NattoPharma

Country:
Sector:
Market cap (m):
Norway
Food, Beverages and Ingredients
NOK 231.73
Bloomberg:
Reuters:
Website:
Share price (close):
NOK 11.80

Latest Reports

11 MAR 2019
Commissioned Research: Ready 2 grow
As a leading producer of vitamin K2 concentrate, NattoPharma is positioned to take its share in the emerging K2 supplements market and has an option on clinical applications of the vitamin. In our base case, we see the company delivering a 27% revenue CAGR and a solid ~5 pp EBITDA margin expansion for 2018-23E. We derive a DCF- and multiples-based fair value range of NOK 12-16 per share in our base case, but also identify a blue-sky DCF scenario that could justify NOK 24-35 per share. Marketing material commissioned by NattoPharma

Equity analysts

Key persons

CEO: Kjetil Ramsoy

CFO: Martin Lycke

Chairman: Frode Marc Bohan

Numbers
Nordea
NOKm
2015
2016
2017
2018
2019E
2020E
2021E
Total revenues
31,687.0
53,342.0
66,606.0
107,241.2
137,731.5
178,928.4
n.a.
Ebitda (adj.)
-29,475.00
484.28
5,269.11
6,652.45
10,533.30
15,473.20
n.a.
Ebitda - margin
-93.0%
0.9%
7.9%
6.2%
7.6%
8.6%
n.a.
EBIT (adj.)
-35,304.0
-6,412.7
-2,094.9
-624.9
3,025.6
7,815.3
n.a.
EBIT (adj.) margin
-111.4%
-12.0%
-3.1%
-0.6%
2.2%
4.4%
n.a.
PTP (adj.)
-30,525.0
-9,210.7
-2,246.9
2,631.1
4,725.6
10,535.3
n.a.
Net profit from cont oper (adj)
-29,850.00
-8,554.72
-1,568.89
3,339.38
6,125.56
11,935.31
n.a.
Shareholders´ Equity
92,802.0
76,207.0
111,004.0
109,753.0
115,878.6
127,813.9
n.a.
Net interest bearing debt
-24,761.0
-19,818.0
-13,558.0
-18,655.0
-14,728.8
-15,733.0
n.a.
Net gearing
-26.7%
-26.0%
-12.2%
-17.0%
-12.7%
-12.3%
n.a.
Net debt/EBITDA
0.8
13.5
-4.9
-3.7
-1.4
-1.0
n.a.
Free cash flow to equity
-28,352.0
-6,414.0
-14,604.0
2,831.0
-3,925.8
1,004.2
n.a.
Diluted number of shares in issue, year-end (m)
15,822.0
17,613.0
18,594.0
19,160.9
19,638.2
19,638.2
n.a.
Nordea Markets estimates published on Mar 11, 2019
Source: Company data, Nordea estimates
Per share data and multiples
Nordea
NOK and %
2015
2016
2017
2018
2019E
2020E
2021E
EPS (adj.)
-1.89
-0.87
1.37
0.17
0.31
0.61
n.a.
EPS (adj.) growth
-12.7%
53.7%
257.0%
-87.3%
79.0%
94.8%
n.a.
DPS
0.00
0.00
0.00
0.00
0.00
0.00
n.a.
BVPS
5.9
4.3
6.0
5.7
5.9
6.5
n.a.
P/E (adj.)
n.a.
n.a.
6.6
46.5
37.8
19.4
n.a.
EV/Sales
3.19
2.63
2.34
1.27
1.58
1.21
n.a.
EV/EBITDA (adj.)
n.a.
289.67
29.54
20.53
20.60
13.96
n.a.
EV/EBIT (adj.)
n.a.
n.a.
n.a.
n.a.
71.72
27.64
n.a.
P/BV
1.36
2.10
1.52
1.41
2.00
1.81
n.a.
Dividend yield
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
n.a.
FCF yield
-22.5%
-4.0%
-8.6%
1.8%
-1.7%
0.4%
n.a.
RoE
-35.4%
-20.5%
24.6%
1.6%
5.4%
9.8%
n.a.
ROIC
-34.7%
-6.7%
-1.6%
-0.4%
1.9%
4.5%
n.a.
Nordea Markets estimates published on Mar 11, 2019
Source: Company data, Nordea estimates

Source: Thomson Reuters