ADL Bionatur Solutions


€80.4m market cap

€2.04 last close

Based in Spain, ADL Bionatur Solutions provides contract manufacturing of fermentation-based biochem products and antibiotics, and develops and licenses its own portfolio of OTC and prescription animal health products, including probiotics and vaccines.

Investment summary

ADL Bionatur Solutions (ADL-BS) announced on 22 July 2019 that its existing contract manufacturing (CMO) production agreement with Amyris (AMRS, Nasdaq) has been extended to 2020, with the associated additional revenue expected to exceed €12m. Amyris develops and markets fermentation-derived ingredients for the health and clean beauty markets, and indicates that its current portfolio is growing over 100% in 2019. The contract expansion signals Amyris’s confidence in ADL-BS’s fermentation facilities and production capabilities, and underpins our growth forecasts for ADL-BS, as our model already anticipated that the Amyris contract would be extended into 2020 and beyond.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2017A 12.8 (10.4) (12.7) (251.65) N/A N/A
2018A 25.3 (12.5) (16.3) (43.16) N/A N/A
2019E 60.8 6.1 1.8 4.53 45.0 N/A
2020E 73.5 11.2 6.2 15.82 12.9 8.0
Industry outlook

We estimate the ADL unit’s solid pipeline of existing CMO contracts will contribute to company-wide generation of at least €60m in 2019 revenue (vs €25m in 2018). We measure ADL 2018 net debt at approximately €40.6m, including a €7.0m loan from its majority shareholder.

Last updated on 23/07/2019
Share price graph
Balance sheet
Forecast net debt (€m) 50.3
Forecast gearing ratio (%) 219
Price performance
Actual (13.6) 6.8 (10.5)
Relative* (14.1) 9.6 (6.2)
52-week high/low €2.4/€1.6
*% relative to local index
Key management
Pilar de la Huerta CEO