NattoPharma (NATTO)

[holmes]

Liker at jeg nå er litt sur for at kursen er nede på 20,40

[TekBot]

Exponential growth in the first six month of 2020

Oslo, Norway (15 July 2020) Followed by an extremely strong first quarter,
NattoPharma further increased revenues in the second quarter by 61%, bringing
the YTD growth to 81% compared to the first half in 2019. YTD Adjusted EBITDA
…

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came in at NOK 16,7 million.

(NOK mill. / %) Q2’20 Q2’19 YTD’20 YTD’19
Operating Revenue 48.4 30.0 104.6 57.8
EBITDA (adj.) 6.2 0.9 16.7 2.8
EBITDA (adj.) margin 12.9 % 3.0 % 16.0 % 4.8 %

CEO, Kjetil Ramsøy: “We are proud to announce another strong quarter and a very
strong performance year to date. With a total revenue of NOK 104,6 million and
an EBITDA (adj.) of 16,7 million (16,0% margin) we continue to deliver very
strong results reflecting all the hard work from the NattoPharma team across all
disciplines.”

The COVID-19 situation continuous to be an area of great concern affecting large
parts of the global economy and many of the areas that NattorPharma operates in.
Throughout the second quarter we have kept focus on our supply chain and demand
development across our operations, and with dedicated focus we have been able to
navigate through many challenges without any significant adverse impact to our
operation. The hording behavior that we noticed at the end of first quarter has
been normalized again and we continue to see an increase in demand for Vitamin
K2 and MenaQ7 in particular, and in all geographies. Our inventory levels have
also remained at the same levels as before and thus far we have continuous
production and supply of Vitamin K2.

Further the second quarter has been a very eventful quarter with:

· An unconditional offer from Kappa Bioscience AS to acquire up to approx.
2.15 million shares in NattoPharma and intended voluntary offer to acquire all
shares in the company
· Followed by a letter from Kappa on alleged infringement with Kappa’s not
granted European patent and potentially also their granted European patent.

The Board of NattoPharma sees the limited appetite and response from its
shareholders to Kappa’s offer as a testament to the firm believe from the Board
that the offer from Kappa does not reflect the underlying values of the Company
and to the confidence that Kappa’s allegations of infringement will not have a
material negative impact on NattoPharma’s operations.

As a reaction to the announcement from Kappa Bioscience the Board of Directors
in NattoPharma subse­quently announced the appointment of ABG Sundal Collier to
provide support in a strategic review of the company and its opportunities to
better reflect the underlying values of NattoPharma. A full strategic review is
in its nature time con­suming and it is still ongoing when the first half year
report is being published, and no guidance can be provided at the current time
for when the strategic review will be complet­ed and the outcome of the process
can be presented. The Board is, together with ABG Sundal Collier, looking at all
alternatives for how to position the company going forward.

Other milestones during the quarter include:

· An exclusive partnership with KD Nutra, a KD Pharma Group Company, to
develop the market for KD Nutra’s KD-PüR® high concentrate omega-3s with
NattoPharma’s category leading nature-identical vitamin K2, MenaQ7® PharmaPure
MK-7.
· Grant of up to NOK 15 million in R&D funding for a multi-year project to be
conducted in cooperation with SINTEF
· The conversion of a NOK 4 million receivable in Kaydence Pharma to new
equity at a conversion rate of NOK 5 per share, issuing 800 000 new shares in
Kaydence Pharma at a nominal value of NOK 1 per share. With this increased
shareholding, NattoPharma now holds more than 54% of the company, and has in
addition taken control in the Board of Directors in Kaydence Pharma by
appointing a new board.

We have increased our guiding on the overall YoY revenue growth from 50% to 60%
(previously 35% to 50%), and we have also increased Adjusted EBITDA guiding from
13% to 18% (previously 10% to 15%) on a full year basis. This guiding on revenue
and Adjusted EBITDA is only related to the current vitamin K2 business, and any
impact of a launch of a new ingredient is not taken into account in these
numbers.

Please find enclosed the Nattopharma Group Half Year 2020 Report.

For more information, please contact:

Robert Schrama, CFO, NattoPharma, robert.schrama@nattopharma.com

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Kilde

[TekBot]

NattoPharma ASA - Half Year 2020 Financial Report

Oslo, Norway (15 July 2020)

…

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Please find enclosed the NattoPharma Group Half Year 2020 Report.

For more information, please contact:

Robert Schrama, CFO, NattoPharma, robert.schrama@nattopharma.com

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Kilde

[OMSO]

Et par høydepunkter ifra rapporten.

• Q2 Operating Revenue up 61% to NOK 48.4 mill
  YTD Operating Revenue up 81% to NOK 104.6 mill
  YTD Adj. EBITDA of 16.0% at NOK 16.7 mill , up from NOK 2.8 mill
  Q2 Net Profit of NOK 23.2 mill , up from NOK -1.3 mill

• The Board is, together with ABG Sundal Collier, looking at all alternatives for how to position the company going forward. This includes the alternatives of continuing the organic growth as is or, to the other extreme, recommend a sale to a potential buyer, provided that the price is considered to be attractive to the shareholders compared to the available options.

-Fullført 1 av 3 studier på ny ingrediens med gode resultater ( ikke børsmeldt )
-Guider noe konservativt videre mtp COVID-situasjonen.

Er dette innbakt i dagens kurs eller får vi en sell on news dag, det er det store spørsmålet.

[Sjakk]

Mange av de % over her blir triksing med tall. Siden så og si hele nettoen er å kjøpt inn kaydence over 50% andel og kan nå føre kaydence som en del av natto. Så dette er det jeg misliker med selskapet, for det er så vanskelig å holde oversikt.

Det er altså Finansicial items som kommer med inntektene denne gangen (se note 3 i regnskapet) (i praksis, konvertert gjeld i praktiskt talt nedlagte kaydence for ca 4 mill og ved et trylleslag, få 21mill i assets)

[FeitaInc]

Er dette innbakt i dagens kurs eller får vi en sell on news dag, det er det store spørsmålet.

so far so good.

[holmes]

Tar opp guidingen ytterligere, ganske kraftig, veldig bra

We have increased our guiding on the overall YoY revenue growth from 50% to 60%
(previously 35% to 50%), and we have also increased Adjusted EBITDA guiding from
13% to 18% (previously 10% to 15%) on a full year basis. This guiding on revenue
and Adjusted EBITDA is only related to the current vitamin K2 business, and any
impact of a launch of a new ingredient is not taken into account in these
numbers.

[FeitaInc]

jaja… Kjetil var så vidt innom spørsmålet mitt på B2C / DTC, men sa ikke noe om hvordan de har tenkt å gjøre det. Får sende han en e-post.

[Sverresen]

For en jojo-dag. Er vel som forventet med den stigningen som har vært siste mnd.

[holmes]

Veldig mange er vant til at man alltid skal selge aksjen på rapporten (selv når den er god). Men jeg synes dagens rapport var god, ikke minst guidingen og cash flow. Selskapet har nå 23 millioner på bok, opp fra bare 6 millioner for et år siden. Det er jo en betydelig mer betryggende bufferkonto og vi får satse på at den vil øke enda litt mer de neste kvartalene.

[Quadruple]

Ja, presentasjonen var solid. Virker som NATTO har den rette CEO. Konservativ guiding og overleverer. Aksjonærvennlig. Gir trygghet for videre positiv utvikling.

[holmes]

[Christian]

Er opp rundt 80-90% på de tallene da

[holmes]

NATTOPHARMA

Healthy outlook and M&A optionality (Nordea)

2020-07-16 07:00

We raise our 2020-22 EPS estimates by 3-13% after a strong Q2 and ambitious guidance for both 2020 and 2022. We note that competitor Kappa Bioscience attempted a takeover of NattoPharma in Q2 and we believe that M&A lends positive optionality to the equity case ahead. As a result of higher estimates, we raise our DCF- and multiples-based fair value range to NOK 20-24 (17-21), implying 2020E EV/EBITDA (adjusted) of 14-17x. Marketing material commissioned by NattoPharma.

• Läs mer på Nordea

equityresearch@nordea.com

Nordea Research

[Knirkefritt]

Ganske uforståelig å falle på denne meldingen, er det ikke?

Jeg har tenkt å doble beholdningen - hva tenker ekspertene? Virker det som et OK tidspunkt?

[Savepig]

Vil du heller den skal stige noen prosent før du dobler?

[holmes]

[Quadruple]

Solid results and raised guidance

NATTO delivered 2Q20 results slightly below our expectations, but still strong and in line with the company‘s guiding. There were no details released on the strategic review, as it is still work-in-progress. On the outlook part, the company has raised its guidance for 2020 and for the first time provided targets for 2022. We slightly lifted our long term estimates, but made limited model changes for 2H20, as our previous estimates were already on the high side of the previous guiding. Therefore, we keep our Buy recommendation at an unchanged TP of NOK 24/sh.

Still no details on the strategic review

A strategic review of the company is still ongoing, thus no details were provided on the potential timing of completion and on the possible outcome. However, the board is considering all alternatives on how to position the company going forward, including continued organic growth or a sale to a potential buyer. Thus, this might lead to some possible upside to our valuation, depending on which alternative the company chooses.

(Fra Norne’s oppdaterte analyse idag)

[FeitaInc]

Er det noen som vil tippe når «strategic review» er ferdig?

[holmes]

Når kursen er såpass lav at budet som kommer virker fristende og rimelig for flest mulig?