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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bioventix Plc | LSE:BVXP | London | Ordinary Share | GB00B4QVDF07 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4,450.00 | 4,400.00 | 4,500.00 | 4,450.00 | 4,450.00 | 4,450.00 | 897 | 07:47:10 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Coml Physical, Biologcl Resh | 12.82M | 8.37M | 1.6071 | 27.69 | 231.82M |
Date | Subject | Author | Discuss |
---|---|---|---|
16/10/2017 13:02 | Another good performance from Bioventix. Here is my analysis: Breakdown of results Results came in better than forecasted at £7.24m vs. £7.1m. Most of their sales come from royalty and license fee (£5.3m) with R&D and product revenue making up the rest. Pre-tax profit increased to £5.7m, compared to £4.2m giving the business a high margin in the 70s. The biggest surprise is the dividend announcement of a second interim dividend of 31p and a special dividend of 40p. Balance sheet A great balance sheet with cash making up 60% of total assets. No debt and no pension deficit. Cash Flow The balance sheet is neat with high levels of cash inflows and the only cash outflow is basically rewarding shareholders. Talking of dividends, this paid the company is paying 91p vs. 62.5p (including the special) Including the special, the yield climbs over 3%. But what impressed me the most is the 50% dividend growth helped by the special dividend increasing 100%. Is Bioventix fully-priced in? When you see revenue of £7.2m vs. the market cap. of £142m it looks pricey. And, despite EPS Growth averaging circa. 26% (which is typical of a sustainable rate for a small business) the market has raced ahead of itself. Market metrics such as: EV/EBIT = 27 times, now down to 24 times, the 6-year average is 13 times. PE = 40.7 times, now down to 29 times, the 6-year average is 19 times. PB = 17.3 times, now down to 14.1 times, the 6-year average is 7.3 times. PS = 25.8 times, now down to 19.7 times, the 6-year average is 10 times. On the flip-side: If you are a L-T investor, then you thinking five or ten years ahead. My advice is if Bioventix can sustain their business model, then we can make a hypothetical forecast. Assuming net profit grow by 20% for the next five years, then on current valuation, then PE comes to 11 times. And if the company keeps their current PE ratio of 29 times, you are looking at a share price of circa £70 per share! Things to be cautious Looking at Bioventix business and financials, I get the sense of feeling that their technology is reliance on a few talented staff (the company employs 15 people). So, staff safety and morale is paramount to Bioventix continuous success. Another is the entry of new competitors. Given the low cost of entry (all you need is the talent), then there is no guarantee of success if another business develops a superior product. Final Thoughts It reminds me of Rightmove with their high operating margin and low asset maintenance costs. Unlike Rightmove, they have vulnerabilities because the probability of staff accident can be fatal to future business success or a competitor muscling in (low cost of entry). So, in many ways they are competitive, but with a few speculative features lingering about. I think £20 per share or 21-times PE is good value. Interested in other companies’ updates and results, then click | walbrock82 | |
16/10/2017 09:34 | Were the cost of sales really identical to last years' to the pound? 494,880? Assume so, as the columns add up properly. | igbertsponk | |
16/10/2017 09:27 | They are also expecting China to come on line. | tadders2 | |
16/10/2017 09:22 | You could read that two ways, one could read it as "it will be an important part of the revenue replacement" because they believe other areas could contribute to the revenue replacement as well thus giving some belief to the notion there afre other mkts growing for them.. | steptoes yard | |
16/10/2017 09:05 | Were the cost of sales really identical to last years' to the pound? 494,880? Thanks, StepOne | stepone68 | |
16/10/2017 08:02 | 13 staff (Full time equivalents). 15 in the share scheme. So looks like all profitable tied in to the future of the company. Admin expenses still less than a million, they run a tight operation. | igbertsponk | |
16/10/2017 07:57 | Never underestimate this company. With only a few staff they concentrate on making the bits that others use to do the tests. They themselves admit they don't know why growth was so strong - guess what they produce is just good! Buy the dips, this never disappoints. | igbertsponk | |
16/10/2017 07:55 | I have read the results and happy as I am about the record results I get a feeling they are not sure where continued growth (at these levels) will be coming from in future years. A big announcement from the Siemens line would help, but even then what next in their product development? | soundsplausible | |
16/10/2017 07:42 | finnCap new forecast: Revenue: 2018: £6.9m 2019: £7.8m Pre-tax profit (adjusted): 2018: £5.4m 2019: £6.2m EPS (adj): 2018: 85.9p 2019: 98.5p DPS 2018: 61.0p 2019: 73.0p Net cash: 2018: £5.8m 2019: £7.7m "Despite an 11% decline in EPS in FY 2018 as it transitions the licence loss, the shares should be underpinned by free cash flow (+11%), which supports a 3.5% yield, 3.4% free cash flow yield, 46% free cash flow/capital employed and 56% ROCE. Bioventix remains a top quartile investment in the finnCap Slide Rule". | robinnicolson | |
16/10/2017 07:21 | opodio caught short? Or just a wally? | igbertsponk | |
16/10/2017 07:16 | really opodio? They've reiterated their target price at 2600p, not cut it. | wjccghcc | |
16/10/2017 07:00 | Broker has cut target price today to two pounds under present price | opodio | |
16/10/2017 06:57 | It's in the forecasts already and it will be partially offset by growth in the rest of the portfolio whether or not troponin take up takes a while. | wjccghcc | |
16/10/2017 06:54 | A 15% fall in sales of #1m would lead to a massive profit shortfall of almost #1m | opodio | |
16/10/2017 06:50 | Management has form in managing expectations down only to surprise to the upside. A year ago FY 2017 was expected to deliver EPS in the mid 70's. FinnCap revised this up to 89p EPS just a few weeks ago following the trading update only for the final number to come in at 96p. | boros10 | |
16/10/2017 06:42 | Profit warning ? Maybe not, but I think they're managing expectations. | trident5 | |
16/10/2017 06:24 | The 1million in lost sales has been flagged for over 2 years and is priced in so no profit warning. | drsous | |
16/10/2017 06:18 | Conclusion We are delighted to be able to report such positive news for the current year. For the financial year 2017/18, our challenge will be to make up for the approximately £1 million of lost sales mentioned above with revenues from the newly launched Siemens troponin project and modest growth from additional vitamin D antibody sales and royalties. Lost sales challenge, looks like a profit warning | opodio | |
16/10/2017 06:16 | Brilliant results as ever. More than justifies the share price's recent rise. What a superbly run company this is. | igbertsponk | |
16/10/2017 06:14 | EPS of 96.4 vs 89.3 estimate (which had already been revised upwards). Special dividend to boot. | hydrus | |
14/10/2017 08:20 | RNS on company website says Monday 16th of October 2017. | djbilywiz |
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