Abivax S.A. (NASDAQ: ABVX)

Sector: Healthcare Industry: Biotechnology CIK: 0001956827
Market Cap 7.30 Bn
P/B 12.14
P/E -31.77
P/S 803.95
ROIC (Qtr) 0.00
Div Yield % 0.00
Rev 1y % (Qtr) 63.38
Total Debt (Qtr) 87.04 Mn
Debt/Equity (Qtr) 0.14

About

Abivax S.A., a clinical-stage biotechnology company (Euronext: ABVX, Nasdaq: ABVX), operates in the pharmaceutical industry, specifically focusing on developing therapeutics that harness the body's natural regulatory mechanisms to stabilize the immune response in patients with chronic inflammatory diseases. Abivax S.A., headquartered in France, was incorporated in 2013 and has been listed on Euronext Paris since 2015. The company has a wholly-owned subsidiary, Abivax LLC, based in Delaware. In 2023, Abivax S.A. completed an initial public offering...

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Price action

Investment thesis

Bull case

  • Healthy cash reserves of 693.77M provide 20.06x coverage of short-term debt 34.59M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 737.68M provides 8.47x coverage of total debt 87.04M, indicating robust asset backing and low credit risk.
  • Tangible assets of 737.68M provide robust 32.42x coverage of other current liabilities 22.76M, indicating strong asset backing.
  • Strong cash position of 693.77M provides 30.49x coverage of other current liabilities 22.76M, indicating excellent liquidity.
  • Cash reserves of 693.77M provide solid 33.76x coverage of other non-current liabilities 20.55M, indicating strong liquidity.

Bear case

  • Retained earnings of (788.01M) provide limited buffer against comprehensive income items of 874117.65, which is -901.50x, indicating elevated exposure to market risks.
  • Long-term investments of 6M represent a high 2.67x of fixed assets 2.25M, indicating potential overexposure to financial assets versus operational capabilities.
  • Tangible assets of 737.68M provide limited backing for working capital of 635.92M, which is 1.16x, suggesting increased operational risk in market downturns.
  • Other non-current assets of 842352.94 provide minimal coverage for long-term debt of 52.46M, which is 0.02x, indicating potential asset-liability mismatch.
  • Tax assets of 0 provide limited offset against tax liabilities of 9.33M, which is 0x, indicating potential future cash flow pressure from tax obligations.

Peer comparison

Companies in the Biotechnology
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 SMMT Summit Therapeutics Inc. 1,446.17 Bn -1,569.17 0.00 0.01 Bn
2 ONC BeOne Medicines Ltd. 439.23 Bn 6,407.40 88.33 1.90 Bn
3 VRTX Vertex Pharmaceuticals Inc / Ma 120.62 Bn 32.82 10.29 1.83 Bn
4 REGN Regeneron Pharmaceuticals, Inc. 84.40 Bn 18.44 5.92 2.71 Bn
5 ALNY Alnylam Pharmaceuticals, Inc. 56.13 Bn 1,288.39 17.49 3.21 Bn
6 ARGX Argenx Se 47.89 Bn 31.79 24,973.95 -
7 BNTC Benitec Biopharma Inc. 42.45 Bn -1,015.00 0.00 0.00 Bn
8 INSM INSMED Inc 32.67 Bn -27.60 73.08 0.74 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 9.64 12.96
EV to Cash from Ops. EV/CFO -46.37 23.73
EV to Debt EV to Debt 84.92 772.65
EV to EBIT EV/EBIT -35.49 -11.30
EV to EBITDA EV/EBITDA -33.85 7.11
EV to Free Cash Flow [EV/FCF] EV/FCF -46.21 22.12
EV to Market Cap EV to Market Cap 1.01 68.89
EV to Revenue EV/Rev 813.81 199.70
Price to Book Value [P/B] P/B 12.14 22.62
Price to Earnings [P/E] P/E -31.77 -12.30
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -12.02
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 0.17
Dividend per Basic Share Div per Share (Qtr) 0.00 0.01
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -0.15
Interest Coverage Int. cover (Qtr) 0.00 857.11
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 -27.24
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 0.00 747.06
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.01
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 0.00 -48.21
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 -2.09
EBIT Growth (1y) % EBIT 1y % (Qtr) 0.00 -57.79
EBT Growth (1y) % EBT 1y % (Qtr) 0.00 -14.35
EPS Growth (1y) % EPS 1y % (Qtr) 0.00 -30.88
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 -32.51
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 0.00 227.96
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.00 0.14
Cash Payout Ratio Cash Payout Ratio 0.00 0.00
Cash Ratio Cash Ratio (Qtr) 7.49 3.79
Current Ratio Curr Ratio (Qtr) 7.86 7.23
Debt to Equity Ratio Debt/Equity (Qtr) 0.14 0.42
Interest Cover Ratio Int Coverage (Qtr) 0.00 857.11
Times Interest Earned Times Interest Earned (Qtr) 0.00 857.11
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.00 -18,509.94
EBIT Margin % EBIT Margin % (Qtr) 0.00 -18,862.18
EBT Margin % EBT Margin % (Qtr) 0.00 -19,783.19
Gross Margin % Gross Margin % (Qtr) 0.00 -8.62
Net Profit Margin % Net Margin % (Qtr) 0.00 -19,732.60