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ADL Bionatur Solutions (BNT)

Business description

Based in Spain, ADL Bionatur Solutions provides contract manufacturing of fermentation-based biochem products and antibiotics, and develops and licenses its own portfolio of OTC and prescription animal health products, including probiotics and vaccines.

Stock data

Market cap.€75.6m
Last close€1.92
High / Low (52 weeks)€3.3 / €1.6
Stock market listingSP
Forecast net debt (€m)45.4
Forecast gearing ratio (%)180
TeamHealthcare
SectorPharmaceuticals & healthcare

Price performance

%1m3m12m
Actual15.71.1(26.2)
Relative *8.4(3.4)(14.2)

* % Relative to local index

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Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2016A N/A N/A N/A N/A N/A N/A
2017A 14.6 (10.4) (13.7) (64.2) N/A N/A
2018E 27.8 (9.2) (13.3) (35.5) N/A N/A
2019E 64.8 5.7 1.2 3.1 61.9 44.7

Last updated on 10/12/2018

Latest research

Investment summary

ADL Bionatur Solutions (ADL-BS) provides contract manufacturing of fermentation-based biochem products and antibiotics, and also develops and licenses its own portfolio of OTC and prescription animal health products, including probiotics and vaccines. ADL will have 2,400m3 of total fermentation capacity available by mid-2019. While this operated at c 40% utilisation in H118, given recent contract wins and the ramping up in 2019 of two largest contracts (a six-year €146m flucosil-lactose deal and an arrangement with Amyris), ADL-BS expects to have 85% of capacity in use by year end 2019. This should drive it to firmly positive company-wide EBITDA and profitability in 2019.

Last updated on 02/01/2019

Industry outlook

We estimate the ADL unit’s solid pipeline of existing CMO contracts will contribute to the unit’s generation of at least €55m in 2019 revenue (vs €12m in 2017). ADL-BS reported H118 net debt of €41.2m, and we estimate year-end 2018 net debt of approximately €45.4m (including a €7.0m loan from its majority shareholder).

Last updated on 02/01/2019

Key management

Pilar de la Huerta, CEO

Company address

Avda. de Antibioticos, 59-61
LEON
24009
Spain
+34 987 89 58 00
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