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AC Immune

Nasdaq:ACIU
Snowflake Description

Very undervalued with high growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ACIU
Nasdaq
$455M
Market Cap
  1. Home
  2. US
  3. Pharmaceuticals & Biotech
Company description

AC Immune SA, a clinical stage biopharmaceutical company, discovers, designs, and develops therapeutic and diagnostic products for the prevention, diagnosis, and treatment of neurodegenerative diseases associated with protein misfolding. The last earnings update was 136 days ago. More info.


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  • AC Immune has significant price volatility in the past 3 months.
ACIU Share Price and Events
7 Day Returns
34%
NasdaqGM:ACIU
5.2%
US Biotechs
10.5%
US Market
1 Year Returns
25.7%
NasdaqGM:ACIU
0%
US Biotechs
-11.5%
US Market
ACIU Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
AC Immune (ACIU) 34% -10.4% -24.3% 25.7% -38.7% -
US Biotechs 5.2% -6.5% -8.7% 0% 6.2% -10.4%
US Market 10.5% -15.4% -21.4% -11.5% 5.4% 18.1%
1 Year Return vs Industry and Market
  • ACIU outperformed the Biotechs industry which returned 0% over the past year.
  • ACIU outperformed the Market in United States of America which returned -11.5% over the past year.
Price Volatility
ACIU
Industry
5yr Volatility vs Market

ACIU Value

 Is AC Immune 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 AC Immune 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 AC Immune.

NasdaqGM:ACIU 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 7.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 1.7%

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 NasdaqGM:ACIU
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 1.7%
Equity Risk Premium S&P Global 5.4%
Biotechs Unlevered Beta Simply Wall St/ S&P Global 1.2
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.203 (1 + (1- 18%) (0.58%))
1.14
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.14
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.74% + (1.14 * 5.44%)
7.94%

Discounted Cash Flow Calculation for NasdaqGM:ACIU using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for AC Immune 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.

NasdaqGM:ACIU DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CHF, Millions) Source Present Value
Discounted (@ 7.94%)
2020 94.09 Est @ 80.97% 87.17
2021 147.92 Est @ 57.2% 126.96
2022 207.91 Est @ 40.56% 165.33
2023 268.03 Est @ 28.92% 197.45
2024 323.68 Est @ 20.76% 220.91
2025 372.41 Est @ 15.06% 235.48
2026 413.61 Est @ 11.06% 242.29
2027 447.79 Est @ 8.26% 243.02
2028 476.03 Est @ 6.31% 239.34
2029 499.53 Est @ 4.94% 232.69
Present value of next 10 years cash flows CHF1,990.00
NasdaqGM:ACIU DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CHF499.53 × (1 + 1.74%) ÷ (7.94% – 1.74%)
CHF8,198.15
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CHF8,198.15 ÷ (1 + 7.94%)10
CHF3,818.75
NasdaqGM:ACIU Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CHF1,990.00 + CHF3,818.75
CHF5,808.75
Equity Value per Share
(CHF)
= Total value / Shares Outstanding
= CHF5,808.75 / 71.66
CHF81.06
NasdaqGM:ACIU Discount to Share Price
Calculation Result
Exchange Rate CHF/USD
(Reporting currency to currency of NasdaqGM:ACIU)
1.046
Value per Share
(USD)
= Value per Share in CHF x Exchange Rate (CHF/USD)
= CHF81.06 x 1.046
$84.76
Value per share (USD) From above. $84.76
Current discount Discount to share price of $6.35
= -1 x ($6.35 - $84.76) / $84.76
92.5%

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

Current Discount
Amount off the current price AC Immune is available for.
Intrinsic value
>50%
Share price is $6.35 vs Future cash flow value of $84.76
Current Discount Checks
For AC Immune to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • AC Immune's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • AC Immune'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 AC Immune's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are AC Immune's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGM:ACIU PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in CHF CHF0.72
NasdaqGM:ACIU Share Price ** NasdaqGM (2020-03-27) in USD $6.35
NasdaqGM:ACIU Share Price converted to CHF reporting currency Exchange rate (USD/ CHF) 0.956 CHF6.07
United States of America Biotechs Industry PE Ratio Median Figure of 37 Publicly-Listed Biotechs Companies 15.4x
United States of America Market PE Ratio Median Figure of 2,939 Publicly-Listed Companies 12.96x

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

** Primary Listing of AC Immune.

NasdaqGM:ACIU PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGM:ACIU Share Price ÷ EPS (both in CHF)

= 6.07 ÷ 0.72

8.41x

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

  • AC Immune is good value based on earnings compared to the US Biotechs industry average.
  • AC Immune is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does AC Immune's expected growth come at a high price?
Raw Data
NasdaqGM:ACIU PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.41x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
24%per year
United States of America Biotechs Industry PEG Ratio Median Figure of 34 Publicly-Listed Biotechs Companies 0.96x
United States of America Market PEG Ratio Median Figure of 2,005 Publicly-Listed Companies 1x

*Line of best fit is calculated by linear regression .

NasdaqGM:ACIU PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.41x ÷ 24%

0.35x

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

  • AC Immune is good value based on expected growth next year.
Price based on value of assets
What value do investors place on AC Immune's assets?
Raw Data
NasdaqGM:ACIU PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in CHF CHF4.08
NasdaqGM:ACIU Share Price * NasdaqGM (2020-03-27) in USD $6.35
NasdaqGM:ACIU Share Price converted to CHF reporting currency Exchange rate (USD/ CHF) 0.956 CHF6.07
United States of America Biotechs Industry PB Ratio Median Figure of 429 Publicly-Listed Biotechs Companies 2.53x
United States of America Market PB Ratio Median Figure of 5,148 Publicly-Listed Companies 1.26x
NasdaqGM:ACIU PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGM:ACIU Share Price ÷ Book Value per Share (both in CHF)

= 6.07 ÷ 4.08

1.49x

* Primary Listing of AC Immune.

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

  • AC Immune is good value based on assets compared to the US Biotechs industry average.
X
Value checks
We assess AC Immune'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. AC Immune has a total score of 6/6, 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.

ACIU Future Performance

 How is AC Immune 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
24%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is AC Immune expected to grow at an attractive rate?
  • AC Immune's earnings growth is expected to exceed the low risk savings rate of 1.7%.
Growth vs Market Checks
  • AC Immune's earnings growth is expected to exceed the United States of America market average.
  • AC Immune's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGM:ACIU Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGM:ACIU Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 24%
NasdaqGM:ACIU Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 21.2%
United States of America Biotechs Industry Earnings Growth Rate Market Cap Weighted Average 18.6%
United States of America Biotechs Industry Revenue Growth Rate Market Cap Weighted Average 15.7%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 12.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*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
NasdaqGM:ACIU Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGM:ACIU Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 71 -28 1
2023-12-31 261 283 164 3
2022-12-31 0 83 25 2
2021-12-31 0 -37 -67 2
2020-12-31 23 -51 -59 4
2020-03-28
2019-12-31 111 54 49 4
NasdaqGM:ACIU Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2019-09-30 111 56 50
2019-06-30 80 27 18
2019-03-31 81 35 24
2018-12-31 7 -44 -51
2018-09-30 22 -26 -32
2018-06-30 21 -22 -27
2018-03-31 20 -24 -29
2017-12-31 20 -22 -26
2017-09-30 5 -35 -35
2017-06-30 6 -19 -36
2017-03-31 25 -10 -10
2016-12-31 23 -6 -7

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • AC Immune's earnings are expected to grow significantly at over 20% yearly.
  • AC Immune'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
NasdaqGM:ACIU Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from AC Immune Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:ACIU Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31 -0.31 -0.31 -0.31 1.00
2023-12-31 2.12 8.57 -1.50 3.00
2022-12-31 0.33 3.33 -1.40 3.00
2021-12-31 -0.89 0.05 -1.42 4.00
2020-12-31 -0.80 -0.70 -0.95 4.00
2020-03-28
2019-12-31 0.69 0.70 0.68 4.00
NasdaqGM:ACIU Past Financials Data
Date (Data in CHF Millions) EPS *
2019-09-30 0.72
2019-06-30 0.27
2019-03-31 0.38
2018-12-31 -0.82
2018-09-30 -0.54
2018-06-30 -0.48
2018-03-31 -0.50
2017-12-31 -0.46
2017-09-30 -0.62
2017-06-30 -0.65
2017-03-31 -0.20
2016-12-31 -0.14

*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 AC Immune will efficiently use shareholders’ funds in the future (Return on Equity greater than 20%) as it is not expected to be profitable.
X
Future performance checks
We assess AC Immune'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 United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America 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.
AC Immune 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.

ACIU Past Performance

  How has AC Immune 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 AC Immune'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.
  • AC Immune's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • AC Immune has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • AC Immune has become profitable in the last year making it difficult to compare the US Biotechs industry average.
Earnings and Revenue History
AC Immune'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 AC Immune Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:ACIU Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 111.37 50.21 14.60
2019-06-30 80.26 18.48 13.58
2019-03-31 80.78 24.24 13.05
2018-12-31 7.19 -50.95 12.47
2018-09-30 22.21 -32.11 11.78
2018-06-30 20.98 -27.38 11.37
2018-03-31 19.71 -28.57 10.46
2017-12-31 20.26 -26.41 10.13
2017-09-30 5.26 -35.34 10.49
2017-06-30 5.52 -35.65 9.68
2017-03-31 24.73 -10.38 9.38
2016-12-31 23.21 -7.10 7.90
2016-09-30 22.10 -7.91 5.38
2016-06-30 45.14 21.42 4.43
2016-03-31 39.34 17.06 3.54
2015-12-31 39.09 20.27 3.42
2015-09-30 64.80 45.67 3.62
2015-06-30 40.61 20.99 3.69
2015-03-31 28.47 10.09 3.47
2014-12-31 30.27 10.74 3.44
2013-12-31 8.64 -11.24 2.96

*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.
  • AC Immune has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • AC Immune used its assets more efficiently than the US Biotechs industry average last year based on Return on Assets.
  • AC Immune has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess AC Immune'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.
AC Immune has a total score of 2/6, 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.

ACIU Health

 How is AC Immune'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 AC Immune's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • AC Immune is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • AC Immune's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of AC Immune'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 covered by short term assets, assets are 490.4x 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 AC Immune Company Filings, last reported 5 months ago.

NasdaqGM:ACIU Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 292.38 0.63 302.46
2019-06-30 273.29 0.59 285.74
2019-03-31 241.85 47.30 302.14
2018-12-31 177.62 0.52 186.46
2018-09-30 191.98 0.59 199.12
2018-06-30 95.39 0.55 102.66
2018-03-31 105.83 0.44 109.67
2017-12-31 116.84 0.49 124.38
2017-09-30 112.67 0.39 117.21
2017-06-30 120.89 0.39 124.18
2017-03-31 133.05 0.00 138.08
2016-12-31 142.38 0.00 152.21
2016-09-30 146.21 0.00 157.59
2016-06-30 90.54 0.00 82.38
2016-03-31 64.68 0.00 67.86
2015-12-31 71.04 0.00 76.52
2015-09-30 48.15 0.00 53.69
2015-06-30 29.00 0.00 19.36
2015-03-31 23.47 0.00 3.31
2014-12-31 23.47 0.00 3.31
2013-12-31 3.93 0.00 11.25
  • AC Immune's level of debt (0.2%) compared to net worth is satisfactory (less than 40%).
  • Unable to establish if AC Immune's debt level has increased without past 5-year debt data.
  • Debt is well covered by operating cash flow (8907.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 29.5x coverage).
X
Financial health checks
We assess AC Immune'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. AC Immune has a total score of 5/6, 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.

ACIU Dividends

 What is AC Immune'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 AC Immune dividends. Estimated to be 0% next year.
If you bought $2,000 of AC Immune 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 AC Immune's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate AC Immune'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
NasdaqGM:ACIU 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
Global Biotechs Industry Average Dividend Yield Market Cap Weighted Average of 65 Stocks 2.3%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1949 Stocks 3%
United States of America Minimum Threshold Dividend Yield 10th Percentile 1.1%
United States of America Bottom 25% Dividend Yield 25th Percentile 2%
United States of America Top 25% Dividend Yield 75th Percentile 5.4%

Industry and Market average data is calculated daily.

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

NasdaqGM:ACIU Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31
2021-12-31 0.00 1.00
2020-12-31 0.00 1.00
2020-03-28
2019-12-31 0.00 1.00

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

  • Unable to perform a dividend volatility check as AC Immune has not reported any payouts.
  • Unable to verify if AC Immune's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of AC Immune's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as AC Immune has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of AC Immune's dividends in 3 years as they are not expected to pay a notable one for United States of America.
X
Income/ dividend checks
We assess AC Immune's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - 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 AC Immune afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. AC Immune 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.

ACIU Management

 What is the CEO of AC Immune'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
Andrea Pfeifer
COMPENSATION CHF1,746,000
AGE 62
CEO Bio

Prof. Dr. Andrea Pfeifer, Ph.D. has been the Chief Executive Officer of AC Immune SA since 2003. Prof. Dr. Pfeifer Co-founded AC Immune SA in April 2003. She serves as an Advisor and Chairwoman of BioMedPartners AG and is its Partner. She serves as an Advisor at the Nestlé Venture Capital Fund, which she co-founded. She has 25 years of senior management experience with broad research and development, business and international focus. She served as the Head of Nestlé’s Global Research and Development and managed a group of more than 600 people. She headed the Science and Technology Alliances group at Nestlé SA. While at Nestlé, she led the scientific development of the first Functional Food, LC1 and one of the first Cosmoceutical products in a joint venture with L'Oreal, Innéov Fermeté. Prof. Dr. Pfeifer directed the research department for life sciences, nutrition, food science and food safety and various other departments. She serves as Chairwoman at AB2 Bio Ltd., BioMedInvest AG I and BioMedInvest AG II. She serves as Chairwoman of the Biotechmedinvest AG Investment Fund, Basel. She has been a Member of the Supervisory Board at Symrise AG since May 18, 2011. She has been a Director of AC Immune SA since May 27, 2016. She served as a Member of Supervisory Board at Sygnis AG until October 17, 2012. She served as a Member of Supervisory Board at Sygnis Pharma AG from December 18, 2006 to October 17, 2012. She is a Member of the CEOi Initiative on Alzheimer’s Disease. She is also a Member of various Commissions and Boards, including the German Senate Commission on Food Safety, the Board of Directors of the Research Center for Environment and Health and the Swiss Association for Trade and Industry. She is an Honorary Professor at the Ecole Polytechnique Fédérale de Lausanne, Switzerland. She is a Lecturer at the IMD Business School in Lausanne and a Professor of Biotechnoloy at the University of Lausanne. She holds a professorship from the Federal Institute of Technology at Lausanne. She has published more than 200 papers and abstracts in leading scientific journals. In 2009, she was recognized as a Technology Pioneer by the WEF and Swiss Entrepreneur of the Year by Ernst&Young. Additional recognitions include the BioAlps prize 2013, the election as one of the top 10 women in biotech from Fierce Biotech and one of the 300 most influential personalities in Switzerland. She is a registered Pharmacist and Toxicologist and received her habilitation from the University of Lausanne, Switzerland. She is an international expert in biotechnology. She holds a Ph.D. in Toxicology and Cancer Research and a B.S. degree in Pharmacy from the University of Würzburg, Germany and continued with post-doctoral work in Molecular Carcinogenesis at the National Institutes of Health, Human Carcinogenesis Branch in Bethesda, USA.

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

Average tenure and age of the AC Immune management team in years:

3.8
Average Tenure
48
Average Age
  • The tenure for the AC Immune management team is about average.
Management Team

Andrea Pfeifer

TITLE
Co-Founder
COMPENSATION
CHF2M
AGE
62

Joerg Hornstein

TITLE
Chief Financial Officer
AGE
41
TENURE
2.9 yrs

Jean-Fabien Monin

TITLE
Chief Administrative Officer
AGE
48
TENURE
4.7 yrs

Piergiorgio Donati

TITLE
Head of Technical Operations & Program Management
AGE
48
TENURE
1.1 yrs

Marie Kosco-Vilbois

TITLE
Chief Scientific Officer
AGE
61
TENURE
1.2 yrs

Joshua Drumm

TITLE
Head of Investor Relations

Judith Moore

TITLE
Global Head of Communications

Gautam Maitra

TITLE
Head of Regulatory & External Affairs and Senior Expert

Maria Pihlgren

TITLE
Head of Biology
TENURE
14.4 yrs

Wolfgang Fröstl

TITLE
Head of Chemistry
TENURE
14.2 yrs
Board of Directors Tenure

Average tenure and age of the AC Immune board of directors in years:

2.3
Average Tenure
65
Average Age
  • The average tenure for the AC Immune board of directors is less than 3 years, this suggests a new board.
Board of Directors

Doug Williams

TITLE
Independent Chairman of the Board
COMPENSATION
CHF172K
AGE
61
TENURE
0.8 yrs

Andrea Pfeifer

TITLE
Co-Founder
COMPENSATION
CHF2M
AGE
62
TENURE
3.8 yrs

Martin Velasco

TITLE
Independent Vice Chairman
COMPENSATION
CHF167K
AGE
64
TENURE
0.8 yrs

Jean-Marie Lehn

TITLE
Chairman of Scientific Advisory Board
AGE
80

Peter Bollmann

TITLE
Independent Non-Executive Director
COMPENSATION
CHF133K
AGE
66
TENURE
4.3 yrs

Andreas Monsch

TITLE
Head of Clinical Advisory Board

Fred Van Leuven

TITLE
Member of Scientific Advisory Board
COMPENSATION
CHF105K

I. Rosenberg

TITLE
Member of Scientific Advisory Board

Detlev Riesner

TITLE
Member of Scientific Advisory Board
COMPENSATION
CHF116K
AGE
77

Claude Nicolau

TITLE
Member of Scientific Advisory Board
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 AC Immune'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. AC Immune 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.

ACIU News

Simply Wall St News

Could The AC Immune SA (NASDAQ:ACIU) Ownership Structure Tell Us Something Useful?

Our analysis of the ownership of the company, below, shows that institutional investors have bought into the company. … See our latest analysis for AC Immune NasdaqGM:ACIU Ownership Summary, August 27th 2019 What Does The Institutional Ownership Tell Us About AC Immune? … We can see that AC Immune does have institutional investors; and they hold 12% of the stock.

Simply Wall St -

The AC Immune (NASDAQ:ACIU) Share Price Is Down 47% So Some Shareholders Are Getting Worried

Investors in AC Immune SA (NASDAQ:ACIU) have tasted that bitter downside in the last year, as the share price dropped 47%. … During the last year AC Immune grew its earnings per share, moving from a loss to a profit. … Earnings per share growth rates aren't particularly useful for comparing with the share price, when a company has moved from loss to profit.

Simply Wall St -

Is AC Immune (NASDAQ:ACIU) Using Too Much Debt?

This surplus strongly suggests that AC Immune has a rock-solid balance sheet (and the debt is of no concern whatsoever). … Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. … While AC Immune has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance.

Simply Wall St -

Such Is Life: How AC Immune (NASDAQ:ACIU) Shareholders Saw Their Shares Drop 60%

AC Immune isn't currently profitable, so most analysts would look to revenue growth to get an idea of how fast the underlying business is growing. … When a company doesn't make profits, we'd generally expect to see good revenue growth. … That's because fast revenue growth can be easily extrapolated to forecast profits, often of considerable size.

Simply Wall St -

Do Institutions Own AC Immune SA (NASDAQ:ACIU) Shares?

Every investor in AC Immune SA (NASDAQ:ACIU) should be aware of the most powerful shareholder groups. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … I quite like to see at least a little bit of insider ownership.

Simply Wall St -

Why AC Immune SA's (NASDAQ:ACIU) Ownership Structure Is Important

Today, I will be analyzing AC Immune SA’s (NASDAQ:ACIU) recent ownership structure, an important but not-so-popular subject among individual investors. … A company's ownership structure is often linked to its share performance in both the long- and short-term. … Differences in ownership structure of companies can have a profound effect on how management's incentives are aligned with shareholder returns, and whether they adhere to corporate governance best practices.

Simply Wall St -

Why AC Immune SA's (NASDAQ:ACIU) Investor Composition Impacts Your Returns

View our latest analysis for AC Immune NasdaqGM:ACIU Ownership_summary May 24th 18 Institutional Ownership Institutions account for 20.95% of ACIU's outstanding shares, a significant enough holding to move stock prices if they start buying and selling in large quantities, especially when there are relatively small amounts of shares available on the market to trade. … Insider ownership has to do more with how the company is managed and less to do with the direct impact of the magnitude of shares trading on the market. … An investor should be encouraged by the ownership of these institutions who are known to be experts in increasing efficiency, improving capital structure and opting for value-accretive policy decisions.Next Steps: ACIU's considerably high level of institutional ownership calls for further analysis into its margin of safety.

Simply Wall St -

What Do Analysts Think About AC Immune SA's (NASDAQ:ACIU) Future?

The most recent earnings release AC Immune SA's (NASDAQ:ACIU) announced in December 2017 suggested company earnings became less negative compared to the previous year's level as a result of recent tailwinds Below, I've laid out key growth figures on how market analysts predict AC Immune's earnings growth outlook over the next few years and whether the future looks brighter. … View our latest analysis for AC Immune Analysts' outlook for the coming year seems pessimistic, with earnings becoming even more negative, generating -CHF49.85M in 2019. … NasdaqGM:ACIU Future Profit May 2nd 18 Although it is useful to understand the growth year by year relative to today’s value, it may be more beneficial to analyze the rate at which the earnings are moving on average every year.

Simply Wall St -

Negative Sentiment Around AC Immune SA (NASDAQ:ACIU) Is Justified

A big red-siren warning for ACIU is that its cash generated from its business is less than its outgoing cash expenses. … ACIU has high near term liquidity, with short term assets (cash and other liquid assets) amply covering upcoming one-year liabilities, as well as long-term commitments. … One reason I do like ACIU as a business is its low level of fixed assets on its balance sheet (1.78% of total assets).

Simply Wall St -

Should You Invest In The Healthcare Stock AC Immune SA (NASDAQ:ACIU)?

Moreover, the trend of below-industry growth rate is expected to continue in the future with AC Immune poised to deliver a -5.94% growth compared to the industry average growth rate of 7.92%. … This means the industry, on average, is relatively overvalued compared to the wider market. … Next Steps: AC Immune is a biotech industry laggard in terms of its future growth outlook.

Simply Wall St -

ACIU Company Info

Description

AC Immune SA, a clinical stage biopharmaceutical company, discovers, designs, and develops therapeutic and diagnostic products for the prevention, diagnosis, and treatment of neurodegenerative diseases associated with protein misfolding. Its SupraAntigen and Morphomer platforms are designed to generate vaccines, antibodies, and small molecules, which selectively interact with misfolded proteins that are common in a range of neurodegenerative diseases. The company’s lead product candidate is crenezumab, a humanized, monoclonal, and conformation-specific anti-Abeta antibody, which is in Phase II clinical prevention trial for the treatment of Alzheimer’s disease (AD). It is also developing ACI-24, an anti-Abeta vaccine candidate that is in Phase II clinical study for AD, as well as is in Phase Ib clinical study for Down syndrome; ACI-35, an anti-Tau vaccine candidate that has completed Phase Ib clinical study; RG6100, an anti-Tau antibody candidate, which is in Phase II clinical study for AD patients; and Tau-PET imaging tracer that has completed Phase I clinical study. In addition, the company is researching and developing Tau Morphomer aggregation inhibitor small molecules for AD. Further, it has discovery and pre-clinical stage molecules targeting neurodegenerative diseases, as well as diagnostics targeting Tau, alpha-synuclein, and TDP-43 aggregates. The company has license agreements and collaborations with Genentech, Inc.; Biogen International GmbH; Janssen Pharmaceuticals, Inc.; Life Molecular Imaging SA; Eli Lilly and Company; Essex Bio-Technology Limited; and WuXi Biologics. It also has a research collaboration with University of Pennsylvania to focus on pathogenic protein TDP-43 in neurodegenerative diseases. AC Immune SA was founded in 2003 and is headquartered in Lausanne, Switzerland.

Details
Name: AC Immune SA
ACIU
Exchange: NasdaqGM
Founded: 2003
$455,054,747
71,662,165
Website: http://www.acimmune.com
Address: AC Immune SA
Building B,
EPFL Innovation Park,
Lausanne,
Vaud, 1015,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGM ACIU Common Shares Nasdaq Global Market US USD 23. Sep 2016
DB IMR Common Shares Deutsche Boerse AG DE EUR 23. Sep 2016
Number of employees
Current staff
Staff numbers
98
AC Immune employees.
Industry
Biotechnology
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/28 04:54
End of day share price update: 2020/03/27 00:00
Last estimates confirmation: 2020/02/18
Last earnings filing: 2019/11/13
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


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.