Idogen

Country:
Sector:
Market cap (m):
Sweden
Healthcare
SEK 67.16
Bloomberg:
Reuters:
Website:
IDOGEN SS
IDOGEN.TE
Share price (close):
SEK 1.39

Latest Reports

19 DEC 2018
Commissioned Research: Scalable technology opportunity in immunology
Idogen's patented, scalable cell therapy technology is the basis for its two lead projects targeting haemophilia A and kidney transplant rejection. Together, they represent an estimated annual market opportunity of SEK 4.4bn. Orphan drug designation and Horizon 2020 funding were granted and potential upfront payments from licensing deals could be valued at as much as 5x Idogen's current market cap. However, neither project is expected to enter clinical trials until 2020; these will last three to four years and the outcome is inherently uncertain. Marketing material commissioned by Idogen

Equity analysts

Director
Analyst

Key persons

CEO: Lars Hedbys

CFO: Ingvar Karlsson

Chairman: Agneta Edberg

Numbers
Nordea
SEKm
2014
2015
2016
2017
2018E
2019E
2020E
Total revenues
n.a.
0.0
0.0
0.0
0.0
0.0
0.0
Ebitda (adj.)
n.a.
-9.66
-12.58
-21.22
-31.25
-33.18
-23.49
Ebitda - margin
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
EBIT (adj.)
n.a.
-9.7
-12.6
-21.3
-32.2
-34.5
-26.1
EBIT (adj.) margin
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
PTP (adj.)
n.a.
-9.7
-12.6
-21.3
-32.2
-34.5
-26.1
Net profit from cont oper (adj)
n.a.
-9.66
-12.60
-21.32
-32.25
-34.50
-26.12
Shareholders´ Equity
n.a.
12.2
18.6
39.9
44.0
9.5
13.8
Net interest bearing debt
n.a.
-11.5
-18.5
-36.9
-38.7
-1.2
-3.6
Net gearing
n.a.
-94.9%
-99.5%
-92.6%
-87.9%
-12.7%
-26.0%
Net debt/EBITDA
n.a.
1.2
1.5
1.7
1.2
0.0
0.2
Free cash flow to equity
n.a.
-9.9
-12.1
-24.2
-34.6
-37.5
-28.0
Diluted number of shares in issue, year-end (m)
n.a.
7.3
12.2
24.2
57.0
48.5
68.5
Nordea Markets estimates published on Dec 19, 2018
Source: Company data, Nordea estimates
Per share data and multiples
Nordea
SEK and %
2014
2015
2016
2017
2018E
2019E
2020E
EPS (adj.)
n.a.
-1.32
-1.03
-0.88
-0.57
-0.71
-0.45
EPS (adj.) growth
n.a.
89.1%
21.8%
14.7%
35.9%
-25.9%
37.2%
DPS
n.a.
0.00
0.00
0.00
0.00
0.00
0.00
BVPS
n.a.
1.7
1.5
1.6
0.8
0.2
0.2
P/E (adj.)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
EV/Sales
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
EV/EBITDA (adj.)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
EV/EBIT (adj.)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
P/BV
n.a.
3.62
7.47
2.74
1.79
7.04
6.87
Dividend yield
n.a.
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
FCF yield
n.a.
-22.4%
-8.7%
-22.1%
-43.8%
-55.8%
-29.5%
RoE
n.a.
n.a.
-81.9%
-72.9%
-76.8%
n.a.
n.a.
ROIC
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Nordea Markets estimates published on Dec 19, 2018
Source: Company data, Nordea estimates

Source: Thomson Reuters