Financials Swedish Orphan Biovitrum AB

Equities

SOBI

SE0000872095

Pharmaceuticals

Real-time Estimate Cboe Europe Other stock markets 12:57:21 30/04/2024 pm IST			5-day change	1st Jan Change
286.3 ^SEK	+1.02%		+6.32%	+7.12%

26/04	Sobi Wins EU Regulatory Panel's Positive Opinion for Hemophilia A Drug	MT
26/04	Sobi Receives Positive CHMP Opinion Recommending Approval of efanesoctocog alfa for Once-Weekly Treatment of Haemophilia A	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	45,437	48,345	54,631	63,845	90,680	96,319	-	-
Enterprise Value (EV) ¹	61,161	62,093	64,131	71,251	1,09,945	1,09,979	1,05,783	98,460
P/E ratio	13.8 x	15.2 x	20.5 x	24.4 x	36.1 x	29.1 x	20.1 x	15.3 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	3.19 x	3.17 x	3.52 x	3.4 x	4.1 x	3.95 x	3.55 x	3.16 x
EV / Revenue	4.29 x	4.07 x	4.13 x	3.79 x	4.97 x	4.51 x	3.9 x	3.23 x
EV / EBITDA	9.99 x	9.09 x	11.2 x	10.5 x	14.3 x	12.4 x	10 x	7.92 x
EV / FCF	-3.39 x	49.7 x	12.6 x	15.5 x	27.1 x	17.5 x	15.1 x	11.8 x
FCF Yield	-29.5%	2.01%	7.96%	6.45%	3.7%	5.72%	6.63%	8.5%
Price to Book	2.74 x	2.42 x	2.46 x	2.52 x	2.79 x	2.57 x	2.31 x	2.02 x
Nbr of stocks (in thousands)	2,94,091	2,91,059	2,95,145	2,95,991	3,39,627	3,39,868	-	-
Reference price ²	154.5	166.1	185.1	215.7	267.0	283.4	283.4	283.4
Announcement Date	13/02/20	18/02/21	10/02/22	08/02/23	08/02/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,248	15,261	15,529	18,790	22,123	24,411	27,103	30,458
EBITDA ¹	6,121	6,830	5,740	6,758	7,676	8,898	10,550	12,432
EBIT ¹	4,533	4,818	3,733	4,488	4,485	5,228	6,812	8,695
Operating Margin	31.81%	31.57%	24.04%	23.89%	20.27%	21.42%	25.13%	28.55%
Earnings before Tax (EBT) ¹	4,247	4,217	3,295	3,321	2,954	4,145	6,079	8,146
Net income ¹	3,304	3,245	2,679	2,638	2,409	3,317	4,881	6,541
Net margin	23.19%	21.26%	17.25%	14.04%	10.89%	13.59%	18.01%	21.48%
EPS ²	11.22	10.90	9.030	8.840	7.390	9.728	14.11	18.47
Free Cash Flow ¹	-18,051	1,250	5,103	4,593	4,063	6,288	7,013	8,368
FCF margin	-126.69%	8.19%	32.86%	24.44%	18.37%	25.76%	25.88%	27.47%
FCF Conversion (EBITDA)	-	18.3%	88.9%	67.96%	52.93%	70.67%	66.48%	67.31%
FCF Conversion (Net income)	-	38.52%	190.48%	174.11%	168.66%	189.58%	143.69%	127.93%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	13/02/20	18/02/21	10/02/22	08/02/23	08/02/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	4,896	4,925	3,876	3,999	5,991	5,239	4,872	5,168	6,844	6,256	5,164	6,090	7,280	6,570	6,146
EBITDA ¹	2,061	1,461	997	1,278	2,493	2,159	1,286	1,585	2,645	2,377	1,398	2,040	3,075	2,713	2,476
EBIT ¹	1,525	1,437	423	699	1,916	1,495	413	547	1,691	1,468	563.9	1,399	2,134	1,774	1,537
Operating Margin	31.15%	29.18%	10.91%	17.48%	31.98%	28.54%	8.48%	10.58%	24.71%	23.47%	10.92%	22.96%	29.31%	27%	25.01%
Earnings before Tax (EBT) ¹	1,423	674	317	564	1,766	1,325	275	116	1,237	982	207.5	877.9	1,983	1,589	1,384
Net income ¹	1,241	543	258	451	1,386	1,067	222	94	1,026	800	163.4	694.1	1,568	1,256	1,093
Net margin	25.35%	11.03%	6.66%	11.28%	23.13%	20.37%	4.56%	1.82%	14.99%	12.79%	3.16%	11.4%	21.54%	19.12%	17.78%
EPS ²	4.180	1.830	0.8600	1.510	4.640	3.560	0.7400	0.3000	2.990	2.330	0.4541	2.050	4.744	3.550	3.090
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/02/22	28/04/22	19/07/22	27/10/22	08/02/23	27/04/23	18/07/23	30/10/23	08/02/24	25/04/24	-	-	-	-	-

¹SEK in Million²SEK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	15,724	13,748	9,500	7,406	19,265	13,660	9,465	2,141
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.569 x	2.013 x	1.655 x	1.096 x	2.51 x	1.535 x	0.8971 x	0.1722 x
Free Cash Flow ¹	-18,051	1,250	5,103	4,593	4,063	6,288	7,013	8,368
ROE (net income / shareholders' equity)	25.4%	17.5%	12.3%	10.6%	7.98%	9.64%	12.2%	14.1%
ROA (Net income/ Total Assets)	10.5%	6.91%	5.53%	5.22%	3.81%	4.52%	6.29%	7.12%
Assets ¹	31,422	46,970	48,472	50,579	63,228	73,425	77,611	91,813
Book Value Per Share ²	56.40	68.50	75.10	85.60	95.60	110.0	123.0	141.0
Cash Flow per Share ²	12.30	17.50	18.40	15.80	13.70	18.90	22.00	28.10
Capex ¹	37	41	47	72	407	595	545	657
Capex / Sales	0.26%	0.27%	0.3%	0.38%	1.84%	2.44%	2.01%	2.16%
Announcement Date	13/02/20	18/02/21	10/02/22	08/02/23	08/02/24	-	-	-

¹SEK in Million²SEK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Swedish Orphan Biovitrum AB

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

283.4 SEK

Average target price

317.2 SEK

Spread / Average Target

+11.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Biopharmaceuticals

	1st Jan change	Capi.
SWEDISH ORPHAN BIOVITRUM AB	+7.12%	8.81B
CSL LIMITED	-3.45%	87.17B
SAMSUNG BIOLOGICS CO.,LTD.	+1.97%	40.1B
UCB	+56.72%	25.12B
BIOMARIN PHARMACEUTICAL INC.	-14.82%	15.59B
BEIJING WANTAI BIOLOGICAL PHARMACY ENTERPRISE CO., LTD.	-8.82%	12B
INCYTE CORPORATION	-16.29%	11.8B
CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO., LTD.	-41.58%	11.8B
INNOVENT BIOLOGICS, INC.	-10.18%	8.24B
INTRA-CELLULAR THERAPIES, INC.	+0.95%	7.62B

Biopharmaceuticals