DBV Technologies S.A. (NASDAQ: DBVT)

Sector: Healthcare Industry: Biotechnology CIK: 0001613780
Market Cap 413.06 Mn
P/B 7.82
P/E -3.30
P/S 75.06
ROIC (Qtr) -162.97
Div Yield % 0.00
Rev 1y % (Qtr) 158.77
Total Debt (Qtr) 7.69 Mn
Debt/Equity (Qtr) 0.15

About

DBV Technologies S.A., often recognized by its ticker symbol DBVT, operates within the biopharmaceutical industry. This clinical-stage company is dedicated to developing a unique technology platform, Viaskin, aimed at treating children suffering from food allergies through a novel method called epicutaneous immunotherapy (EPIT). EPIT involves delivering biologically active compounds to the immune system through intact skin, using Viaskin, an epicutaneous patch. DBV Technologies' primary focus lies in the development and commercialization of its...

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Price action

Investment thesis

Bull case

  • Healthy cash reserves of 69.84M provide 69.77x coverage of short-term debt 1M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 110.47M provides 14.36x coverage of total debt 7.69M, indicating robust asset backing and low credit risk.
  • Tangible assets of 110.47M provide robust 12.75x coverage of other current liabilities 8.67M, indicating strong asset backing.
  • Cash reserves of 69.84M provide robust 1.41x coverage of current liabilities 49.48M, indicating strong short-term solvency.
  • Cash reserves of 69.84M provide solid 47.64x coverage of other non-current liabilities 1.47M, indicating strong liquidity.

Bear case

  • Operating cash flow of (98.26M) barely covers its investment activities of 139000, with a coverage ratio of -706.91, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of 139000 provide weak support for R&D spending of 102.69M, which is 0x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • The company's operating cash flow of (98.26M) shows concerning coverage of stock compensation expenses of 3.01M, with a -32.64 ratio indicating potential earnings quality issues.
  • Operating cash flow of (98.26M) provides minimal -792.42x coverage of tax expenses of 124000, suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Free cash flow of (98.29M) provides weak coverage of capital expenditures of 34000, with a -2891 ratio suggesting additional external financing needs for growth initiatives.

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 2.87 12.96
EV to Cash from Ops. EV/CFO -3.23 23.73
EV to Debt EV to Debt 41.29 772.65
EV to EBIT EV/EBIT -2.54 -11.30
EV to EBITDA EV/EBITDA -2.59 7.11
EV to Free Cash Flow [EV/FCF] EV/FCF -3.23 22.12
EV to Market Cap EV to Market Cap 0.77 68.89
EV to Revenue EV/Rev 57.70 199.70
Price to Book Value [P/B] P/B 7.82 22.62
Price to Earnings [P/E] P/E -3.30 -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) 98.79 -27.24
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 50.38 747.06
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.01
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -22.57 -48.21
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -4.77 -2.09
EBIT Growth (1y) % EBIT 1y % (Qtr) -22.50 -57.79
EBT Growth (1y) % EBT 1y % (Qtr) -22.50 -14.35
EPS Growth (1y) % EPS 1y % (Qtr) 1.90 -30.88
FCF Growth (1y) % FCF 1y % (Qtr) 9.59 -32.51
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -56.03 227.96
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.05 0.14
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.00
Cash Ratio Cash Ratio (Qtr) 1.41 3.79
Current Ratio Curr Ratio (Qtr) 1.80 7.23
Debt to Equity Ratio Debt/Equity (Qtr) 0.15 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) -2,214.60 -18,509.94
EBIT Margin % EBIT Margin % (Qtr) -2,271.65 -18,862.18
EBT Margin % EBT Margin % (Qtr) -2,271.65 -19,783.19
Gross Margin % Gross Margin % (Qtr) 100.00 -8.62
Net Profit Margin % Net Margin % (Qtr) -2,273.90 -19,732.60