ADL Bionatur Solutions


€80.4m market cap

€2.04 last close

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

Investment summary

ADL Bionatur Solutions (ADL-BS) provides contract manufacturing (CMO) of fermentation-based products and services focused on the health, beauty and wellness sectors. It has established CMO/API (active pharmaceutical ingredient) business lines and its own proprietary development line of novel or innovative products. ADL will have 2,400m3 of total fermentation capacity available by Q419. While this operated at c 40% utilisation in much of 2018, given recent contract wins and the ramping up in 2019 of its two largest contracts (a six-year €146m flucosil-lactose deal and an arrangement with Amyris), ADL expects to have 100% of capacity committed by year end 2019. This should drive it to firmly positive company-wide EBITDA and profitability in 2019.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (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 60.8 6.1 1.8 4.53 45.0 N/A
2020E 73.5 11.2 6.2 15.82 12.9 8.0
Last updated on 23/07/2019
Industry outlook

We estimate the ADL unit’s solid pipeline of existing CMO contracts will contribute to company-wide generation of at least €60m in 2019 revenue (vs €25m in 2018). We measure ADL 2018 net debt at approximately €40.6m, including a €7.0m loan from its majority shareholder.

Last updated on 23/07/2019
Share price graph
Balance sheet
Forecast net debt (€m) 50.3
Forecast gearing ratio (%) 219
Price performance
Actual (13.6) 6.8 (10.5)
Relative* (14.1) 9.6 (6.2)
52-week high/low €2.4/€1.6
*% relative to local index
Key management
Pilar de la Huerta CEO