Financials Clinuvel Pharmaceuticals Limited

Equities

CUV

AU000000CUV3

Pharmaceuticals

Market Closed - Australian S.E. Other stock markets 02:10:45 2024-04-26 am EDT			5-day change	1st Jan Change
14.57 ^AUD	-2.80%		+1.32%	-8.94%

Mar. 14	Clinuvel Pharmaceuticals Launches Share Buyback Program	MT
Mar. 14	Morgans Financial Upgrades Clinuvel Pharmaceuticals to Add From Hold; Price Target is AU$16	MT

Valuation

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,649	1,267	1,517	733.7	883.5	730.1	-	-
Enterprise Value (EV) ¹	1,595	1,201	1,434	612.2	726.6	543.3	510.6	472.2
P/E ratio	92 x	77.7 x	63.4 x	36.8 x	30.3 x	21.3 x	19.7 x	17.2 x
Yield	0.07%	0.1%	0.08%	0.27%	0.28%	0.46%	0.51%	0.63%
Capitalization / Revenue	53.1 x	38.9 x	31.6 x	11.2 x	11.3 x	8.16 x	7.4 x	6.48 x
EV / Revenue	51.4 x	36.9 x	29.9 x	9.32 x	9.28 x	6.07 x	5.18 x	4.19 x
EV / EBITDA	90.4 x	92.2 x	55 x	16.4 x	19.5 x	12.4 x	10.4 x	8.34 x
EV / FCF	87.6 x	90.3 x	77.9 x	15.5 x	20.2 x	15 x	12.6 x	9.62 x
FCF Yield	1.14%	1.11%	1.28%	6.44%	4.94%	6.65%	7.94%	10.4%
Price to Book	-	-	15.4 x	5.84 x	5.37 x	3.85 x	3.31 x	2.87 x
Nbr of stocks (in thousands)	48,961	49,410	49,410	49,410	49,410	50,108	-	-
Reference price ²	33.68	25.65	30.70	14.85	17.88	14.57	14.57	14.57
Announcement Date	8/28/19	8/26/20	8/26/21	8/30/22	8/29/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	31.05	32.56	47.98	65.72	78.32	89.47	98.61	112.7
EBITDA ¹	17.64	13.03	26.1	37.44	37.2	43.78	49.01	56.6
EBIT ¹	17.55	12.6	25.24	36.68	36.41	42.75	47.55	55.24
Operating Margin	56.53%	38.69%	52.61%	55.82%	46.49%	47.78%	48.22%	49.04%
Earnings before Tax (EBT) ¹	18.11	13.14	25.71	34.32	45.58	50.58	54.68	59.58
Net income ¹	18.13	16.65	24.73	20.88	30.6	34.71	37.47	42.84
Net margin	58.41%	51.12%	51.54%	31.77%	39.08%	38.8%	38%	38.02%
EPS ²	0.3660	0.3300	0.4840	0.4030	0.5910	0.6853	0.7411	0.8475
Free Cash Flow ¹	18.2	13.3	18.41	39.44	35.88	36.13	40.57	49.07
FCF margin	58.61%	40.84%	38.37%	60.01%	45.82%	40.39%	41.14%	43.55%
FCF Conversion (EBITDA)	103.16%	102.09%	70.53%	105.33%	96.45%	82.53%	82.78%	86.7%
FCF Conversion (Net income)	100.35%	79.89%	74.44%	188.89%	117.25%	104.1%	108.25%	114.54%
Dividend per Share ²	0.0250	0.0250	0.0250	0.0400	0.0500	0.0675	0.0747	0.0914
Announcement Date	8/28/19	8/26/20	8/26/21	8/30/22	8/29/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Juni	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	13.63	34.34	-	41.09	-	48.97	32.26	53.9
EBITDA ¹	5.613	20.49	9.847	27.71	14.91	22.3	13.74	33.3
EBIT ¹	5.613	19.62	9.455	27.35	14.53	21.88	13.16	33.3
Operating Margin	41.17%	57.14%	-	66.56%	-	44.69%	40.8%	61.78%
Earnings before Tax (EBT) ¹	5.811	19.9	8.726	25.6	14.6	30.98	14.81	37.3
Net income ¹	6.487	18.24	5.87	15.01	11.39	19.22	10.94	24.9
Net margin	47.58%	53.11%	-	36.52%	-	39.25%	33.9%	46.2%
EPS ²	0.1270	0.3570	0.1140	0.2890	0.2200	0.3710	0.2120	0.4930
Dividend per Share ²	-	0.0250	-	0.0400	-	0.0500	-	0.0700
Announcement Date	2/23/21	8/26/21	2/22/22	8/30/22	2/23/23	8/29/23	2/21/24	-

¹AUD in Million²AUD

Estimates

Balance Sheet Analysis

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	54.3	66.7	82.7	122	157	187	219	258
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	18.2	13.3	18.4	39.4	35.9	36.1	40.6	49.1
ROE (net income / shareholders' equity)	32%	-	28.7%	18.6%	19%	18.8%	17.4%	17.3%
ROA (Net income/ Total Assets)	34.5%	23.1%	26%	16.5%	18.1%	15.4%	14.6%	13.9%
Assets ¹	52.62	71.94	95.05	126.3	168.8	225.7	256.6	308.6
Book Value Per Share ²	-	-	2.000	2.540	3.330	3.790	4.400	5.070
Cash Flow per Share ²	0.3700	0.2800	0.3800	0.7700	0.7100	0.8300	0.8400	0.9800
Capex ¹	0.26	0.89	0.85	0.43	1.03	6.08	2.73	1.53
Capex / Sales	0.83%	2.73%	1.78%	0.66%	1.31%	6.79%	2.77%	1.36%
Announcement Date	8/28/19	8/26/20	8/26/21	8/30/22	8/29/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Clinuvel Pharmaceuticals Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

14.57 AUD

Average target price

25.6 AUD

Spread / Average Target

+75.72%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Biopharmaceuticals

	1st Jan change	Capi.
CLINUVEL PHARMACEUTICALS LIMITED	-8.94%	476M
CSL LIMITED	-4.66%	86.13B
SAMSUNG BIOLOGICS CO.,LTD.	+1.32%	39.82B
BIOGEN INC.	-19.27%	30.42B
UCB	+57.86%	25.23B
INCYTE CORPORATION	-17.69%	11.6B
CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO., LTD.	-43.00%	11.51B
BEIJING WANTAI BIOLOGICAL PHARMACY ENTERPRISE CO., LTD.	-9.14%	11.95B
SWEDISH ORPHAN BIOVITRUM AB	+5.24%	8.71B
INNOVENT BIOLOGICS, INC.	-8.42%	8.12B

Biopharmaceuticals