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 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 proprietary development line of novel or innovative products. ADL will have 2,400m3 of total fermentation capacity available by Q419 and, given recent contract wins and the ramping up of its two largest contracts, it expects to have 100% of capacity committed by year end 2019. It reiterated guidance for €50m in 2019 revenue (vs €25m in 2018) and positive EBITDA, after reporting 9M19 sales of €33.2m, with €2.2m in adjusted EBITDA.

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
Industry outlook

We estimate the ADL unit’s solid pipeline of existing CMO contracts will contribute to sustainable ongoing growth. We forecast 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 should fully fund the company’s business plan for the next four years.

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