AC Immune SA (NASDAQ: ACIU)

Sector: Healthcare Industry: Biotechnology CIK: 0001651625
P/B 4.03
P/E -3.50
P/S 57.54
Market Cap 314.44 Mn
ROIC (Qtr) -81.25
Div Yield % 0.00
Rev 1y % (Qtr) -96.09
Total Debt (Qtr) 5.83 Mn
Debt/Equity (Qtr) 0.07

About

AC Immune SA, a Swiss biopharmaceutical company with the ticker symbol ACIU, is a leading clinical-stage biotech company specializing in the development of innovative therapies for neurodegenerative diseases. The company operates in the biopharmaceutical industry, specifically in the field of neurodegenerative disorders such as Alzheimer's disease (AD), Parkinson's disease (PD), and other related conditions. AC Immune's primary products are its proprietary technology platforms, SupraAntigen and Morphomer, which generate highly specific biologics...

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Analysis

Pros

  • Healthy cash reserves of 34.68M provide 26.55x coverage of short-term debt 1.31M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 151.49M provides 26x coverage of total debt 5.83M, indicating robust asset backing and low credit risk.
  • Robust tangible asset base of 151.49M provides 7.84x coverage of working capital 19.32M, indicating strong operational backing.
  • R&D investment of 77M represents healthy 0.71x of deferred revenue 107.98M, indicating strong future innovation pipeline.
  • Short-term investments of 100.91M provide 77.25x coverage of short-term debt 1.31M, showing strong liquidity management.

Cons

  • Operating cash flow of (60.91M) barely covers its investment activities of 54.64M, with a coverage ratio of -1.11, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of 54.64M provide weak support for R&D spending of 77M, which is 0.71x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of (60.91M) provides insufficient coverage of deferred revenue obligations of 107.98M, which is -0.56x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (60.91M) shows concerning coverage of stock compensation expenses of 5.57M, with a -10.93 ratio indicating potential earnings quality issues.
  • Operating cash flow of (60.91M) provides minimal -16243.33x coverage of tax expenses of 3750, suggesting potential tax planning inefficiencies or unsustainable tax positions.

Peer Comparison

Companies in the Biotechnology
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 SMMT Summit Therapeutics Inc. 1,349.40 Bn -1,464.17 0.00 0.01 Bn
2 ONC BeOne Medicines Ltd. 437.43 Bn 6,381.20 87.97 1.90 Bn
3 VRTX Vertex Pharmaceuticals Inc / Ma 116.09 Bn 31.59 9.90 1.83 Bn
4 REGN Regeneron Pharmaceuticals, Inc. 78.10 Bn 17.06 5.48 2.71 Bn
5 ALNY Alnylam Pharmaceuticals, Inc. 55.87 Bn 1,282.42 17.40 3.21 Bn
6 ARGX Argenx Se 52.85 Bn 35.08 27,559.65 -
7 BNTC Benitec Biopharma Inc. 41.75 Bn -998.33 0.00 0.00 Bn
8 INSM INSMED Inc 37.80 Bn -31.93 84.56 0.74 Bn

Industry Comparisons

Current Valuation

Metric Value Industry Percentile
EV to Assets 1.66 12.31
EV to Cash from Ops. -5.83 23.25
EV to Debt 60.94 738.44
EV to EBIT -3.96 -9.16
EV to EBITDA -3.99 6.95
EV to Free Cash Flow [EV/FCF] -5.73 21.90
EV to Market Cap 1.13 65.67
EV to Revenue 64.97 227.32
Price to Book Value [P/B] 4.03 22.34
Price to Earnings [P/E] -3.50 -11.77

Dividend Metrics

Metric Value Industry Percentile
Dividend Coverage Ratio 0.00 -11.94
Dividend Payout Ratio % 0.00 0.16
Dividend per Basic Share 0.00 0.01
FCF Dividend Payout Ratio % 0.00 -0.14
Interest Coverage -398.28 841.00

Growth Metrics

Metric Value Industry Percentile
Capex Growth (1y) % -41.45 -27.13
Cash and Equivalents Growth (1y) % -9.08 734.65
Dividend Growth (1y) % 0.00 0.01
EBIAT Growth (1y) % -91.71 -46.93
EBITDA Growth (1y) % -115.34 -1.68
EBIT Growth (1y) % -91.71 -56.45
EBT Growth (1y) % -91.57 -12.70
EPS Growth (1y) % -91.25 -28.31
FCF Growth (1y) % -225.84 -31.90
Gross Profit Growth (1y) % -88.66 226.84

Liquidity Ratios

Metric Value Industry Percentile
Asset Utilization Ratio 0.03 0.14
Cash Payout Ratio 0.00 0.00
Cash Ratio 0.28 3.85
Current Ratio 1.16 7.27
Debt to Equity Ratio 0.07 0.40
Interest Cover Ratio -398.28 841.00
Times Interest Earned -398.28 841.00

Profitability

Metric Value Industry Percentile
EBITDA Margin % -1,585.40 -18,234.31
EBIT Margin % -1,311.80 -18,580.80
EBT Margin % -1,643.87 -19,488.74
Gross Margin % 100.00 -7.59
Net Profit Margin % -1,643.90 -19,439.22