ADL Bionatur Solutions (ADL-BS) recently reported Q119 results, showing positive €0.11m EBITDA, and over 134% year-on-year revenue growth to €10m, driven by 180% growth in contract manufacturing (CMO). After increasing our margin assumptions and rolling forward our estimates, we now obtain an NPV of €163.1m, translating into an equity valuation of €3.02 per share (from €2.37 previously) after adjusting for net debt.
23 May 2019
ADL Bionatur Solutions - Q1 off to a good start, raising margin expectations
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ADL Bionatur Solutions - Q1 off to a good start, raising margin expectations
ADL Bionatur Solutions (ADL-BS) recently reported Q119 results, showing positive €0.11m EBITDA, and over 134% year-on-year revenue growth to €10m, driven by 180% growth in contract manufacturing (CMO). After increasing our margin assumptions and rolling forward our estimates, we now obtain an NPV of €163.1m, translating into an equity valuation of €3.02 per share (from €2.37 previously) after adjusting for net debt.