uniQure N.V. (NASDAQ: QURE)

Sector: Healthcare Industry: Biotechnology CIK: 0001590560
Market Cap 1.24 Bn
P/B 5.42
P/E -5.27
P/S 78.73
ROIC (Qtr) -31.55
Div Yield % 0.00
Rev 1y % (Qtr) 61.83
Total Debt (Qtr) 531.66 Mn
Debt/Equity (Qtr) 2.32

About

uniQure N.V., a prominent player in the gene therapy sector, is committed to providing patients with rare and severe diseases a one-time treatment option that could potentially cure their condition. The company's primary focus lies in developing innovative gene therapies, with clinical candidates targeting Huntington's disease, amyotrophic lateral sclerosis (ALS), refractory mesial temporal lobe epilepsy (MTLE), and Fabry disease. uniQure's main business activities revolve around the development of gene therapies using its cutting-edge technology...

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Price action

Investment thesis

Bull case

  • Healthy cash reserves of 597.06M provide 152.54x coverage of short-term debt 3.91M, demonstrating strong liquidity position and minimal refinancing risk.
  • Operating cash flow of (153.24M) provides strong 25.48x coverage of operating expenses (6.01M), showing operational efficiency.
  • Tangible assets of 788.91M provide robust 8.72x coverage of other current liabilities 90.49M, indicating strong asset backing.
  • Cash reserves of 597.06M provide robust 5.93x coverage of current liabilities 100.63M, indicating strong short-term solvency.
  • Cash reserves of 597.06M provide solid 19.10x coverage of other non-current liabilities 31.26M, indicating strong liquidity.

Bear case

  • Operating cash flow of (153.24M) barely covers its investment activities of 93.13M, with a coverage ratio of -1.65, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of 93.13M provide weak support for R&D spending of 144.73M, which is 0.64x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • The company's operating cash flow of (153.24M) shows concerning coverage of stock compensation expenses of 17.77M, with a -8.63 ratio indicating potential earnings quality issues.
  • Free cash flow of (153.62M) provides weak coverage of capital expenditures of 381000, with a -403.20 ratio suggesting additional external financing needs for growth initiatives.
  • Operating cash flow of (153.24M) provides minimal -14.73x coverage of tax expenses of 10.40M, suggesting potential tax planning inefficiencies or unsustainable tax positions.

Products and Services Breakdown of Revenue (2024)

Collaborative Arrangement and Arrangement Other than Collaborative 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 1.70 12.96
EV to Cash from Ops. EV/CFO -9.84 23.73
EV to Debt EV to Debt 2.84 772.65
EV to EBIT EV/EBIT -9.28 -11.30
EV to EBITDA EV/EBITDA -9.20 7.11
EV to Free Cash Flow [EV/FCF] EV/FCF -9.82 22.12
EV to Market Cap EV to Market Cap 1.22 68.89
EV to Revenue EV/Rev 95.75 199.70
Price to Book Value [P/B] P/B 5.42 22.62
Price to Earnings [P/E] P/E -5.27 -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) -2.61 857.11
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 97.21 -27.24
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 137.28 747.06
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.01
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 2.13 -48.21
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 12.69 -2.09
EBIT Growth (1y) % EBIT 1y % (Qtr) 4.62 -57.79
EBT Growth (1y) % EBT 1y % (Qtr) 4.32 -14.35
EPS Growth (1y) % EPS 1y % (Qtr) 11.49 -30.88
FCF Growth (1y) % FCF 1y % (Qtr) 20.44 -32.51
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 579.11 227.96
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.02 0.14
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.00
Cash Ratio Cash Ratio (Qtr) 5.93 3.79
Current Ratio Curr Ratio (Qtr) 7.12 7.23
Debt to Equity Ratio Debt/Equity (Qtr) 2.32 0.42
Interest Cover Ratio Int Coverage (Qtr) -2.61 857.11
Times Interest Earned Times Interest Earned (Qtr) -2.61 857.11
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -928.80 -18,509.94
EBIT Margin % EBIT Margin % (Qtr) -1,031.34 -18,862.18
EBT Margin % EBT Margin % (Qtr) -1,426.85 -19,783.19
Gross Margin % Gross Margin % (Qtr) 88.10 -8.62
Net Profit Margin % Net Margin % (Qtr) -1,492.90 -19,732.60