Edison Investment Research - Pharmaceuticals & healthcare - ADL Bionatur Solutions: ADL Bionatur Solutions (ADL-BS) recently reported Q119 results, showing positive €0.11m EBITDA, and over 134% year-on-year revenue growth to €10m, driven by 180% growth in contract manufacturing (CMO). After increasing our margin assumptions and rolling forward our estimates, we now obtain an NPV of €163.1m, translating into an equity valuation of €3.02 per share (from €2.37 previously) after adjusting for net debt.
ISIN: ES0184980003