A Business at a Glance
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| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 828M | 828M | 1.0B | 446M | 301M | 285M |
| Net Income | 143M | 143M | 215M | -49M | -74M | 43M |
| EPS | $1.82 | $1.82 | $2.79 | $-0.69 | $-1.17 | $0.79 |
| Free Cash Flow | 270M | 270M | 142M | -20M | -134M | 57M |
| ROIC | 10.5% | 7.9% | 11.6% | -0.6% | -2.6% | 4.0% |
| Gross Margin | 49.3% | 49.3% | 65.2% | 54.0% | 30.1% | 35.5% |
| Debt/Equity | 0.00 | 0.02 | 0.12 | 0.41 | 0.38 | 0.46 |
| Dividends/Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Operating Income | 136M | 136M | 219M | -10M | -50M | 58M |
| Operating Margin | 16.4% | 16.4% | 21.3% | -2.2% | -16.5% | 20.5% |
| ROE | 9.2% | 9.2% | 14.3% | -4.9% | -6.3% | 5.3% |
| Shares Outstanding | 78M | 78M | 77M | 71M | 63M | 54M |
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 285M | 301M | 446M | 1.0B | 828M | 828M |
| Gross Margin | 35.5% | 30.1% | 54.0% | 65.2% | 49.3% | 49.3% |
| R&D | -53M | -63M | -167M | -324M | -125M | -125M |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 58M | -50M | -10M | 219M | 136M | 136M |
| Op. Margin | 20.5% | -16.5% | -2.2% | 21.3% | 16.4% | 16.4% |
| Net Income | 43M | -74M | -49M | 215M | 143M | 143M |
| Net Margin | 15.0% | -24.5% | -11.0% | 20.9% | 17.3% | 17.3% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||
| ROIC | 4.0% | -2.6% | -0.6% | 11.6% | 7.9% | 10.5% |
| ROE | 5.3% | -6.3% | -4.9% | 14.3% | 9.2% | 9.2% |
| ROA | 2.9% | -3.8% | -2.8% | 10.3% | 7.1% | 7.1% |
| Cash Flow | ||||||
| Op. Cash Flow | 88M | -57M | 31M | 163M | 282M | 282M |
| Free Cash Flow | 57M | -134M | -20M | 142M | 270M | 270M |
| Owner Earnings | 28M | -128M | -32M | -7.0M | 175M | 175M |
| CapEx | 32M | 77M | 51M | 21M | 12M | 12M |
| Maint. CapEx | 55M | 62M | 56M | 162M | 96M | 96M |
| Growth CapEx | 0 | 15M | 0 | 0 | 0 | 0 |
| D&A | 55M | 62M | 56M | 162M | 96M | 96M |
| CapEx/OCF | 35.8% | N/A | 164.2% | 12.7% | 4.2% | 4.2% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 1.7M | 1.4M | 1.3M | 1.3M | 4.0M | 4.0M |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | 0.0% |
| Stock-Based Comp | 5.1M | 9.0M | 7.0M | 8.1M | 11M | 11M |
| Debt Repayment | 212M | 345K | 53M | 161M | 278K | 278K |
| Balance Sheet | ||||||
| Net Debt | 327M | 351M | 337M | -37M | -208M | -235M |
| Cash & Equiv. | 44M | 94M | 81M | 215M | 235M | 235M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.46 | 0.38 | 0.41 | 0.12 | 0.02 | 0.00 |
| Interest Coverage | 1.9 | -1.6 | -0.2 | 11.4 | 7.9 | 7.9 |
| Equity | 811M | 1.2B | 1.0B | 1.5B | 1.5B | 1.5B |
| Total Assets | 1.5B | 1.9B | 1.8B | 2.1B | 2.0B | 2.0B |
| Total Liabilities | 645M | 748M | 742M | 584M | 473M | 473M |
| Intangibles | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 707M | 1.0B | 892M | 1.4B | 1.4B | 1.4B |
| Working Capital | 202M | 451M | 311M | 381M | 306M | 306M |
| Current Assets | 476M | 754M | 635M | 786M | 752M | 752M |
| Current Liabilities | 274M | 303M | 324M | 406M | 446M | 446M |
| Per Share Data | ||||||
| EPS | 0.79 | -1.17 | -0.69 | 2.79 | 1.82 | 1.82 |
| Owner EPS | 0.51 | -2.03 | -0.46 | -0.09 | 2.23 | 2.23 |
| Book Value | 14.91 | 18.63 | 14.27 | 19.59 | 19.74 | 19.74 |
| Cash Flow/Share | 1.81 | -0.19 | 0.10 | 4.90 | 3.05 | 3.05 |
| Dividends/Share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares Out. | 54.4M | 62.8M | 70.9M | 76.8M | 78.4M | 78.4M |
| Valuation | ||||||
| P/E Ratio | 40.3 | -33.6 | -43.2 | 9.4 | 14.8 | 108.2 |
| P/FCF | 30.4 | N/A | N/A | 14.2 | 7.9 | 57.2 |
| EV/EBIT | 35.0 | N/A | N/A | 9.1 | 14.1 | 112.0 |
| Price/Book | 2.1 | 2.1 | 2.1 | 1.3 | 1.4 | 10.0 |
| Price/Sales | 6.0 | 8.2 | 4.8 | 2.0 | 2.6 | 18.7 |
| FCF Yield | 3.3% | -5.4% | -0.9% | 7.0% | 12.7% | 1.7% |
| Market Cap | 1.7B | 2.5B | 2.1B | 2.0B | 2.1B | 15.5B |
| Avg. Price | 27.67 | 42.93 | 30.93 | 26.60 | 27.07 | 197.40 |
| Year-End Price | 31.64 | 39.51 | 29.95 | 26.27 | 27.09 | 197.40 |
Bavarian Nordic A/S passes 3 of 9 quality checks, indicating weak fundamentals.
Bavarian Nordic A/S trades at 108.2x trailing earnings, compared to its 15-year median P/E of 14.8x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 57.2x vs a median of 14.2x. The company's 5-year average ROIC is 4.1% with a gross margin of 46.8%. At current prices, the estimated annualized return to fair value is +18.6%.
Bavarian Nordic A/S (BAVA-CO) has a current P/E ratio of 108.2, compared to its historical median P/E of 14.8. The stock is currently considered Expensive based on its historical valuation range.
Bavarian Nordic A/S (BAVA-CO) has a 5-year average return on invested capital (ROIC) of 4.1%. This is below average and may indicate limited pricing power.
Bavarian Nordic A/S (BAVA-CO) has a market capitalization of $15.5B. It is classified as a large-cap stock.
Bavarian Nordic A/S (BAVA-CO) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.03%.
Based on historical P/E analysis, Bavarian Nordic A/S (BAVA-CO) appears expensive. The current P/E of 108.2 is 629% above its historical median of 14.8. The estimated fair value CAGR (P/E method) is 19.2%.
Bavarian Nordic A/S (BAVA-CO) reported annual revenue of $828 million in its most recent fiscal year, based on SEC EDGAR filings.
Bavarian Nordic A/S (BAVA-CO) has a net profit margin of 17.3%. This is a healthy margin.
Bavarian Nordic A/S (BAVA-CO) generated $270 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Bavarian Nordic A/S (BAVA-CO) has a debt-to-equity ratio of 0.02. This indicates a conservatively financed balance sheet.
Bavarian Nordic A/S (BAVA-CO) reported earnings per share (EPS) of $1.82 in its most recent fiscal year.
Bavarian Nordic A/S (BAVA-CO) has a return on equity (ROE) of 9.2%. This indicates moderate shareholder returns.
Bavarian Nordic A/S (BAVA-CO) has a 5-year average gross margin of 46.8%. This indicates decent pricing power.
The Ledger Terminal provides 5 years of financial data for Bavarian Nordic A/S (BAVA-CO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Bavarian Nordic A/S (BAVA-CO) has a book value per share of $19.74, based on its most recent annual SEC filing.