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ADL Bionatur Solutions


Market Cap€32.7m

Last Close €0.83

Based in Spain, ADL Bionatur Solutions provides contract manufacturing of fermentation-based biochem products and antibiotics. It also develops and licenses its own portfolio of OTC and prescription animal health products, including probiotics and vaccines.

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Investment summary

ADL Bionatur Solutions provides contract manufacturing (CMO) of fermentation-based products and services focused on the health, beauty and wellness sectors. It has established CMO/active pharmaceutical ingredient business lines and its own development line of innovative products. ADL has 2,400m3 of total fermentation capacity available and reported 2019 results of €45m in revenue and positive adjusted EBITDA.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 12.8 (10.4) (12.7) (251.65) N/A N/A
2018A 25.3 (12.5) (16.3) (43.16) N/A N/A
2019E 53.0 3.8 (1.6) (4.06) N/A N/A
2020E 71.6 10.5 4.2 10.76 7.7 3.8
Industry outlook

We estimate that ADL’s solid pipeline of CMO contracts will contribute to sustainable long-term growth, although 2020 results may be affected by COVID-19. We calculate ADL’s year-end 2019 net debt to be approximately €66.5m, including an €8.7m loan from its majority shareholder, BTC. The company is seeking to refinance €25m of its debt (which is held by Kartesia), and it may shortly receive a €10m cash injection from BTC and potential co-investors.

Last updated on 11/08/2020
Content on ADL Bionatur Solutions
ADL Bionatur Solutions – CMO business driving growth
Healthcare | Update | 11 December 2019
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Share price graph
Balance sheet
Forecast net debt (€m) 65.3
Forecast gearing ratio (%) 277
Price performance
Actual (9.8) (42.0) (61.4)
Relative* (6.4) (44.2) (52.1)
52-week high/low €2.2/€0.8
*% relative to local index
Key management
Blanca San Roman Head of IR