Moberg Pharma

Country:
Sector:
Market cap (m):
Sweden
Healthcare
SEK 1,053.37
Bloomberg:
Reuters:
Website:
MOB SS
MBPH.ST
Share price (close):
SEK 59.50

Latest Reports

19 SEP 2018
Commissioned Research: First licence agreement for MOB-015
On 18 September, Moberg Pharma announced that the company has signed an exclusive licence agreement with Cipher Pharmaceuticals for MOB-015 in Canada. Moberg Pharma is eligible to receive USD 0.5m upfront and an additional USD 4.1m when development and regulatory milestones have been reached. Pending commercial targets, Moberg Pharma is entitled to further milestone payments of up to USD 10m, as well as royalties. - Marketing material commissioned by Moberg Pharma

20 AUG 2018
Commissioned Research: Breaking the catch-22 of onychomycosis treatment
Moberg Pharma is a speciality pharma company operating three leading flagship brands in the over-the-counter (OTC) market, with an emphasis on onychomycosis (nail fungus) and skin treatments. Its commercial operations are largely conducted in the US, where ~90% of total sales were generated in 2017. In addition, it has two late-stage drug candidates, including a next-generation nail fungus treatment (MOB-015) and a novel treatment for pain caused by oral mucositis (BUPI). Marketing material commissioned by Moberg Pharma.

Equity analysts

Director
Analyst

Key persons

CEO: Peter Wolpert

CFO: Anna Ljung

Chairman: Thomas Eklund

Numbers
Nordea
SEKm
2014
2015
2016
2017
2018E
2019E
2020E
Total revenues
n.a.
285.6
334.3
439.0
431.6
460.6
484.9
Ebitda (adj.)
n.a.
46.40
77.91
89.44
95.93
101.39
118.98
Ebitda - margin
n.a.
16.2%
23.3%
20.4%
22.2%
22.0%
24.5%
EBIT (adj.)
n.a.
35.2
62.2
51.1
57.7
63.3
80.9
EBIT (adj.) margin
n.a.
12.3%
18.6%
11.6%
13.4%
13.7%
16.7%
PTP (adj.)
n.a.
34.6
46.5
11.7
19.0
24.5
42.1
Net profit from cont oper (adj)
n.a.
25.54
32.67
11.16
14.71
19.01
32.62
Shareholders´ Equity
n.a.
352.8
561.6
552.4
567.1
586.1
618.7
Net interest bearing debt
n.a.
-42.0
502.9
472.4
480.9
484.4
438.1
Net gearing
n.a.
-11.9%
89.6%
85.5%
84.8%
82.6%
70.8%
Net debt/EBITDA
n.a.
-0.9
6.5
5.3
5.0
4.8
3.7
Free cash flow to equity
n.a.
-13.2
-698.6
34.1
-8.6
-3.5
46.2
Diluted number of shares in issue, year-end (m)
n.a.
14.2
14.4
17.4
17.7
17.7
17.7
Nordea Markets estimates published on Sep 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.
1.78
2.25
0.64
0.83
1.07
1.84
EPS (adj.) growth
n.a.
86.1%
26.9%
-71.8%
30.6%
29.2%
71.6%
DPS
n.a.
0.00
0.00
0.00
0.00
0.00
0.00
BVPS
n.a.
24.9
39.0
31.7
32.0
33.1
35.0
P/E (adj.)
n.a.
37.2
25.3
43.5
71.6
55.4
32.3
EV/Sales
n.a.
3.1
4.0
2.2
3.6
3.3
3.1
EV/EBITDA (adj.)
n.a.
19.25
17.00
10.68
15.99
15.17
12.54
EV/EBIT (adj.)
n.a.
25.39
21.30
18.70
26.57
24.29
18.45
P/BV
n.a.
2.7
1.5
0.9
1.9
1.8
1.7
Dividend yield
n.a.
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
FCF yield
n.a.
-1.4%
-85.0%
7.1%
-0.8%
-0.3%
4.4%
RoE
n.a.
7.8%
7.1%
2.0%
2.6%
3.3%
5.4%
ROIC
n.a.
9.6%
7.0%
3.8%
4.3%
4.6%
5.9%
Nordea Markets estimates published on Sep 19, 2018
Source: Company data, Nordea estimates

Source: Thomson Reuters