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Clinuvel Pharmaceuticals Ltd CUV

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Stock XASX Rating as of
A$14.02 −0.28 (1.96%)
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As of Delayed Price Closed

Company Report

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Clinuvel Earnings: Shares Undervalued as Revenue Growth Accelerates

Shane Ponraj

No-moat Clinuvel's fiscal 2024 underlying EBIT rose 6% to AUD 44 million, in line with our forecast. Sales grew 13% to AUD 88 million on increased demand for Scenesse, with growth accelerating to 14% in the second half versus 10% in the first. Expense growth outpaced the top line due to increased marketing and headcount, with underlying EBIT margin declining 280 basis points to 49%. However, second-half profitability slightly improved on the previous corresponding period.

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Price vs Fair Value

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CUV is trading at a 31% premium.
Price
A$14.02
Fair Value
A$68.00
Uncertainty
High
1-Star Price
A$78.30
5-Star Price
A$75.20
Economic Moat
Lzjt
Capital Allocation
Ltxwrpjf

Bulls Say, Bears Say

Bulls

Scenesse is the only approved treatment for phototoxic reactions specifically associated with a rare genetic disease called EPP and is fairly protected in the near-term from competition.

Bears

There is high uncertainty on the success and timing of Clinuvel’s efforts to diversify its earnings beyond its single product, Scenesse, currently approved for the single niche EPP adult market.

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Trading Information

Previous Close Price
A$14.30
Day Range
A$14.02–14.28
52-Week Range
A$12.96–18.20
Bid/Ask
A$14.01 / A$14.31
Market Cap
A$702.09 Mil
Volume/Avg
94,809 / 86,397

Key Statistics

Price/Earnings (Normalized)
17.01
Price/Sales
8.12
Dividend Yield (Trailing)
0.36%
Dividend Yield (Forward)
0.36%
Total Yield
0.36%

Company Profile

Clinuvel distributes a single product, Scenesse, the only approved treatment for phototoxic reactions specifically associated with a rare genetic disease called erythropoietic protoporphyria. EPP causes extreme pain or burns from brief exposure to light, affecting a patient’s quality of life. Scenesse is a patented dissolvable implant, comparable in size with a rice grain, injected underneath the skin roughly every three months for ongoing protection. The implant controls the release of a synthetic drug which promotes the production of more melanin, thereby reducing pain and increasing tolerance for light exposure. The majority of Clinuvel’s earnings stem from Europe and the US.
Sector
Healthcare
Industry
Biotechnology
Stock Style Box
Small Growth
Total Number of Employees
16
Website
https://www.clinuvel.com

Competitors

Valuation

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Metric
CUV
ABBV
AVH
Price/Earnings (Normalized)
 17.0118.20—
Price/Book Value
 3.4650.7510.50
Price/Sales
 8.126.284.67
Price/Cash Flow
 19.3218.48—
Price/Earnings
CUV
ABBV
AVH

Financial Strength

Metric
CUV
ABBV
AVH
Quick Ratio
 2.440.594.65
Current Ratio
 8.810.815.29
Interest Coverage
 10.733.51−12.73
Quick Ratio
CUV
ABBV
AVH

Profitability

Metric
CUV
ABBV
AVH
Return on Assets (Normalized)
 19.84%13.66%−52.01%
Return on Equity (Normalized)
 23.11%189.99%−99.59%
Return on Invested Capital (Normalized)
 21.89%27.06%−63.61%
Return on Assets
CUV
ABBV
AVH

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