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Catalyst Potential

It is important to look beyond the numbers and seek a likely catalysts, which could unlock value, and estimate how long it will take for the catalyst to play out. These events, or Catalyst Potential, reduce risk by narrowing the gap between price and value in a more predictable way. This is particularly important when investing in a low-quality business where time is like a ticking bomb stacked against the company.

Catalyst Potential is a Premium members feature in Redeye Universe.

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Redeye Rating

Klas Palin

Equity Analyst

klas.palin@redeye.se

+46854501344

Company Quality

  • 7.0
  • 7.0
  • 5.5
  • 0.0
  • 1.0

Leadership

Exclusive for members
Targovax har en väl sammansatt ledningsgrupp, uppbyggd kring personer med lång erfarenhet från branschen. Det är en bra blandning av personer med erfarenhet från större och mindre läkemedelsbolag.

Ownership

Exclusive for members

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Profit outlook

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Profitability

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Capital Strength

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Key Model Assumptions - The Bear Case

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Key Model Assumptions - The Bull Case

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Key Model Assumptions - The Base Case

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Latest price

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Fair Value Range (NOK)
Last price not available

Last Price
Key Model Assumptions - The Bear Case
Key Model Assumptions - The Bull Case
Key Model Assumptions - The Base Case

Management

Øystein Soug, CEO
-, CFO

Executive Board

Jónas Einarsson, Chairman of the board
Bente-Lill Romøren
Johan Christenson
Per Samuelsson
Lars Lund-Roland
Robert Burns
Eva-Lotta Allan
Diane Mellett

Last updated: 2017-02-16 Source: Redeye

Major Holders

Owner Equity Votes
Healthcap 26.4%
26.4%
Radiumhospitalets Forskningsstiftelse 9.7%
9.7%
VPF Nordea Avkastning 3.1%
3.1%
KLP Aksjenorge 2.8%
2.8%
VPF Nordea Kapital 2.7%
2.7%
Portia AS 2.3%
2.3%
Nordnet Livforsikring AS 2.1%
2.1%
Kommunal Landspensjonskasse 1.9%
1.9%
Timmuno AS 1.7%
1.7%
Prieta AS 1.7%
1.7%

Last updated: 2017-02-16 Source: Redeye

  • Profitability
  • ROE
  • ROCE
  • ROIC
  • EBITDA margin
  • EBIT margin
  • Net margin
  • Per share data (NOK)
  • EPS
  • EPS adj
  • Dividend
  • Net debt
  • Total shares
  • Valuation
  • EV (NOKm)
  • P/E
  • P/E diluted
  • P/Sales
  • EV/Sales
  • EV/EBITDA
  • EV/EBIT
  • P/BV
  • Capital structure
  • Equity ratio
  • Debt/equity ratio
  • Net debt (NOKm)
  • Capital employed (NOKm)
  • Capital turnover rate
Previous year Next year
2014/2015
  • 0.0%
  • -57.9%
  • 0.0%
  • -24,388.9%
  • -24,404.2%
  • -24,511.1%
  • 0.00
  • 0.00
  • 0.00
  • 0.00
  • 0.0M
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • 90.1%
  • 0.0%
  • -63
  • -2
  • 0.0
2015/2016
  • -38.0%
  • -34.4%
  • 4,871.9%
  • -61,281.5%
  • -61,382.9%
  • -62,889.0%
  • -3.42
  • -3.42
  • 0.00
  • -5.05
  • 26.9M
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • 77.6%
  • 100.0%
  • -136
  • 287
  • 0.0
2016/2017
  • -29.7%
  • -27.2%
  • -41.5%
  • -322,232.4%
  • -323,000.0%
  • -330,913.5%
  • -2.90
  • -2.90
  • 0.00
  • -3.13
  • 42.2M
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • 76.4%
  • 7.4%
  • -132
  • 269
  • 0.0
2017/2018E
  • -42.9%
  • -38.3%
  • -51.6%
  • -3,460,000.0%
  • -3,470,000.0%
  • -3,540,000.0%
  • -3.36
  • -3.36
  • 0.00
  • 0.21
  • 42.2M
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • 67.3%
  • 3.5%
  • 9
  • 268
  • 0.0
2018/2019E
  • -6.1%
  • -5.3%
  • -4.9%
  • -10.1%
  • -10.3%
  • -12.2%
  • -0.37
  • -0.37
  • 0.00
  • 0.73
  • 42.2M
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • 67.0%
  • 3.5%
  • 31
  • 275
  • 0.3
2019/2020E
  • -10.7%
  • -11.9%
  • -8.2%
  • -24.7%
  • -25.0%
  • -20.6%
  • -0.59
  • -0.59
  • 0.00
  • 1.21
  • 42.2M
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • N/A
  • 61.4%
  • 4.5%
  • 51
  • 270
  • 0.3
Previous year Next year
    (NOKm)
  • Net sales
  • Total operating costs
  • EBITDA
  • Depreciation
  • Amortization
  • Impairment charges
  • EBIT
  • Share in profits
  • Net financial items
  • Exchange rate dif.
  • Pre-tax profit
  • Tax
  • Net earnings
Previous year Next year
2014/2015
  • 0.1
  • -17.6
  • -17.6
  • -0.0
  • 0.0
  • 0.0
  • -17.6
  • 0.0
  • -0.1
  • 0.0
  • -17.6
  • 0.0
  • -17.6
2015/2016
  • 0.1
  • -89.6
  • -89.5
  • -0.1
  • 0.0
  • 0.0
  • -89.6
  • 0.0
  • -0.3
  • 0.0
  • -89.9
  • -1.9
  • -91.8
2016/2017
  • 0.0
  • -119.3
  • -119.2
  • -0.3
  • 0.0
  • 0.0
  • -119.5
  • 0.0
  • -3.2
  • 0.0
  • -122.7
  • 0.3
  • -122.4
2017/2018E
  • 7.0
  • 7.0
  • 8.0
  • 10.0
  • 10.0
  • 2.0
  • 8.0
  • 5.0
  • 6.0
  • 3.0
  • 2.0
  • 1.0
  • 2.0
2018/2019E
  • 6.0
  • 10.0
  • 2.0
  • 5.0
  • 6.0
  • 7.0
  • 7.0
  • 2.0
  • 2.0
  • 6.0
  • 6.0
  • 6.0
  • 5.0
2019/2020E
  • 7.0
  • 0.0
  • 1.0
  • 1.0
  • 8.0
  • 1.0
  • 5.0
  • 3.0
  • 6.0
  • 3.0
  • 7.0
  • 1.0
  • 10.0
Previous year Next year
    (NOKm)
  • Assets
  • Current assets
  • Cash in banks
  • Receivables
  • Inventories
  • Other current assets
  • Current assets
  • Fixed assets
  • Tangible assets
  • Associated comp.
  • Investments
  • Goodwill
  • Cap. exp. for dev.
  • O intangible rights
  • O non-current assets
  • Total fixed assets
  • Deferred tax assets
  • Total (assets)
  • Liabilities
  • Current liabilities
  • Short-term debt
  • Accounts payable
  • O current liabilities
  • Current liabilities
  • Long-term debt
  • O long-term liabilities
  • Convertibles
  • Total Liabilities
  • Deferred tax liab
  • Provisions
  • Shareholders' equity
  • Minority interest (BS)
  • Minority & equity
  • Total liab & SE
Previous year Next year
2014/2015
  • 62.6
  • 4.7
  • 0.0
  • 0.0
  • 67.2
  • 0.2
  • 0.0
  • 0.0
  • 0.0
  • 0.0
  • 0.0
  • 0.0
  • 0.2
  • 0.0
  • 67.4
  • 0.0
  • 3.3
  • 3.3
  • 6.7
  • 0.0
  • 0.0
  • 0.0
  • 6.7
  • 0.0
  • 0.0
  • 60.7
  • 0.0
  • 60.7
  • 67.4
2015/2016
  • 173.9
  • 11.6
  • 0.0
  • 0.0
  • 185.5
  • 1.6
  • 0.0
  • 0.0
  • 0.0
  • 358.1
  • 0.0
  • 0.0
  • 359.7
  • 0.0
  • 545.1
  • 0.0
  • 8.1
  • 17.3
  • 25.4
  • 38.1
  • 0.0
  • 0.0
  • 63.5
  • 58.7
  • 0.0
  • 422.9
  • 0.0
  • 422.9
  • 545.1
2016/2017
  • 171.6
  • 14.2
  • 0.0
  • 0.0
  • 185.8
  • 1.3
  • 0.0
  • 0.0
  • 0.0
  • 338.2
  • 0.0
  • 0.0
  • 339.5
  • 0.0
  • 525.3
  • 0.0
  • 8.0
  • 21.2
  • 29.2
  • 39.7
  • 0.0
  • 0.0
  • 68.9
  • 55.3
  • 0.0
  • 401.2
  • 0.0
  • 401.2
  • 525.3
2017/2018E
  • 3.0
  • 8.0
  • 10.0
  • 7.0
  • 2.0
  • 3.0
  • 1.0
  • 4.0
  • 4.0
  • 10.0
  • 0.0
  • 1.0
  • 3.0
  • 4.0
  • 2.0
  • 8.0
  • 10.0
  • 0.0
  • 0.0
  • 3.0
  • 4.0
  • 10.0
  • 5.0
  • 8.0
  • 1.0
  • 5.0
  • 2.0
  • 9.0
  • 2.0
2018/2019E
  • 7.0
  • 6.0
  • 2.0
  • 2.0
  • 1.0
  • 0.0
  • 2.0
  • 4.0
  • 2.0
  • 6.0
  • 1.0
  • 1.0
  • 1.0
  • 7.0
  • 1.0
  • 3.0
  • 0.0
  • 2.0
  • 2.0
  • 5.0
  • 6.0
  • 4.0
  • 8.0
  • 0.0
  • 2.0
  • 1.0
  • 1.0
  • 3.0
  • 4.0
2019/2020E
  • 8.0
  • 3.0
  • 10.0
  • 10.0
  • 8.0
  • 1.0
  • 0.0
  • 5.0
  • 0.0
  • 0.0
  • 10.0
  • 7.0
  • 10.0
  • 1.0
  • 1.0
  • 4.0
  • 10.0
  • 6.0
  • 1.0
  • 0.0
  • 0.0
  • 7.0
  • 3.0
  • 8.0
  • 4.0
  • 8.0
  • 3.0
  • 3.0
  • 9.0
Previous year Next year
    (NOKm)
  • Net sales
  • Total operating costs
  • Depreciations total
  • EBIT
  • Taxes on EBIT
  • NOPLAT
  • Depreciation
  • Gross cash flow
  • Change in WC
  • Gross CAPEX
  • Free cash flow
Previous year Next year
2014/2015
  • 0.1
  • -17.6
  • -0.0
  • -17.6
  • 0.0
  • -17.6
  • 0.0
  • -17.6
  • 2.0
  • -0.2
  • -15.7
2015/2016
  • 0.1
  • -89.6
  • -0.1
  • -89.6
  • -1.9
  • -91.5
  • 0.1
  • -91.4
  • 11.8
  • -359.7
  • -380.5
2016/2017
  • 0.0
  • -119.3
  • -0.3
  • -119.5
  • 0.3
  • -119.2
  • 0.3
  • -119.0
  • 1.1
  • 19.9
  • -101.4
2017/2018E
  • 4.0
  • 3.0
  • 8.0
  • 2.0
  • 9.0
  • 1.0
  • 9.0
  • 8.0
  • 7.0
  • 10.0
  • 7.0
2018/2019E
  • 6.0
  • 9.0
  • 3.0
  • 9.0
  • 6.0
  • 9.0
  • 9.0
  • 8.0
  • 2.0
  • 2.0
  • 10.0
2019/2020E
  • 8.0
  • 7.0
  • 3.0
  • 9.0
  • 0.0
  • 6.0
  • 3.0
  • 9.0
  • 4.0
  • 8.0
  • 8.0
Previous year Next year
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