Bavarian Nordic A/S (BAVA.CO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-689.9%

-DKK 1,446.32

vs DKK 245.20 price

Levered DCF

-DKK 967.71

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

9.87

Safe zone

Rating

A+

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.83×	15.02×	9.23×	-43.29×	-36.47×	36.45×	-20.17×	-14.99×
P/B	1.16×	1.3×	1.32×	2.1×	2.3×	2.06×	3.75×	2.49×
P/S	2.41×	2.59×	1.93×	4.77×	8.94×	5.46×	10.56×	10.84×
EV / EBITDA	8.14×	7.94×	5.99×	192.36×	203.67×	15.27×	-31.69×	-19.33×
Gross margin	47.4%	49.3%	64.1%	54.0%	30.1%	35.5%	46.5%	49.0%
Operating margin	14.9%	16.4%	21.2%	-0.1%	-13.9%	24.3%	-47.8%	-63.8%
Net margin	22.3%	17.3%	20.9%	-11.0%	-24.5%	15.0%	-52.3%	-72.3%
Current ratio	4.22×	2.07×	1.94×	1.96×	2.49×	2.5×	0.32×	5.2×
Debt / equity	0.01×	0.01×	0.01×	0.25×	0.15×	0.1×	0.98×	0.3×
Interest coverage	70.08×	68.06×	14.19×	-0.03×	-1.73×	2.54×	-17.11×	-21.99×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.7%	8.7%	14.3%	-4.9%	-6.3%	5.7%	-18.6%	-16.6%
Return on invested capital	5.2%	8.1%	12.8%	-0.0%	-2.4%	5.7%	-5.0%	-11.3%
Return on assets	9.2%	6.9%	10.3%	-2.8%	-3.8%	3.2%	-4.9%	-11.8%
Free cash flow yield	9.2%	1.8%	1.0%	-7.7%	-8.4%	-1.3%	-42.1%	-9.2%
Earnings yield	9.2%	6.7%	10.8%	-2.3%	-2.7%	2.7%	-5.0%	-6.7%
Enterprise value	DKK 13.3B	DKK 13.3B	DKK 12.3B	DKK 16.2B	DKK 17.5B	DKK 10.3B	DKK 8.5B	DKK 5.8B
Net debt / EBITDA	-0.97×	-0.89×	-0.65×	14.05×	6.29×	0.27×	-5.7×	-1.26×
Cash conversion cycle (days)	221	237	191	141	135	82	13	33