ADL Bionatur Solutions


€32.7m market cap

€0.83 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 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
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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