APONTIS PHARMA AG
ISIN: DE000A3CMGM5
WKN: A3CMGM
24 June 2024 11:01AM

Original-Research: APONTIS PHARMA AG (von First Berlin Equity Research GmbH): Buy

APONTIS PHARMA AG · ISIN: DE000A3CMGM5 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 20085

Original-Research: APONTIS PHARMA AG - from First Berlin Equity Research GmbH

Classification of First Berlin Equity Research GmbH to APONTIS PHARMA AG

Company Name: APONTIS PHARMA AG
ISIN: DE000A3CMGM5

Reason for the research: Initiation of Coverage Recommendation: Buy
from: 24.06.2024
Target price: EUR 17.00
Target price on sight of: 12 months
Last rating change: -
Analyst: Christian Orquera

First Berlin Equity Research on 24/06/2024 initiated coverage on APONTIS PHARMA AG (ISIN: DE000A3CMGM5/ Bloomberg: APPH GR). Analyst Christian Orquera placed a BUY rating on the stock, with a EUR 17.00 price target.

Abstract:
Apontis Pharma AG (Apontis) is a leading specialty pharmaceutical company focusing on the development and marketing of a broad portfolio of 'single pills' and other drugs for cardiovascular and respiratory diseases in Germany. Single pills combine two to three off-patent active pharmaceutical ingredients (APIs), in one combination preparation. Single pill therapies are scientifically proven to significantly improve adherence to medication of patients, while reducing adverse cardiovascular events, mortality and treatment costs. 2023 was a difficult year with revenue setbacks leading to substantial EBITDA losses. The new CEO, Mr Wohlschlegel, is a marketing veteran with >26 years' experience at the large German company Merck where he was most recently responsible for the German subsidiary and the European pharma business with a turnover in the billions. He took office in September 2023 to restructure, turnaround and increase efficiency at Apontis. He downsized staff to 110 (previously 185) in record time with anticipated annual savings of €6m to €7m p.a., launched a modern multichannel marketing strategy to approach physicians more efficiently and closed an exclusive marketing deal for two asthma drugs with Novartis. Following strong Q1 2024 financial results, we see Apontis in excellent shape to accelerate penetration of the highly attractive single pill market. We view Apontis as a very compelling turnaround story. Based on our DCF model, we initiate coverage of Apontis with a Buy rating and a price target of €17.00, which represents an upside potential of >100% from the current level.

First Berlin Equity Research hat am 24.06.2024 die Coverage von APONTIS PHARMA AG (ISIN: DE000A3CMGM5/ Bloomberg: APPH GR) aufgenommen. Analyst Christian Orquera stuft die Aktie mit einem BUY-Rating ein, bei einem Kursziel von EUR 17,00.

Zusammenfassung:
Die Apontis Pharma AG (Apontis) ist ein führendes Specialty Pharma-Unternehmen, das sich auf die Entwicklung und Vermarktung eines breiten Portfolios von 'Single Pills' und anderen Medikamenten für Herz-Kreislauf- und Atemwegserkrankungen in Deutschland konzentriert. Single Pills kombinieren zwei bis drei patentfreie Wirkstoffe (APIs) in einem Kombinationspräparat. Es ist wissenschaftlich erwiesen, dass Single-Pill-Therapien die Therapietreue der Patienten deutlich verbessern und gleichzeitig die kardiovaskulären Zwischenfälle, die Sterblichkeit und die Behandlungskosten senken. 2023 war ein hartes Jahr mit Umsatzrückgängen, die zu erheblichen EBITDA-Verlusten führten. Der neue CEO, Herr Wohlschlegel, ist ein Marketing-Veteran mit mehr als 26 Jahren Erfahrung bei dem großen deutschen Unternehmen Merck, wo er zuletzt für die deutsche Tochtergesellschaft und das europäische Pharmageschäft mit einem Umsatz in Milliardenhöhe verantwortlich war. Er trat sein Amt im September 2023 an, um Apontis umzustrukturieren, zu sanieren und die Effizienz zu steigern. Er verringerte die Mitarbeiterzahl in Rekordzeit auf 110 (vorher 185) mit erwarteten jährlichen Einsparungen von 6 bis 7 Mio. Euro pro Jahr, startete eine moderne Multikanal-Marketingstrategie, um Ärzte effizienter anzusprechen, und schloss mit Novartis einen exklusiven Marketingvertrag für zwei Asthma-Medikamente ab. Nach den starken Finanzergebnissen des ersten Quartals 2024 sehen wir Apontis in einer ausgezeichneten Verfassung, um die Durchdringung des hochattraktiven Marktes für Single Pills zu beschleunigen. Wir betrachten Apontis als eine sehr überzeugende Turnaround-Story. Auf der Grundlage unseres DCF-Modells nehmen wir die Coverage von Apontis mit einem Buy-Rating und einem Kursziel von €17,00 auf, was einem Aufwärtspotenzial von >100% gegenüber dem aktuellen Kursniveau entspricht.

Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse.

You can download the research here:
http://www.more-ir.de/d/30085.pdf

Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com

-------------------transmitted by EQS Group AG.-------------------

The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.

The most important financial data at a glance
  2018 2019 2020 2021 2022 2023 2024e
Sales1 44,80 40,04 39,24 51,18 55,73 36,96 48,70
EBITDA1,2 2,81 -1,72 1,00 2,36 5,57 -13,28 3,30
EBITDA-Margin3 6,27 -4,30 2,55 4,61 10,00 -35,93 6,78
EBIT1,4 2,50 -2,29 -0,66 0,62 3,77 -15,16 1,30
EBIT-Margin5 5,58 -5,72 -1,68 1,21 6,77 -41,02 2,67
Net Profit (Loss)1 2,37 -2,39 -1,18 -0,75 2,69 -12,68 1,00
Net-Margin6 5,29 -5,97 -3,01 -1,47 4,83 -34,31 2,05
Cashflow1,7 4,46 -0,24 1,45 3,43 11,02 -12,60 0,00
Earnings per share8 0,28 -0,28 -0,14 -0,09 0,32 -1,49 0,12
Dividend per share8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de and Company information
Explanation

1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de

Auditor: RSM Ebner Stolz

All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.

INVESTOR-INFORMATION
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Apontis Pharma
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
A3CMGM DE000A3CMGM5 AG 85,85 Mio € 11.05.2021 Verkaufen 9F383VCV+FH
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
27,30 25,63 1,07 53,44 2,84 -6,82 2,32
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,00 0,00 0,00 0,00%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
17.05.2024 08.05.2024 09.08.2024 07.11.2024 28.03.2024
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
+0,50%
10,10 €
ATH 27,80 €
+10,36% +22,16% +112,63% +117,67% -46,84%

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