Cantargia

Country:
Sector:
Market cap (m):
Sweden
Healthcare
SEK 1,196.64
Bloomberg:
Reuters:
Website:
CANTA SS
CANTA.ST
Share price (close):
SEK 18.08

Latest Reports

26 MAR 2019
Commissioned Research: Directed share issue of SEK 106m completed
On 21 March, Cantargia announced that it had completed a directed share issue of around SEK 106m. The proceeds will enable expanded investments in the company's main project CAN04, with a new clinical study in the US and an expansion of the most promising patient sub-group of the ongoing clinical CANFOUR study, according to the company. The participants in the share issue include a number of new institutional investors, such as Alecta and Handelsbanken Fonder, meaning that Cantargia's already solid shareholder base has been further strengthened. Marketing material commissioned by Cantargia

Analysts: Klas Pyk
1 MAR 2019
Commissioned Research: First patient treated in phase IIa
With the first patient treated in phase IIa of the CANFOUR trial, Cantargia is steadily moving towards finalising the next clinical step for its flagship product, CAN04. In the phase I study, a recommended dose of 10mg/kg was established, which will be tested in phase IIa as a monotherapy and a combination therapy for NSCLC and pancreatic cancer. In total, 80-90 patients will be enrolled and we expect the final readout by early 2020. In Q4, Cantargia's operating loss amounted to SEK 28m, up SEK 14m y/y, mainly driven by higher R&D expenses. Marketing material commissioned by Cantargia.

Analysts: Klas Pyk
20 NOV 2018
Commissioned Research: CANFOUR set to move to the next stage
The key milestone during the third quarter was the interim CANFOUR ph I data presented at ESMO in October, indicating that CAN04 has generally been well tolerated. In addition, the company presented encouraging biomarker results. A maximum tolerated dose has not yet been established and the last cohort has been enrolled, with final dose results expected in Q4, followed by the initiation of ph IIa of the clinical programme. Moreover, Cantargia joined the main list on Nasdaq OMX Stockholm on 24 September, exposing it to a broader group of potential investors. Upcoming triggers in 2018 include ph I data on the final dose level, the initiation of ph IIa and the company releasing its US regulatory and clinical strategy. Marketing material commissioned by Cantargia.

Analysts:
23 AUG 2018
Commissioned Research: Preclinical achievements and CANFOUR update
Cantargia delivered a Q2 with slightly higher R&D spending than we had anticipated. Otherwise, there was limited news in the report, as the delay in the results from the ph I part of the CANFOUR study, as well as preclinical progress, had already been announced. CAN04 has shown a good safety profile so far, however, and the company presented new preclinical findings and improved its patent situation during the quarter. We make slight positive revisions to our milestone assumptions following the report, and raise our estimates due to the stronger USD. Marketing material commissioned by Cantargia.

Analysts:
16 MAY 2018
Commissioned Research: First part of CANFOUR is nearing completion
Cantargia reported Q1 EBIT of SEK -15.3m, compared with our estimate of SEK -19.6m and SEK -18.4m in Q1 2017. The better result was attributable to lower R&D spending in the quarter y/y and versus our estimates. Marketing material commissioned by Cantargia.

Analysts:
9 MAY 2018
Commissioned Research: Innovative antibody with combination potential
Immuno-oncology is a rapidly evolving field and has recently experienced a flurry of partnership deals. In the last five years, the segment accounted for 32 of the 35 multi-billion dollar oncology licensing deals. Cantargia’s lead candidate is the antibody CAN04, which has a dual mechanism of action, as it fights cancer by activating the immune system and by blocking signals that lead to tumour growth. It is currently undergoing a phase I/IIa trial within NSCLC and pancreatic cancer. Marketing material commissioned by Cantargia.

Analysts:

Equity analysts

Analyst

Key persons

CEO: Göran Forsberg

CFO: Bengt Jöndell

Chairman: Magnus Persson

Numbers
Nordea
SEKm
2015
2016
2017
2018
2019E
2020E
2021E
Total revenues
0.0
0.0
0.0
0.0
0.0
582.0
0.0
Ebitda (adj.)
-17.02
-47.56
-60.01
-93.31
-108.03
510.44
-73.04
Ebitda - margin
n.a.
n.a.
n.a.
n.a.
n.a.
87.7%
n.a.
EBIT (adj.)
-17.0
-47.6
-60.0
-93.3
-108.0
510.4
-73.0
EBIT (adj.) margin
n.a.
n.a.
n.a.
n.a.
n.a.
87.7%
n.a.
PTP (adj.)
-17.2
-47.5
-60.3
-91.2
-106.4
512.7
-63.6
Net profit from cont oper (adj)
-17.19
-47.49
-60.25
-91.16
-106.37
512.66
-63.57
Shareholders´ Equity
23.8
30.0
246.1
155.0
147.7
660.3
596.8
Net interest bearing debt
-24.5
-34.8
-269.8
-166.8
-147.7
-631.2
-596.8
Net gearing
-103.1%
-116.0%
-109.6%
-107.6%
-100.0%
-95.6%
-100.0%
Net debt/EBITDA
1.4
0.7
4.5
1.8
1.4
-1.2
8.2
Free cash flow to equity
-30.3
-42.3
-41.1
-104.7
-118.2
483.6
-34.5
Diluted number of shares in issue, year-end (m)
13.5
20.9
46.9
66.2
72.8
72.8
72.8
Nordea Markets estimates published on Mar 26, 2019
Source: Company data, Nordea estimates
Per share data and multiples
Nordea
SEK and %
2015
2016
2017
2018
2019E
2020E
2021E
EPS (adj.)
-1.27
-2.27
-1.28
-1.38
-1.46
7.04
-0.87
EPS (adj.) growth
-15.5%
-78.4%
43.5%
-7.3%
-6.1%
582.0%
-112.4%
DPS
0.00
0.00
0.00
0.00
0.00
0.00
0.00
BVPS
1.8
1.4
5.2
2.3
2.0
9.1
8.2
P/E (adj.)
n.a.
n.a.
n.a.
n.a.
n.a.
2.6
n.a.
EV/Sales
n.a.
n.a.
n.a.
n.a.
n.a.
1.18
n.a.
EV/EBITDA (adj.)
n.a.
n.a.
n.a.
n.a.
n.a.
1.34
n.a.
EV/EBIT (adj.)
n.a.
n.a.
n.a.
n.a.
n.a.
1.34
n.a.
P/BV
n.a.
n.a.
1.22
6.06
8.91
1.99
2.21
Dividend yield
n.a.
n.a.
0.0%
0.0%
0.0%
0.0%
0.0%
FCF yield
n.a.
n.a.
-13.7%
-11.1%
-9.0%
36.7%
-2.6%
RoE
n.a.
n.a.
-43.6%
-45.4%
-70.3%
n.a.
-10.1%
ROIC
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Nordea Markets estimates published on Mar 26, 2019
Source: Company data, Nordea estimates

Source: Thomson Reuters