 February 2016 Summary (MOB.ST) Room for expansion The issuance of a five-year bond loan of SEK 300 million gives a strong financial position without further dilution. This opens up for

More information

2013 2014 2015E 2016E 2017E 2013 2014 2015E 2016E 2017E

2013 2014 2015E 2016E 2017E 2013 2014 2015E 2016E 2017E 2013 2014 2015E 2016E 2017E COMPANY ANALYSIS 30 June 2015 Summary Interfox Resources (IFOX) Pebbles indicate high quality asset We find the recent news about the quality level of Interfox s main asset

More information

2014 2015 2016E 2017E 2018E

2014 2015 2016E 2017E 2018E 2014 2015 2016E 2017E 2018E COMPANY ANALYSIS 29 October 2015 Summary Hexatronic (HTRO.ST) Organic growth up ahead The Q4 report offered few surprises. Hexatronic reported net sales of 169 MSEK and EBITDA

More information

ZetaDisplay. Europe leads the way. EPaccess

ZetaDisplay. Europe leads the way. EPaccess EPaccess Media Sweden 22 November 213 Equity Research +46 8 463 8 analys@penser.se ZetaDisplay Europe leads the way Risk and Return Potential Return Potential Risk High High Risk Current Price 4,8 High/Low

More information

2012 2013 2014E 2015E 2016E Revenue, MSEK 838 1,143 1,166 1,287 1,450 Growth 12% 36% 2% 10% 13%

2012 2013 2014E 2015E 2016E Revenue, MSEK 838 1,143 1,166 1,287 1,450 Growth 12% 36% 2% 10% 13% COMPANY ANALYSIS 26 August 2014 Summary (DORO.ST) Strong comeback following Q1 Sales in Q2 amounted to SEK 277 million, in line with our expectations of SEK 272 million. EBIT reached SEK 15 million, compared

More information

2014 2015 2016E 2017E 2018E

2014 2015 2016E 2017E 2018E 2014 2015 2016E 2017E 2018E COMPANY ANALYSIS 25 January 2016 Summary Hexatronic (HTRO) Strong growth confirmed, still undervalued Hexatronic s report for Q1 showed a substantial outperformance compared

More information

2014 2015 2016E 2017E 2018E 2014 2015 2016E 2017E 2018E

2014 2015 2016E 2017E 2018E 2014 2015 2016E 2017E 2018E 2014 2015 2016E 2017E 2018E COMPANY ANALYSIS 11 February 2016 Summary Addnode Group (ANODb.ST) Steady as she goes Addnode reported a net sale of 614 MSEK (2% below our estimate) and an EBITA of 70 MSEK

More information

MATELAN Research. Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES

MATELAN Research. Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES MATELAN Research Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES 2/5/12 2/7/12 2/9/12 2/11/12 2/1/13 2/3/13 2/5/13 2/7/13 2/9/13

More information

2014 2015 2016E 2017E 2018E. Revenue, MSEK 47 5 200 299 376 Growth 92% -90% 4,066% 49% 26% EBITDA -22-61 3 14 55 EBITDA margin neg neg 1% 5% 15%

2014 2015 2016E 2017E 2018E. Revenue, MSEK 47 5 200 299 376 Growth 92% -90% 4,066% 49% 26% EBITDA -22-61 3 14 55 EBITDA margin neg neg 1% 5% 15% 2014 2015 2016E 2017E 2018E COMPANY ANALYSIS 2 March 2016 Summary CybAero (cba.st) New co-pilot, but still hovering H2 15 revenues far below our expectations, but in the end top line is currently only

More information

TRANSITION TO A COMMERCIAL AND PROFITABLE PHARMACEUTICAL COMPANY CONTINUES. Presenting at Småbolagsdagen June 10, 2013

TRANSITION TO A COMMERCIAL AND PROFITABLE PHARMACEUTICAL COMPANY CONTINUES. Presenting at Småbolagsdagen June 10, 2013 TRANSITION TO A COMMERCIAL AND PROFITABLE PHARMACEUTICAL COMPANY CONTINUES Presenting at Småbolagsdagen June 10, 2013 LEGAL DISCLAIMER This presentation, which is personal to the recipient, has been prepared

More information

2013 2014 2015E 2016E 2017E Revenue, MSEK 144 141 233 313 439 Growth -27% -2% 65% 34% 40%

2013 2014 2015E 2016E 2017E Revenue, MSEK 144 141 233 313 439 Growth -27% -2% 65% 34% 40% COMPANY ANALYSIS 24 July 2015 Summary Anoto Group AB (ANOT.ST) Raised expectations This is a short update following not only the revealing of the aspiring OEM partner (HP). During only the last few weeks

More information

DATRON AG. Investor day supports our positive view. Buy (Buy) 12.50 EUR (12.50 EUR ) BANKHAUS LAMPE // 1 17/09/2015

DATRON AG. Investor day supports our positive view. Buy (Buy) 12.50 EUR (12.50 EUR ) BANKHAUS LAMPE // 1 17/09/2015 BANKHAUS LAMPE // 1 DATRON AG Investor day supports our positive view 17/09/2015 Buy (Buy) 12.50 EUR (12.50 EUR ) Close 15/09/2015 9.75 EUR Bloomberg: DAR GY WKN: A0V9LA Sector Engineering Share price

More information

20 May 2015 OpenLimit Holding AG. FIRST BERLIN Equity Research

20 May 2015 OpenLimit Holding AG. FIRST BERLIN Equity Research FIRST ERLIN Equity Research RATING Switzerland / Software Primary exchange: Frankfurt Q1 figures PRICE TARGET 1.10 loomberg: O5H GR Return Potential 37.3% ISIN: CH0022237009 Risk Rating High STRONG SALES

More information

Interim Report January 1 st March 31 st, 2003

Interim Report January 1 st March 31 st, 2003 Interim Report January 1 st March 31 st, 2003 First Quarter 2003 Earnings before taxes increased by 23 per cent to 70 MSEK. Earnings after taxes increased by 36 per cent to 45 MSEK. Earnings per share

More information

G5 Entertainment. G5 Entertainment. Quarter Update Q3 15. Amended strategy and boosted profitability

G5 Entertainment. G5 Entertainment. Quarter Update Q3 15. Amended strategy and boosted profitability Quarter Update Q3 15 Last updated on the 18/11/2015 Share Price Market Capitalisation Target Price 41.00 SEK 360.8m SEK 49.05 SEK Amended strategy and boosted profitability reported their third quarter

More information

Half Year 2015 Results

Half Year 2015 Results Half Year 2015 Results Letter to shareholders LifeWatch First Half Highlights Revenue growth of 9.1% to USD 52.5 million Above-market growth of over 12% in core monitoring services resulting in market

More information

E 2017E 2018E

E 2017E 2018E 214 215 216E 217E 218E COMPANY ANALYSIS 7 July 216 Summary Hexatronic (HTRO) Investing to fuel growth Hexatronic s report for the third quarter of the split financial year of 215/16 was strong and exceeded

More information

Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3

Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3 Siddharth Rajeev, B.Tech, MBA, CFA Analyst November 5, 2015 Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3 Sector/Industry: E-commerce Market Data (as of November 5, 2015) Current Price $1.15 Fair

More information

BDI BioEnergy Intern. 20.0 Neutral. Activity level in Q3 might not support FY estimates

BDI BioEnergy Intern. 20.0 Neutral. Activity level in Q3 might not support FY estimates 8/11/1 8/1/11 8/3/11 8/5/11 8/7/11 8/9/11 8/11/11 8/1/12 8/3/12 8/5/12 8/7/12 8/9/12 MATELAN Research Preview Note Price as of 9/11/12: 8.69 12 November 212 Company / Sector Fair Value Recommendation BDI

More information

2 September 2015 YOC AG. FIRST BERLIN Equity Research

2 September 2015 YOC AG. FIRST BERLIN Equity Research FIRST ERLIN Equity Research RATING Germany / Advertising Primary exchange: Frankfurt, Xetra Q2/15 Results PRICE TARGET 2.80 loomberg: YOC GR Return Potential 29.6% ISIN: DE0005932735 Risk Rating High SALES

More information

OREXO AB SPECIALTY PHARMA FOCUSING ON OPIOID DEPENDENCE AND PAIN TREATMENT NORDIC LIFE SCIENCE CONFERENCE

OREXO AB SPECIALTY PHARMA FOCUSING ON OPIOID DEPENDENCE AND PAIN TREATMENT NORDIC LIFE SCIENCE CONFERENCE OREXO AB SPECIALTY PHARMA FOCUSING ON OPIOID DEPENDENCE AND PAIN TREATMENT NORDIC LIFE SCIENCE CONFERENCE NASDAQ STOCKHOLM: ORX US OTC MARKET: ORXOY (ADR) APRIL 27 TH, 2015 LEGAL DISCLAIMER This presentation,

More information

price target of 7.40. We reiterate our Buy rating. Figure 1: Reported figures versus forecasts Source: First Berlin Equity Research, SFC Energy AG

price target of 7.40. We reiterate our Buy rating. Figure 1: Reported figures versus forecasts Source: First Berlin Equity Research, SFC Energy AG FIRST ERLIN Equity Research RATING Germany / Energy Primary exchange: Frankfurt Q3 figures PRICE TARGET 7.40 loomberg: F3C GR Return Potential 38.1% ISIN: DE0007568578 Risk Rating High PROJECT DELAYS URDEN

More information

Fundamental analysis

Fundamental analysis Fundamental analysis 2 June 2016 CERN Finance Club c.laner@cern.ch Introduction Let s cover the two main types of investment analysis used in traditional investing Today: Fundamental analysis Next time:

More information

BDI BioEnergy Internat. 14.5 Buy

BDI BioEnergy Internat. 14.5 Buy 20/08/13 20/10/13 20/12/13 20/02/14 20/04/14 20/06/14 20/08/14 20/10/14 20/12/14 20/02/15 20/04/15 20/06/15 MATELAN Research Update Note Price as of 20/08/15: 10.80 21 August 2015 Company / Sector Fair

More information

G5 Entertainment Quarter Update Q1 16

G5 Entertainment Quarter Update Q1 16 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 Quarter Update Q1 16 Share Price Market Capitalisation Target Price 30.7 SEK 270.2 msek 44.0 SEK Last updated on the

More information

IFRS Financial Ratios.

IFRS Financial Ratios. 100 IFRS Financial Ratios Author s preface Dear readers, in order to make solid investments, investors compare companies within their peer group. For this purpose, key ratios such as EBIT, working capital

More information

Understanding Financial Information for Bankruptcy Lawyers Understanding Financial Statements

Understanding Financial Information for Bankruptcy Lawyers Understanding Financial Statements Understanding Financial Information for Bankruptcy Lawyers Understanding Financial Statements In the United States, businesses generally present financial information in the form of financial statements

More information

Interim Report January June 2001

Interim Report January June 2001 556025-5001 31 July 2001 Interim Report January June 2001 Quarter January-June MSEK 2001 II 2001 I 2000 II 2001 2000 Net turnover, MSEK 1,742 1,840 1,612 3,582 3,200 Operating profit, MSEK 319 469 290

More information

FINANCIAL RESULTS Q4/2015 & 2015 ESA TIHILÄ, CEO NICLAS ROSENLEW, CFO FEBRUARY 2, 2016

FINANCIAL RESULTS Q4/2015 & 2015 ESA TIHILÄ, CEO NICLAS ROSENLEW, CFO FEBRUARY 2, 2016 FINANCIAL RESULTS Q4/2015 & 2015 ESA TIHILÄ, CEO NICLAS ROSENLEW, CFO FEBRUARY 2, 2016 IMPORTANT NOTICE The following information contains, or may be deemed to contain, forward-looking statements. These

More information

VALUATIONS I Financial Metrics, Ratios, & Comparables Analysis. Fall 2015 Comp Week 6

VALUATIONS I Financial Metrics, Ratios, & Comparables Analysis. Fall 2015 Comp Week 6 VALUATIONS I Financial Metrics, Ratios, & Comparables Analysis Fall 2015 Comp Week 6 CODE: COMPS Timeline Date Topic 9/10/15 Introduction to Finance 9/17/15 Qualitative Analysis: SWOT and Porter s Five

More information

Kingdee (268 HK) Buy (maintained) Target price: HK$3.58. Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$3.

Kingdee (268 HK) Buy (maintained) Target price: HK$3.58. Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$3. Equity Research Information Technology Aug 2, 21 Kingdee (28 HK) Buy (maintained) Target price: HK$.8 Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$.8 Lower-than-expected

More information

BONDS VS. STOCKS IN A VALUE PORTFOLIO. Ben Graham Centre's 2013 Value Investing Conference

BONDS VS. STOCKS IN A VALUE PORTFOLIO. Ben Graham Centre's 2013 Value Investing Conference BONDS VS. STOCKS IN A VALUE PORTFOLIO Ben Graham Centre's 2013 Value Investing Conference BONDS VS. STOCKS I hunt for bargains and it has been my experience that when I find an undervalued stock often

More information

Mouwasat Medical Services Company - Mouwasat

Mouwasat Medical Services Company - Mouwasat Recommendation Overweight Fair Value (SR) 92.00 Price as of 2 nd of March 2014 (SR) 81.75 Expected return 12.5% Company data Tadawul symbol 4002.SE 52- week high (SR) 94.00 52-week low(sr) 52.25 YTD change

More information

Borussia Dortmund GmbH & Co. KGaA

Borussia Dortmund GmbH & Co. KGaA BANKHAUS LAMPE // 58 Borussia Dortmund GmbH & Co. KGaA There is still potential 28/01/2016 Buy (Buy) 5.00 EUR (5.00 EUR ) Close 25/01/2016 3.93 EUR Bloomberg: BVB GY WKN: 549309 Sector Share price performance

More information

Interim report April-June 2003

Interim report April-June 2003 Interim report April-June 2003 Pre-tax profit for the second quarter amounted to SEK -34m, which is a SEK 30m improvement compared to last year (SEK -64m). Software revenue grew by 5% during the second

More information

Marti Otel. Martı REIT OUTPERFORM MARKETPERFORM. 01 November 2010. Equity / Small Cap. / Tourism. Upside Potential* 38%

Marti Otel. Martı REIT OUTPERFORM MARKETPERFORM. 01 November 2010. Equity / Small Cap. / Tourism. Upside Potential* 38% Equity / Small Cap. / Tourism 01 November 2010 Marti Otel Bloomberg: MARTI TI Reuters: MARTI IS Equity / Small Cap. / Real Estate Investment Trust Martı REIT Bloomberg: MRGYO TI REIT IPO unlocks the value

More information

What Do Short-Term Liquidity Ratios Measure? What Is Working Capital? How Is the Current Ratio Calculated? How Is the Quick Ratio Calculated?

What Do Short-Term Liquidity Ratios Measure? What Is Working Capital? How Is the Current Ratio Calculated? How Is the Quick Ratio Calculated? What Do Short-Term Liquidity Ratios Measure? What Is Working Capital? HOCK international - 2004 1 HOCK international - 2004 2 How Is the Current Ratio Calculated? How Is the Quick Ratio Calculated? HOCK

More information

Herzogenaurach, Germany, July 27, 2004 PUMA AG announces its consolidated nd

Herzogenaurach, Germany, July 27, 2004 PUMA AG announces its consolidated nd P Quarter P Half-Year For immediate release MEDIA CONTACT: INVESTOR CONTACT: U.S.A.: Lisa Beachy, Tel. +1 617 488 2945 Europe: Ulf Santjer, Tel. +49 9132 81 2489 Dieter Bock, Tel. +49 9132 81 2261 Herzogenaurach,

More information

SAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013

SAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013 SAF-HOLLAND Annual Financial Statements 212 Detlef Borghardt, CEO Wilfried Trepels, CFO March 14, 213 Executive Summary business volume successfully expanded in 212 1 Group sales increased yoy by 3.4%

More information

Year-end Dec 2013A 2014E 2015E 2016E Key data. # Priced at market close, 29/09/14

Year-end Dec 2013A 2014E 2015E 2016E Key data. # Priced at market close, 29/09/14 This research is intended for UK institutional investors only and market professionals. It is not intended for retail customers and any retail customer should seek professional, independent advice before

More information

Increasing market share in a receding market

Increasing market share in a receding market Interim report for the first quarter of the financial year 2008/2009 Increasing market share in a receding market First quarter (September November 2008) KappAhl s net sales (excluding VAT) for the period

More information

Net sales increased with 16% to SEK 76.1 m (65.6). Net sales for the last four quarters totalled SEK 255.0 m (306.6)

Net sales increased with 16% to SEK 76.1 m (65.6). Net sales for the last four quarters totalled SEK 255.0 m (306.6) HMS Networks AB (publ) Interim report January-March 2010 First quarter 2010 Net sales increased with 16% to SEK 76.1 m (65.6). Net sales for the last four quarters totalled SEK 255.0 m (306.6) Operating

More information

First Half 2015 Results (January-June) Madrid, July 24 th 2015

First Half 2015 Results (January-June) Madrid, July 24 th 2015 First Half 2015 Results (January-June) Madrid, July 24 th 2015 Table of Contents 1. 1H 2015 Highlights 2. Backlog Execution 3. Update on Tulpar Transaction 4. Commercial Activity 5. Profit & Loss 6. Cash

More information

Full Year Results 2014

Full Year Results 2014 Full Year Results 2014 18 March 2015 Conference call on FY Results 2014 Corporate Finance & Investor Relations AGENDA FY 2014 results presentation Highlights 2014 Financials 2014 Outlook 2015 Appendix

More information

Agrium Inc. - Company Profile, SWOT & Financial Report

Agrium Inc. - Company Profile, SWOT & Financial Report - Company Profile, SWOT & Financial Report ICD Research. This product is licensed and not to be photocopied _ TABLE OF CONTENTS 1 Agrium Inc. - Key Employees... 7 2 Agrium Inc. - Key Employee Biographies...

More information

Financial Results. siemens.com

Financial Results. siemens.com s Financial Results Fourth Quarter and Fiscal 2015 siemens.com Key figures (in millions of, except where otherwise stated) Volume Q4 % Change Fiscal Year % Change FY 2015 FY 2014 Actual Comp. 1 2015 2014

More information

Q2 / H1 2015 results. Investor Presentation 30 July 2015

Q2 / H1 2015 results. Investor Presentation 30 July 2015 Q2 / H1 2015 results Investor Presentation 30 July 2015 Information Full year consolidated financial statements at 31 December are audited Half year financial statements are subject to limited review by

More information

Focus on fleet customers SAF-HOLLAND Annual Financial Statements 2013

Focus on fleet customers SAF-HOLLAND Annual Financial Statements 2013 Focus on fleet customers SAF-HOLLAND Annual Financial Statements 213 Detlef Borghardt, CEO Wilfried Trepels, CFO March 13, 214 Agenda 1 Financials 3 2 Appendix 21 2 Executive Summary 1 2 3 Group sales

More information

The world leader in photodynamic technology

The world leader in photodynamic technology Brilliance in photodynamic technology TM The world leader in photodynamic technology Presentation of third quarter 2010 results 27 October 2010 Kjetil Hestdal, President & CEO Christian Fekete, CFO The

More information

Current Ratio: Current Assets / Current Liabilities. Measure of whether company has enough cash to cover immediate expenses

Current Ratio: Current Assets / Current Liabilities. Measure of whether company has enough cash to cover immediate expenses 1 Beta: a measure of a stock s volatility relative to the overall market (typically the S&P500 index is used as a proxy for the overall market ). The higher the beta, the more volatile the stock price.

More information

Advanced Merger Model Quick Reference Common Formulas & Model Setup. http://breakingintowallstreet.com. Transaction Structure & Assumptions

Advanced Merger Model Quick Reference Common Formulas & Model Setup. http://breakingintowallstreet.com. Transaction Structure & Assumptions Transaction Structure & Assumptions Equity Purchase Price = Diluted Shares Outstanding * Per Share Purchase Price For private companies, you don t have shares outstanding or share prices, so the equity

More information

OptimizeRx OPRX. Buy. Platform Potential Continues to Grow $0.87 $4.00. Refer to the last two pages of this report for Disclosures

OptimizeRx OPRX. Buy. Platform Potential Continues to Grow $0.87 $4.00. Refer to the last two pages of this report for Disclosures Nov 14, 2014 Healthcare OptimizeRx Platform Potential Continues to Grow Other OTC OPRX Buy Rating Unchanged Current Price $0.87 Target Price $4.00 Market Capitalization 20.32M Shares Outstanding 23.36M

More information

FORACO INTERNATIONAL REPORTS Q3 2014

FORACO INTERNATIONAL REPORTS Q3 2014 NEWS RELEASE FORACO INTERNATIONAL REPORTS Q3 2014 Toronto, Ontario / Marseille, France Tuesday, November 4, 2014 Foraco International SA (TSX:FAR) (the Company or Foraco ), a leading global provider of

More information

Earnings Release Q3 FY 2015 April 1 to June 30, 2015

Earnings Release Q3 FY 2015 April 1 to June 30, 2015 Munich, Germany, July 30, 2015 Earnings Release FY 2015 April 1 to June 30, 2015 Solid performance, softening market environment»overall our businesses delivered solid underlying profitability despite

More information

22 December 2015 YOC AG. FIRST BERLIN Equity Research

22 December 2015 YOC AG. FIRST BERLIN Equity Research FIRST ERLIN Equity Research RATING Germany / Advertising Primary exchange: Frankfurt, Xetra 9M/15 Results PRICE TARGET 3.00 loomberg: YOC GR Return Potential 53.3% ISIN: DE0005932735 Risk Rating High Q3

More information

2 N D Q U A R T E R 2 0 1 6. O s l o, 1 8 J u l y 2 0 1 6

2 N D Q U A R T E R 2 0 1 6. O s l o, 1 8 J u l y 2 0 1 6 2 N D Q U A R T E R 2 1 6 O s l o, 1 8 J u l y 2 1 6 Agenda Per A Sørlie, President & CEO Highlights Business areas Outlook Per Bjarne Lyngstad, CFO Financial performance 2 Highlights 2 nd quarter 216

More information

Drägerwerk AG & Co. KGaA Analyst Conference 2015. Frankfurt, March 11, 2015

Drägerwerk AG & Co. KGaA Analyst Conference 2015. Frankfurt, March 11, 2015 Drägerwerk AG & Co. KGaA Analyst Conference 2015 Frankfurt, March 11, 2015 Disclaimer This presentation does not constitute an offer of securities for sale or a solicitation of an offer to purchase any

More information

Revenues before loan loss provisions almost stable at EUR 2.3 bn despite seasonal effects

Revenues before loan loss provisions almost stable at EUR 2.3 bn despite seasonal effects Press release For business desks 7 November 2013 Commerzbank: operating profit of EUR 103 m in third quarter Revenues before loan loss provisions almost stable at EUR 2.3 bn despite seasonal effects Annual

More information

Growth in ReSound leveling off

Growth in ReSound leveling off 11.2.214 GN STORE NORD - REDUCE Growth in ReSound leveling off We expect GN Store Nord to report strong Q4 13 results, but reiterate our Reduce recommendation ahead of the report. With high expectations

More information

ELEKTA AB (publ) Interim report for the three months ended July 31, 2001

ELEKTA AB (publ) Interim report for the three months ended July 31, 2001 ELEKTA AB (publ) Interim report for the three months ended July 31, 21 Operating profit was improved by SEK 5 M to SEK 33 M (loss: 17) and the operating margin increased to 6 percent (neg: 4). Strong order

More information

Reliance Industries. (CMP/TP: `732/1,006) (Buying Range: `732 to `747)

Reliance Industries. (CMP/TP: `732/1,006) (Buying Range: `732 to `747) (CMP/TP: `732/1,006) (Buying Range: `732 to `747) Core business margins to stabilise: RIL reported robust refining margins of US$10.2/bbl in 1HFY2012. However, during 3QFY2012, Singapore gross refining

More information

2015 Results and Prospects

2015 Results and Prospects PRESS RELEASE Paris, 23 March 2016 2015 Results and Prospects Revenues: 2,579.3 million, up 3.2% EBITDA: 342.0 million, an operating margin of 13.3% 2016 Objectives: revenues close to 3 billion and an

More information

Ludwigshafen, February 25, 2014

Ludwigshafen, February 25, 2014 Ludwigshafen, February 25, 2014 Analyst Conference FY2013 Cautionary note regarding forward-looking statements This presentation may contain forward-looking statements that are subject to risks and uncertainties,

More information

INTERIM REPORT JANUARY 1 SEPTEMBER 30, 2011

INTERIM REPORT JANUARY 1 SEPTEMBER 30, 2011 Q3 INTERIM REPORT JANUARY 1 SEPTEMBER 30, 2011 Helsinki, October 27, 2011 Fiskars Corporation Interim Report January 1 - September 30, 2011 October 27, 2011 Third quarter: Net sales and operating profit

More information

Half year results 2011

Half year results 2011 Half year results 2011 29 July 2011 Bert De Graeve, Chief Executive Officer Bruno Humblet, Chief Financial Officer Address by Bert De Graeve, Chief Executive Officer Introductory remark The consolidated

More information

Klöckner & Co SE. Q3 2014 Results

Klöckner & Co SE. Q3 2014 Results Klöckner & Co SE A Leading Multi Metal Distributor Gisbert Rühl CEO Marcus A. Ketter CFO Results Analysts and Investors Conference November 6, Disclaimer This presentation contains forward-looking statements

More information

Financial Analysis Project. Apple Inc.

Financial Analysis Project. Apple Inc. MBA 606, Managerial Finance Spring 2008 Pfeiffer/Triangle Financial Analysis Project Apple Inc. Prepared by: Radoslav Petrov Course Instructor: Dr. Rosemary E. Minyard Submission Date: 5 May 2008 Petrov,

More information

2012 Southwest IDEAS Investor Conference

2012 Southwest IDEAS Investor Conference 2012 Southwest IDEAS Investor Conference November 14, 2012 This presentation contains statements which constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform

More information

Siegfried when substance matters Semi-annual report 2008

Siegfried when substance matters Semi-annual report 2008 Siegfried when substance matters Semi-annual report 2008 Key figures Continuing Operations 1 st Half-Year 2008 1 st Half-Year 2007 Difference Change in % Net sales (million CHF) 159.6 157.8 1.8 1.2 Net

More information

Consolidated revenue for the period is 21 822 (18 694) KSEK, up 17% compared to the same period last year.

Consolidated revenue for the period is 21 822 (18 694) KSEK, up 17% compared to the same period last year. Financial and operational highlights April June 2013 Consolidated revenue for the period is 21 822 (18 694) KSEK, up 17% compared to the same period last year. Operating result for the period is 4 524

More information

Third quarter results FY2015. August 17, 2015

Third quarter results FY2015. August 17, 2015 Third quarter results FY2015 August 17, 2015 Disclaimer Stabilus S.A. (the Company, later Stabilus ) has prepared this presentation solely for your information. It should not be treated as giving investment

More information

Gujarat State Petronet Ltd. INR 135

Gujarat State Petronet Ltd. INR 135 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 India Equity Institutional Research Oil & Gas RESULT UPDATE Gujarat State Petronet Ltd. INR 135 Growth in volumes to propel earnings Accumulate Gujarat

More information

NEUTRAL. Weak FY14, but positive outlook thereafter. June 5 th, 2015

NEUTRAL. Weak FY14, but positive outlook thereafter. June 5 th, 2015 EQUITY RESEARCH FY14 Update June 5 th, 2015 Weak FY14, but positive outlook thereafter NEUTRAL Current Share Price ( ): 3.4 Target Price ( ): 3.8 Enertronica 1Y Performance 120 Weak FY2014 figures, due

More information

Diluted net income per share. Six months ended Sep. 30, 2012 0.40 0.39 Six months ended Sep. 30, 2011 (1.09) -

Diluted net income per share. Six months ended Sep. 30, 2012 0.40 0.39 Six months ended Sep. 30, 2011 (1.09) - November 9, 2012 Summary of Consolidated Financial Results for the Second Quarter of Fiscal Year Ending March 31, 2013 (Six Months Ended September 30, 2012) [Japanese GAAP] Company name: Japan System Techniques

More information

W.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9

W.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9 W.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9 News Release GRAINGER REPORTS RESULTS FOR THE 2015 FIRST QUARTER Revises 2015 Guidance Quarterly Summary Sales of $2.4 billion, up 2 percent Operating

More information

5 November 2014 Pharming Group NV. FIRST BERLIN Equity Research. 9M 2014 Results & US Product Launch

5 November 2014 Pharming Group NV. FIRST BERLIN Equity Research. 9M 2014 Results & US Product Launch FIRST ERLIN Equity Research Netherlands / iotechnology Primary exchange: Euronext Amsterdam / Secondary exchange: Frankfurt 9M 2014 Results & US Product Launch 5 P ha RATING UY PRICE TARGET 1.50 loomberg:

More information

Interim report January-September 2015

Interim report January-September 2015 Interim report January-September 2015 Unless otherwise stated in this report, all data refers to the Group. Figures in parentheses relate to the corresponding period in 2014. Zubsolv growth driven by patient

More information

The Edge Market - Features v 1 WW 1

The Edge Market - Features v 1 WW 1 The Edge Market - Features v 1 WW 1 Key Features of The Edge Market Dashboard The Dashboard offers data & analytics on all listed companies on the Bursa Malaysia and Singapore Exchange. These include the

More information

Investor & Analyst Conference Call

Investor & Analyst Conference Call Interim Financial i lreport H1/2015 Investor & Analyst Conference Call 06 August 2015 Investor Relations Agenda. 1. Financials H1/2015 2. Review and outlook 2015 Page 2 SGL Group Investor Relations 06

More information

For personal use only

For personal use only GROUP HIGHLIGHTS 1H12 1H11 % Premium revenue $554.4m $495.0m 12.0 Total policyholders 457,768 430,582 6.3 Net underwriting profit $42.7m $40.9m 4.5 Net investment income $12.4m $18.6m (33.2) Net profit

More information

Full Year Results 2012. Conference Call Presentation, 21 st March 2013

Full Year Results 2012. Conference Call Presentation, 21 st March 2013 Full Year Results 2012 Conference Call Presentation, 21 st March 2013 0 Disclaimer This presentation may contain forward-looking statements based on current assumptionsandforecastsmadebybrenntag AG and

More information

Management Presentation Q2/2012 Results. 8 August 2012

Management Presentation Q2/2012 Results. 8 August 2012 Management Presentation Q2/2012 Results 8 August 2012 Cautionary statement This presentation contains forward-looking statements which involve risks and uncertainties. The actual performance, results and

More information

Strong first quarter sales growth in all business groups

Strong first quarter sales growth in all business groups Strong first quarter sales growth in all business groups Agfa-Gevaert announced its first quarter results. All business groups reported solid sales, leading to an increase in Group sales of 8.1 percent

More information