ADL Bionatur Solutions


€47.5m market cap

€1.21 last close

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.

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-BS has 2,400m3 of total fermentation capacity available and indicates that over 85% of available capacity has been contractually committed for the next two years. It guided for €50m in 2019 sales (vs €25m in 2018) and positive EBITDA, after reporting 9M19 sales of €33.2m, and €2.2m in 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 11.2 5.6
Industry outlook

We estimate the ADL unit’s solid pipeline of CMO contracts will contribute to sustainable long-term growth. We calculate ADL H119 net debt of approximately €50.2m, including an €8.7m loan from its majority shareholder. In August 2019, ADL received €25m in debt financing, which was intended to fund its business plan for the next four years. While facilities remain operational during the pandemic, ADL cited a slowdown in its supply chain and has sought a temporary employment reduction for c 300 staff.

Last updated on 03/06/2020
Share price graph
Balance sheet
Forecast net debt (€m) 57.1
Forecast gearing ratio (%) 295
Price performance
Actual (4.4) (27.8) (46.9)
Relative* (13.2) (16.6) (37.2)
52-week high/low €2.4/€1.1
*% relative to local index
Key management
Pilar de la Huerta CEO