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Bavarian Nordic

DB:BV3
Snowflake Description

High growth potential and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BV3
DB
DKK7B
Market Cap
  1. Home
  2. DE
  3. Pharmaceuticals & Biotech
Company description

Bavarian Nordic A/S, a biotechnology company, develops, manufactures, and commercializes a portfolio of cancer immunotherapies and vaccines for infectious diseases. The last earnings update was 45 days ago. More info.


Add to Portfolio Compare Print
  • Bavarian Nordic has significant price volatility in the past 3 months.
BV3 Share Price and Events
7 Day Returns
12.3%
DB:BV3
-0.7%
DE Biotechs
-0.6%
DE Market
1 Year Returns
-13.6%
DB:BV3
-13.2%
DE Biotechs
-20.9%
DE Market
BV3 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bavarian Nordic (BV3) 12.3% -44.4% -25.5% -13.6% -64.7% -68.3%
DE Biotechs -0.7% -8.2% -21% -13.2% 13.2% -11.8%
DE Market -0.6% -18.6% -26.2% -20.9% -25.8% -31.8%
1 Year Return vs Industry and Market
  • BV3 matched the Biotechs industry (-13.2%) over the past year.
  • BV3 outperformed the Market in Germany which returned -20.9% over the past year.
Price Volatility
BV3
Industry
5yr Volatility vs Market

BV3 Value

 Is Bavarian Nordic undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Bavarian Nordic to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bavarian Nordic.

DB:BV3 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.6%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:BV3
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Biotechs Unlevered Beta Simply Wall St/ S&P Global 1.19
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.188 (1 + (1- 22%) (25.95%))
1.287
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.29
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.287 * 5.44%)
6.61%

Discounted Cash Flow Calculation for DB:BV3 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Bavarian Nordic is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:BV3 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (DKK, Millions) Source Present Value
Discounted (@ 6.61%)
2020 248.00 Analyst x1 232.62
2021 31.40 Analyst x1 27.63
2022 255.00 Analyst x1 210.44
2023 421.44 Est @ 65.27% 326.23
2024 613.51 Est @ 45.57% 445.46
2025 808.51 Est @ 31.78% 550.64
2026 987.46 Est @ 22.13% 630.80
2027 1,139.28 Est @ 15.38% 682.66
2028 1,260.57 Est @ 10.65% 708.50
2029 1,353.03 Est @ 7.34% 713.31
Present value of next 10 years cash flows DKK4,528.00
DB:BV3 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= DKK1,353.03 × (1 + -0.39%) ÷ (6.61% – -0.39%)
DKK19,250.04
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= DKK19,250.04 ÷ (1 + 6.61%)10
DKK10,148.42
DB:BV3 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= DKK4,528.00 + DKK10,148.42
DKK14,676.42
Equity Value per Share
(DKK)
= Total value / Shares Outstanding
= DKK14,676.42 / 58.23
DKK252.03
DB:BV3 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:BV3 represents 0.13537x of CPSE:BAVA
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.13537x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (DKK) x Listing Adjustment Factor
= DKK 252.03 x 0.13537
€34.12
Value per share (EUR) From above. €34.12
Current discount Discount to share price of €16.42
= -1 x (€16.42 - €34.12) / €34.12
51.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Bavarian Nordic is available for.
Intrinsic value
>50%
Share price is €16.42 vs Future cash flow value of €34.12
Current Discount Checks
For Bavarian Nordic to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Bavarian Nordic's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Bavarian Nordic's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bavarian Nordic's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bavarian Nordic's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:BV3 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in DKK DKK-10.74
CPSE:BAVA Share Price ** CPSE (2020-04-03) in DKK DKK121.3
Europe Biotechs Industry PE Ratio Median Figure of 24 Publicly-Listed Biotechs Companies 40.67x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 16.57x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bavarian Nordic.

DB:BV3 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= CPSE:BAVA Share Price ÷ EPS (both in DKK)

= 121.3 ÷ -10.74

-11.29x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bavarian Nordic is loss making, we can't compare its value to the Europe Biotechs industry average.
  • Bavarian Nordic is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does Bavarian Nordic's expected growth come at a high price?
Raw Data
DB:BV3 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -11.29x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
42.3%per year
Europe Biotechs Industry PEG Ratio Median Figure of 19 Publicly-Listed Biotechs Companies 1.62x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.17x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Bavarian Nordic, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Bavarian Nordic's assets?
Raw Data
DB:BV3 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in DKK DKK57.72
CPSE:BAVA Share Price * CPSE (2020-04-03) in DKK DKK121.3
Germany Biotechs Industry PB Ratio Median Figure of 14 Publicly-Listed Biotechs Companies 3.33x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.44x
DB:BV3 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= CPSE:BAVA Share Price ÷ Book Value per Share (both in DKK)

= 121.3 ÷ 57.72

2.1x

* Primary Listing of Bavarian Nordic.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bavarian Nordic is good value based on assets compared to the DE Biotechs industry average.
X
Value checks
We assess Bavarian Nordic's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Biotechs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Biotechs industry average (and greater than 0)? (1 check)
  5. Bavarian Nordic has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

BV3 Future Performance

 How is Bavarian Nordic expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
42.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bavarian Nordic expected to grow at an attractive rate?
  • Bavarian Nordic's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Bavarian Nordic's earnings growth is expected to exceed the Germany market average.
  • Bavarian Nordic's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:BV3 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:BV3 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 42.3%
DB:BV3 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 20.7%
Germany Biotechs Industry Earnings Growth Rate Market Cap Weighted Average 55.2%
Germany Biotechs Industry Revenue Growth Rate Market Cap Weighted Average 24%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:BV3 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in DKK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:BV3 Future Estimates Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 3,189 707 428 3
2023-12-31 2,948 693 382 3
2022-12-31 3,073 675 325 3
2021-12-31 2,441 352 102 4
2020-12-31 2,124 414 410 4
2020-04-05
DB:BV3 Past Financials Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income *
2019-12-31 662 -276 -347
2019-09-30 554 -262 -402
2019-06-30 631 -204 -271
2019-03-31 603 -195 -280
2018-12-31 501 -289 -362
2018-09-30 360 -467 -445
2018-06-30 873 -564 -151
2018-03-31 1,184 -158 5
2017-12-31 1,370 216 181
2017-09-30 1,745 1,030 453
2017-06-30 1,463 880 225
2017-03-31 1,182 501 153

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bavarian Nordic's earnings are expected to grow significantly at over 20% yearly.
  • Bavarian Nordic's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:BV3 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Bavarian Nordic Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:BV3 Future Estimates Data
Date (Data in DKK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31 10.24 15.48 5.00 2.00
2023-12-31 9.33 14.45 4.20 2.00
2022-12-31 7.86 15.33 0.56 3.00
2021-12-31 1.95 9.72 -6.02 4.00
2020-12-31 10.18 14.95 4.88 4.00
2020-04-05
DB:BV3 Past Financials Data
Date (Data in DKK Millions) EPS *
2019-12-31 -10.74
2019-09-30 -12.47
2019-06-30 -8.44
2019-03-31 -8.71
2018-12-31 -11.22
2018-09-30 -13.82
2018-06-30 -4.72
2018-03-31 0.16
2017-12-31 5.73
2017-09-30 14.45
2017-06-30 7.21
2017-03-31 4.96

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Bavarian Nordic will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Bavarian Nordic's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bavarian Nordic has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

BV3 Past Performance

  How has Bavarian Nordic performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Bavarian Nordic's growth in the last year to its industry (Biotechs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Bavarian Nordic does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Bavarian Nordic's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Bavarian Nordic's 1-year growth to the Europe Biotechs industry average as it is not currently profitable.
Earnings and Revenue History
Bavarian Nordic's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Bavarian Nordic Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:BV3 Past Revenue, Cash Flow and Net Income Data
Date (Data in DKK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 662.49 -346.78 226.89 409.28
2019-09-30 553.55 -402.28 216.93 398.02
2019-06-30 631.18 -271.38 210.68 378.70
2019-03-31 603.42 -280.34 217.77 368.23
2018-12-31 500.62 -361.93 213.68 386.30
2018-09-30 360.27 -445.11 217.53 421.79
2018-06-30 872.81 -151.16 209.31 511.26
2018-03-31 1,183.75 4.95 205.98 534.74
2017-12-31 1,370.15 181.34 207.94 518.41
2017-09-30 1,744.57 453.23 204.96 511.98
2017-06-30 1,462.60 225.38 214.17 481.61
2017-03-31 1,181.88 153.30 211.06 459.16
2016-12-31 1,006.74 30.60 212.77 463.17
2016-09-30 908.96 -54.40 215.45 402.39
2016-06-30 535.76 -201.85 204.49 349.06
2016-03-31 808.33 -114.70 204.85 372.56
2015-12-31 1,020.56 59.43 217.06 374.81
2015-09-30 1,244.24 155.09 229.05 462.30
2015-06-30 1,390.33 186.38 244.45 506.52
2015-03-31 1,165.70 70.12 241.64 496.20
2014-12-31 1,216.82 25.94 226.13 478.93
2014-09-30 1,013.09 -98.87 203.90 425.09
2014-06-30 1,106.80 -61.33 197.57 405.91
2014-03-31 1,292.70 -11.73 197.97 512.41
2013-12-31 1,212.50 -46.73 197.77 496.61
2013-09-30 1,141.84 -82.00 220.84 500.62
2013-06-30 1,127.34 -81.40 215.04 478.92

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Bavarian Nordic has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Bavarian Nordic has efficiently used its assets last year compared to the Europe Biotechs industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Bavarian Nordic improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Bavarian Nordic's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Biotechs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bavarian Nordic has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

BV3 Health

 How is Bavarian Nordic's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Bavarian Nordic's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bavarian Nordic's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Bavarian Nordic's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Bavarian Nordic's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Bavarian Nordic Company Filings, last reported 3 months ago.

DB:BV3 Past Debt and Equity Data
Date (Data in DKK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,865.46 1,771.80 472.36
2019-09-30 1,892.10 410.74 1,495.60
2019-06-30 1,986.58 402.37 1,637.73
2019-03-31 2,180.63 646.88 2,317.21
2018-12-31 2,180.63 646.88 2,317.21
2018-09-30 2,278.54 649.36 2,408.69
2018-06-30 2,249.83 689.41 2,479.79
2018-03-31 2,333.05 512.27 2,446.05
2017-12-31 2,506.30 402.04 2,583.72
2017-09-30 2,637.39 30.27 2,416.17
2017-06-30 2,122.61 30.79 2,312.58
2017-03-31 2,039.77 31.39 2,056.39
2016-12-31 2,017.24 32.11 1,899.90
2016-09-30 1,914.60 32.52 1,254.52
2016-06-30 1,804.48 32.32 1,502.04
2016-03-31 1,212.43 32.81 972.03
2015-12-31 1,342.48 33.29 1,058.20
2015-09-30 1,302.66 33.77 1,233.91
2015-06-30 1,348.80 34.20 1,285.00
2015-03-31 1,268.90 34.70 1,607.50
2014-12-31 1,252.09 35.18 979.71
2014-09-30 881.50 77.50 236.10
2014-06-30 925.00 76.40 303.50
2014-03-31 978.70 78.20 414.90
2013-12-31 976.29 80.32 532.08
2013-09-30 996.60 83.30 431.30
2013-06-30 966.10 85.20 574.60
  • Bavarian Nordic's level of debt (95%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (2.8% vs 95% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Bavarian Nordic has less than a year of cash runway based on current free cash flow.
  • Unable to confirm if Bavarian Nordic has at least 1 year of cash runway based on growing free cash flows without relevant data.
X
Financial health checks
We assess Bavarian Nordic's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Bavarian Nordic has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

BV3 Dividends

 What is Bavarian Nordic's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Bavarian Nordic dividends. Estimated to be 0% next year.
If you bought €2,000 of Bavarian Nordic shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Bavarian Nordic's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Bavarian Nordic's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:BV3 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
Europe Biotechs Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 1.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 316 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:BV3 Future Dividends Estimate Data
Date (Data in DKK) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 0.00 1.00
2021-12-31 0.00 2.00
2020-12-31 0.00 2.00
2020-04-05

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Bavarian Nordic has not reported any payouts.
  • Unable to verify if Bavarian Nordic's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Bavarian Nordic's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Bavarian Nordic has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Bavarian Nordic's dividends in 3 years as they are not expected to pay a notable one for Germany.
X
Income/ dividend checks
We assess Bavarian Nordic's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Bavarian Nordic afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bavarian Nordic has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

BV3 Management

 What is the CEO of Bavarian Nordic's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Paul Chaplin
COMPENSATION DKK8,317,000
AGE 52
TENURE AS CEO 5.8 years
CEO Bio

Dr. Paul Chaplin MSc, Ph.D. has been the Chief Executive Officer and President at Bavarian Nordic A/S since May 28, 2014. Dr. Chaplin served as an Executive Vice President of Bavarian Nordic A/S from 2004 to May 28, 2014 and served as its Division President of Infectious Diseases until May 28, 2014. Dr. Chaplin served as the President of Infectious Diseases Division of Research & Development of Bavarian Nordic A/S. Dr. Chaplin served as the Chief Scientific Officer of Bavarian Nordic A/S. He served as Vice President, Research and Development of Bavarian Nordic A/S. He served as Managing Director of Bavarian Nordic GmbH. Dr. Chaplin served as General Manager of German Subsidiary of Bavarian Nordic Research Institute AS. Dr. Chaplin joined Bavarian Nordic A/S in 1999 as Manager of Immunology. Dr. Chaplin worked for several years at the Institute for Animal Health in the UK in the areas of cytokine and dendritic cell biology. Dr. Chaplin was involved in research and development of veterinary vaccines at CSIRO, the Cooperative Research Centre for Vaccine Technology in Australia for three years. Dr. Chaplin holds a PhD from Bristol University.

CEO Compensation
  • Paul's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Paul's remuneration is about average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Bavarian Nordic management team in years:

2.8
Average Tenure
52
Average Age
  • The tenure for the Bavarian Nordic management team is about average.
Management Team

Paul Chaplin

TITLE
CEO & President
COMPENSATION
DKK8M
AGE
52
TENURE
5.8 yrs

Henrik Juuel

TITLE
CFO & Executive VP
COMPENSATION
DKK4M
AGE
54
TENURE
1.4 yrs

Henrik Birk

TITLE
COO & Executive VP
COMPENSATION
DKK4M
AGE
45
TENURE
3.3 yrs

Tommi Kainu

TITLE
Executive VP & Chief Business Officer
COMPENSATION
DKK4M
AGE
47
TENURE
2.8 yrs

Rolf Sørensen

TITLE
Vice President of Investor Relations & Communications

Jean-Christophe May

TITLE
Executive VP & Chief Commercial Officer
AGE
52
TENURE
0.3 yrs
Board of Directors Tenure

Average tenure and age of the Bavarian Nordic board of directors in years:

6
Average Tenure
62
Average Age
  • The tenure for the Bavarian Nordic board of directors is about average.
Board of Directors

Gerard W. van Odijk

TITLE
Independent Chairman
COMPENSATION
DKK1M
AGE
62
TENURE
6 yrs

Anders Pedersen

TITLE
Deputy Chairman
COMPENSATION
DKK843K
AGE
68
TENURE
6 yrs

Erik Hansen

TITLE
Independent Director
COMPENSATION
DKK668K
AGE
67
TENURE
10 yrs

Peter Kürstein-Jensen

TITLE
Independent Director
COMPENSATION
DKK608K
AGE
63
TENURE
8 yrs

Frank A. G. Verwiel

TITLE
Independent Director
COMPENSATION
DKK747K
AGE
57
TENURE
4 yrs

Liz Anderson

TITLE
Independent Director
COMPENSATION
DKK633K
AGE
62
TENURE
3 yrs

Anne Eberhard

TITLE
Independent Director
AGE
56
TENURE
1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Bavarian Nordic's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Bavarian Nordic has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

BV3 News

Simply Wall St News

BV3 Company Info

Description

Bavarian Nordic A/S, a biotechnology company, develops, manufactures, and commercializes a portfolio of cancer immunotherapies and vaccines for infectious diseases. The company markets non-replicating smallpox and monkey pox vaccines under the IMVAMUNE, IMVANEX, and JYNNEOS names. It is also developing MVA-BN (freeze-dried) that is in Phase III clinical trials for the treatment of smallpox; MVA-BN RSV, which is in Phase II clinical trials development stage for the prevention of respiratory syncytial virus; MVA-BN Filo that is in Phase III clinical trials for the treatment of Ebola; MVA-BN HPV that is in Phase I clinical trials to treat human papillomavirus; MVA-BN WEV, which is in Phase I clinical trials to treat equine encephalitis; and BN-Brachyury that is in Phase II clinical trials for the treatment of chordoma. It has license agreements with National Cancer Institute and Public Health Service. The company operates in the United States, the Netherlands, Canada, and internationally. Bavarian Nordic A/S was founded in 1994 and is based in Hellerup, Denmark.

Details
Name: Bavarian Nordic A/S
BV3
Exchange: DB
Founded: 1994
DKK946,564,787
58,231,939
Website: http://www.bavarian-nordic.com
Address: Bavarian Nordic A/S
Philip Heymans Alle 3,
Hellerup,
Capital Region of Denmark, 2900,
Denmark
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
CPSE BAVA Ordinary Shares OMX Nordic Exchange Copenhagen DK DKK 05. Nov 1998
OTCPK BVNK.F Ordinary Shares Pink Sheets LLC US USD 05. Nov 1998
DB BV3 Ordinary Shares Deutsche Boerse AG DE EUR 05. Nov 1998
LSE 0DPB Ordinary Shares London Stock Exchange GB DKK 05. Nov 1998
BATS-CHIXE BAVAC Ordinary Shares BATS 'Chi-X Europe' GB DKK 05. Nov 1998
OTCPK BVNR.Y SPONSORED ADR Pink Sheets LLC US USD 30. May 2013
Number of employees
Current staff
Staff numbers
491
Bavarian Nordic employees.
Industry
Biotechnology
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/05 21:37
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/03/10
Last earnings filing: 2020/02/20
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.