BioNTech SE (NASDAQ: BNTX)

Sector: Healthcare Industry: Biotechnology CIK: 0001776985
Market Cap 23.84 Bn
P/B 1.10
P/E -35.45
P/S 6.43
ROIC (Qtr) 4.80
Div Yield % 0.00
Rev 1y % (Qtr) 29.20
Total Debt (Qtr) 1.10 Bn
Debt/Equity (Qtr) 0.05

About

BioNTech SE, ticker symbol BNTX, is a global next-generation immunotherapy company operating in the healthcare industry. The company specializes in the development and commercialization of mRNA-based vaccines and therapeutics for various diseases, including cancer, infectious diseases, and other serious conditions. BioNTech is headquartered in Mainz, Germany, and has established a strong presence in the global market. BioNTech's main business activities revolve around its proprietary mRNA technology, which enables the development of innovative...

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Price action

Investment thesis

Bull case

  • Healthy cash reserves of 11.87B provide 15.51x coverage of short-term debt 765.65M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 23.05B provides 20.86x coverage of total debt 1.10B, indicating robust asset backing and low credit risk.
  • Tangible assets of 23.05B provide exceptional 19.30x coverage of deferred revenue 1.19B, showing strong service capability backing.
  • Retained earnings of 21.49B provide full 63.34x coverage of long-term debt 339.29M, indicating strong internal capital position.
  • Strong free cash flow of (1.28B) provides 13.81x coverage of acquisition spending (92.35M), indicating disciplined M&A strategy.

Bear case

  • Operating cash flow of (372.71M) barely covers its investment activities of 1.02B, with a coverage ratio of -0.37, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of 1.02B provide weak support for R&D spending of 2.60B, which is 0.39x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Cash reserves of 11.87B provide limited coverage of acquisition spending of (92.35M), which is -128.57x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • Operating cash flow of (372.71M) provides insufficient coverage of deferred revenue obligations of 1.19B, which is -0.31x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (372.71M) shows concerning coverage of stock compensation expenses of 88.71M, with a -4.20 ratio indicating potential earnings quality issues.

Major customers [axis] Breakdown of Revenue (2024)

Product and Service Breakdown of Revenue (2024)

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 0.58 12.96
EV to Cash from Ops. EV/CFO -38.75 23.73
EV to Debt EV to Debt 13.07 772.65
EV to EBIT EV/EBIT -27.68 -11.30
EV to EBITDA EV/EBITDA -22.31 7.11
EV to Free Cash Flow [EV/FCF] EV/FCF -11.32 22.12
EV to Market Cap EV to Market Cap 0.61 68.89
EV to Revenue EV/Rev 3.89 199.70
Price to Book Value [P/B] P/B 1.10 22.62
Price to Earnings [P/E] P/E -35.45 -12.30
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 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) -5.64 857.11
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -66.55 -27.24
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 11.03 747.06
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.01
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -28.49 -48.21
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 19.69 -2.09
EBIT Growth (1y) % EBIT 1y % (Qtr) -73.60 -57.79
EBT Growth (1y) % EBT 1y % (Qtr) -75.14 -14.35
EPS Growth (1y) % EPS 1y % (Qtr) -28.69 -30.88
FCF Growth (1y) % FCF 1y % (Qtr) -211.05 -32.51
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 7.42 227.96
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.17 0.14
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.00
Cash Ratio Cash Ratio (Qtr) 4.54 3.79
Current Ratio Curr Ratio (Qtr) 7.12 7.23
Debt to Equity Ratio Debt/Equity (Qtr) 0.05 0.42
Interest Cover Ratio Int Coverage (Qtr) -5.64 857.11
Times Interest Earned Times Interest Earned (Qtr) -5.64 857.11
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -1.90 -18,509.94
EBIT Margin % EBIT Margin % (Qtr) -11.96 -18,862.18
EBT Margin % EBT Margin % (Qtr) -16.56 -19,783.19
Gross Margin % Gross Margin % (Qtr) 82.50 -8.62
Net Profit Margin % Net Margin % (Qtr) -18.10 -19,732.60