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Enzymatica

Enzymatica

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Enzyme-based medical products

Enzymatica is based in Lund, Sweden, and sells medical devices against infectious diseases. The company's first product is ColdZyme® Munspray, which is marketed for cold virus prophylaxis and anti-cold virus therapeutic.

Double-digit sales growth with most markets in the world, including many in Europe, not yet commercialized.

The main risk is that the company might not be able to meet its future liquidity needs. New entrants to the market, changes in regulation governing medical devices, and R&D failures could also impact the long-term outlook.

Financials

SEKm 2021 2022e 2023e
Sales 57 96 194
Sales growth (%) -48,5 67,9 101,4
EBITDA -40 -27 13
EBITDA margin (%) -69 -28,3 6,9
EBIT adj -47 -34 6
EBIT adj margin (%) -81,4 -35,7 3,3
Pretax profit -47 -36 4
EPS rep -0,31 -0,22 0,02
EPS growth (%) -238,2 28,4 109,7
EPS adj -0,31 -0,22 0,02
DPS 0 0 0
EV/EBITDA (x) -32,2 -32,5 68,1
EV/EBIT adj (x) -27,3 -25,8 144,1
P/E (x) -27,9 -24,1 249,4
P/E adj (x) -27,9 -24,1 249,4
EV/sales (x) 22,3 9,2 4,7
FCF yield (%) -3,2 -7,1 -2,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,8 -0,4 3,1
Lease adj. FCF yield (%) -3,2 -7,1 -2,9
Lease adj. ND/EBITDA 0,8 -0,4 3,1
SEKm 2021 2022e 2023e
Sales 57 96 194
COGS -24 -40 -79
Gross profit 33 56 114
Other operating items -73 -84 -101
EBITDA -40 -27 13
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles -6 -6 -6
EBITA -47 -34 6
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -47 -34 6
Other financial items 0 0 0
Net financial items 0 -2 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -47 -36 4
Tax 0 0 0
Net profit -47 -36 4
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -47 -36 4
EPS -0,31 -0,22 0,02
EPS Adj -0,31 -0,22 0,02
Total extraordinary items after tax 0 0 0
Tax rate (%) -0,7 -0,3 -0,3
Gross margin (%) 58,3 58,6 59
EBITDA margin (%) -69 -28,3 6,9
EBITA margin (%) -81,4 -35,7 3,3
EBIT margin (%) -81,4 -35,7 3,3
Pretax margin (%) -82,2 -37,8 1,8
Net margin (%) -81,7 -37,7 1,8
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -48,5 67,9 101,4
EBITDA growth (%) -693,5 31,2 149,4
EBIT growth (%) -286,4 26,4 118,5
Net profit growth (%) -253,6 22,4 109,7
EPS growth (%) -238,2 28,4 109,7
Profitability 2021 2022 2023
ROE (%) -40,4 -33,9 3,9
ROE Adj (%) -40,4 -33,9 3,9
ROCE (%) -37 -21,4 3,3
ROCE Adj(%) -37 -21,4 3,3
ROIC (%) -48,8 -35,2 5,4
ROIC Adj (%) -48,8 -35,2 5,4
Adj earnings numbers 2021 2022 2023
EBITDA Adj -40 -27 13
EBITDA Adj margin (%) -69 -28,3 6,9
EBITA Adj -47 -34 6
EBITA Adj margin (%) -81,4 -35,7 3,3
EBIT Adj -47 -34 6
EBIT Adj margin (%) -81,4 -35,7 3,3
Pretax profit Adj -47 -36 4
Net profit Adj -47 -36 4
Net profit to shareholders Adj -47 -36 4
Net Adj margin (%) -81,7 -37,7 1,8
Depreciation and amortisation -7 -7 -7
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -40 -27 13
EBITDA lease Adj margin (%) -69 -28,3 6,9
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA -40 -27 13
Net financial items 0 -2 -3
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -40 -29 11
Change in WC 4 -30 -30
Operating cash flow -36 -60 -20
CAPEX tangible fixed assets -6 -3 -6
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -42 -62 -25
Dividend paid 0 0 0
Share issues and buybacks 60 0 0
Other non cash items 7 20 -5
Decrease in net IB debt -14 -21 11
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 63 63 63
Indefinite intangible assets 0 0 0
Definite intangible assets 15 15 16
Tangible fixed assets 15 17 22
Other fixed assets 2 2 2
Fixed assets 92 91 95
Inventories 12 9 18
Receivables 21 36 69
Other current assets 0 0 0
Cash and liquid assets 32 89 59
Total assets 157 225 241
Shareholders equity 125 89 92
Minority 0 0 0
Total equity 125 89 92
Long-term debt 1 1 1
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 2 102 102
Accounts payable 8 12 24
Other current liabilities 22 22 22
Total liabilities and equity 157 225 241
Net IB debt -31 11 41
Net IB debt excl. pension debt -31 11 41
Capital invested 94 100 133
Working capital 4 12 41
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1305 874 874
Net IB debt Adj -31 11 41
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 1274 885 915
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 35,9 50,3 83
Capital invested turnover (%) 117,2 174,4 180,9
Capital employed turnover (%) 90 153,8 169,1
Inventories / sales (%) 7,8 7,4 8,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 10,9 9,8 11
Working capital / sales (%) 9,3 7,9 13,6
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -24,9 12,8 44,7
Net debt / market cap (%) -1,8 1,3 4,7
Equity ratio (%) 79,6 39,4 38,3
Net IB debt adj. / equity (%) -24,9 12,8 44,7
Current ratio (%) 209,4 99,4 99,1
EBITDA / net interest (%) -8725,4 -1302 473,6
Net IB debt / EBITDA (%) 78,7 -41,8 306,6
Interest cover (%) -4522,8 -1526,4 224
Lease liability amortisation 0 0 0
Other intangible assets 12 8 8
Right-of-use asset 0 0 0
Total other fixed assets 2 2 2
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -31 11 41
Net IB debt / EBITDA lease Adj (%) 78,7 -41,8 306,6
SEKm 2021 2022e 2023e
P/E -27,9 -24,1 249,4
EV/sales 22,26 9,21 4,73
EV/EBITDA -32,2 -32,5 68,1
EV/EBITA -27,3 -25,8 144,1
EV/EBIT -27,3 -25,8 144,1
Dividend yield (%) 0 0 0
FCF yield (%) -3,2 -7,1 -2,9
P/BVPS 10,44 9,85 9,48
P/BVPS Adj 26,11 50,67 40,66
P/E Adj -27,9 -24,1 249,4
EV/EBITDA Adj -32,2 -32,5 68,1
EV/EBITA Adj -27,3 -25,8 144,1
EV/EBIT Adj -27,3 -25,8 144,1
EV/cap. employed 10 4,6 4,7
Investment ratios 2021 2022 2023
Capex / sales 10,7 2,8 2,8
Capex / depreciation 86,6 38,7 77,9
Capex tangibles / tangible fixed assets 40,5 16 25,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 53,1 75,7 83,1
Depreciation on tangibles / tangibles 5,5 4,8 3,8
Shares outstanding adj. 149 162 162
Fully diluted shares Adj 149 162 162
EPS -0,31 -0,22 0,02
Dividend per share Adj 0 0 0
EPS Adj -0,31 -0,22 0,02
BVPS 0,84 0,55 0,57
BVPS Adj 0,33 0,11 0,13
Net IB debt / share -0,2 0,1 0,3
Share price 11,81 5,4 5,4
Market cap. (m) 1763 874 874
Valuation 2021 2022 2023
Lease adj. FCF yield (%) -3,2 -7,1 -2,9

Equity research

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Media

Enzymatica - Company presentation with CEO Claus Egstrand
Enzymatica - Company presentation with Chairman of the Board Bengt Baron

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Main shareholders - Enzymatica

Main shareholders Share capital % Voting shares % Verified
Mats K Andersson 20.8 % 20.8 % 31 Dec 2021
Håkan Roos (RoosGruppen) 12.7 % 12.7 % 31 Mar 2022
Björn Algkvist 10.9 % 10.9 % 31 Mar 2022
Gudmundur Palmasson 4.8 % 4.8 % 17 Jan 2022
Agusta Gudmundsdottir 3.5 % 3.5 % 31 Dec 2021
AB Possessor 2.5 % 2.5 % 31 Mar 2022
Nordnet Pensionsförsäkring 2.5 % 2.5 % 31 Mar 2022
Avanza Pension 2.2 % 2.2 % 31 Mar 2022
Swedbank Försäkring 1.6 % 1.6 % 31 Mar 2022
Tom Stendahl 1.6 % 1.6 % 31 Mar 2022
Source: Holdings by Modular Finance AB

Insider list - Enzymatica

Name Quantity Code Date
Ulf Blom + 41 200 BUY 2 Sep 2021
Ulf Blom - 41 200 Redemp 2 Sep 2021
Ulf Blom - 40 000 Redemp 2 Sep 2021
Ulf Blom + 41 200 Redemp 2 Sep 2021
Kristoffer Ahlerup + 1 000 BUY 9 Aug 2021
Bengt Baron + 40 000 BUY 4 Aug 2021
Ulf Blom - 40 000 SELL 4 Aug 2021
Bengt Baron + 10 000 BUY 20 Jul 2021
Bengt Baron + 5 500 BUY 20 Jul 2021
Bengt Baron + 10 000 BUY 19 Jul 2021

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