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1. Company Snapshot

1.a. Company Description

Biotage AB (publ) provides separation technologies in the areas of organic and analytical chemistry, biomolecules, and industrial scale up applications.The company offers organic and peptide synthesis solutions; flash chromotherapy, evaporation, and work-up products; flash systems and flash system accessories; normal, reversed, and speciality phase cartridges; plasmid purification solutions; and metal scavengers and reagents, as well as accessories and spare parts.It also provides sample preparation solutions in the clinical and bioanalytical, forensic and toxicology, doping control animal and human, environment, and food and agriculture areas, as well as consumables and systems; protein purification solutions, including antibody and tagged proteins purification, automation systems, and custom packing service, as well as ion exchange, reversed phase, normal phase, and gel filtration PhyTip columns.


The company sells its products to pharmaceutical and biotechnical companies, contract research and manufacturing organizations, and government authorities and academic institutions, as well as clinical, forensic, and academic laboratories.It operates in 70 countries, which include Americas, Europe, the Middle East, Africa, and Asia Pacific.Biotage AB (publ) was founded in 1969 and is headquartered in Uppsala, Sweden.

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1.b. Last Insights on BIOT

Biotage AB's recent performance was negatively driven by challenging market conditions, including geopolitical tensions and consumer spending concerns. The company's Q4 2024 earnings were impacted by volatility, despite reporting a 10.5% revenue increase in 2024, primarily driven by growth in the Astrea segment. Additionally, the recent decline of the Russell 2000 index and the overall cautious optimism in the European market have likely affected Biotage's stock price. The company's resilience through strong fundamentals is a promising aspect, but it may not be enough to offset the current market challenges.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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European Market Gems Ion Beam Applications And 2 Companies That Might Be Priced Below Their True Worth

Jun -23

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Sartorius Stedim Biotech And 2 Other Undiscovered Gems With Strong Fundamentals

Jun -20

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European Value Stock Picks For Estimated Discount Opportunities

May -23

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European Undervalued Small Caps With Insider Action In April 2025

Apr -29

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Biotage AB (LTS:0GRP) Q1 2025 Earnings Call Highlights: Navigating Revenue Volatility and ...

Apr -24

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Arteche Lantegi Elkartea And 2 More European Stocks That Might Be Priced Below Estimated Value

Apr -23

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Three European Undiscovered Gems With Promising Potential

Apr -23

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KKR offers $1.2bn to buy Swedish life sciences group Biotage

Apr -22

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.29%)

6. Segments

Small Molecules & Synthetic Therapeutics

Expected Growth: 10%

Biotage AB's Small Molecules & Synthetic Therapeutics segment is driven by increasing demand for efficient drug discovery and development, growing adoption of personalized medicine, and rising investments in R&D by pharmaceutical companies. Additionally, advancements in synthetic chemistry and process optimization are fueling growth, with a 10% growth rate expected.

Biologics & Advanced Therapeutics

Expected Growth: 12%

Strong demand for biologics and advanced therapeutics drives 12% growth. Increasing adoption of precision medicine, rising prevalence of chronic diseases, and growing investment in R&D for novel therapies contribute to this growth. Additionally, Biotage AB's (publ) expertise in purification and analytical technologies supports the development of complex biologics, further fueling growth in this segment.

Analytical Testing

Expected Growth: 9%

Biotage AB's 9% growth in Analytical Testing is driven by increasing demand for pharmaceutical and biotechnology research, expansion into emerging markets, and strategic partnerships. Additionally, the company's innovative product portfolio, including its flagship evaporation systems, and investments in R&D have contributed to its growth momentum.

Scale-up

Expected Growth: 11%

Biotage AB's 11% scale-up growth is driven by increasing demand for purification solutions in the pharmaceutical and biotechnology industries, expansion into emerging markets, strategic partnerships, and continuous innovation in product offerings, such as the launch of new flash cartridges and automated purification systems.

Water & Environmental Testing

Expected Growth: 8%

Biotage AB's 8% growth in Water & Environmental Testing is driven by increasing regulations and standards for water quality, rising demand for environmental monitoring, and growing adoption of analytical instruments in emerging markets. Additionally, the company's innovative products and services, such as its automated sample preparation systems, are gaining traction with customers.

Diagnostics

Expected Growth: 13%

Biotage AB's 13% growth is driven by increasing demand for diagnostic solutions, expansion into emerging markets, and strategic partnerships. The company's innovative product portfolio, including its flagship sample preparation and purification systems, has enabled it to capitalize on the growing need for efficient and accurate diagnostic testing.

7. Detailed Products

Biotage Selekt

A flash purification system designed for rapid and efficient purification of synthetic compounds

Biotage Isolera

A flash chromatography system for purification of compounds in pharmaceutical, biotech, and academic research

Biotage Horizon

A software platform for analytical and purification systems, providing data management and workflow optimization

Biotage Pyrosequencing

A sequencing technology for genetic analysis, providing high-resolution genotyping and methylation analysis

Biotage Sample Prep

A range of sample preparation products for DNA, RNA, and protein extraction, purification, and analysis

Biotage Peptide Synthesis

A range of products for peptide synthesis, including resins, linkers, and reagents

8. Biotage AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Biotage AB (publ) operates in a niche market with limited substitutes, but there are some alternatives available, which reduces the threat of substitutes.

Bargaining Power Of Customers

Biotage AB (publ) has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are specialized, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

Biotage AB (publ) relies on a few key suppliers for critical components, which gives them some bargaining power. However, the company's strong relationships with suppliers and its ability to negotiate prices mitigate this risk.

Threat Of New Entrants

The biotechnology industry has high barriers to entry, including significant research and development costs, regulatory hurdles, and the need for specialized expertise. This makes it difficult for new entrants to compete with established players like Biotage AB (publ).

Intensity Of Rivalry

The biotechnology industry is highly competitive, with many established players competing for market share. Biotage AB (publ) faces intense competition from companies with similar products and technologies, which increases the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 13.09%
Debt Cost 3.95%
Equity Weight 86.91%
Equity Cost 8.01%
WACC 7.48%
Leverage 15.07%

11. Quality Control: Biotage AB (publ) passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
IVF Hartmann Holding

A-Score: 5.6/10

Value: 4.4

Growth: 5.0

Quality: 7.0

Yield: 5.6

Momentum: 4.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Tristel

A-Score: 4.8/10

Value: 2.3

Growth: 6.9

Quality: 8.2

Yield: 5.0

Momentum: 3.5

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Coltene

A-Score: 4.7/10

Value: 3.9

Growth: 2.7

Quality: 5.6

Yield: 8.1

Momentum: 2.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
SKAN

A-Score: 3.6/10

Value: 0.6

Growth: 7.8

Quality: 5.8

Yield: 0.6

Momentum: 1.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Biotage

A-Score: 3.4/10

Value: 1.3

Growth: 6.3

Quality: 7.0

Yield: 1.2

Momentum: 1.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Tobii Dynavox

A-Score: 2.6/10

Value: 0.2

Growth: 5.2

Quality: 4.2

Yield: 0.0

Momentum: 4.0

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

143.2$

Current Price

143.2$

Potential

-0.00%

Expected Cash-Flows