Bavarian Nordic demonstrates robust expansion - potential acquisitions on the horizon
Bavarian Nordic, a vaccine manufacturer with the stock ticker symbol WKN: 917165, reported a significant increase in revenue for the first half of the year. The company's revenue grew by a third, reaching nearly three billion Danish Kroner (402 million euros).
The strong operational performance of Bavarian Nordic is being closely watched by investors, particularly in its travel vaccine business, which is experiencing growth. However, no new information about the specifics of this growth was provided.
The company's EBITDA margin before special influences stood at 32 percent in the first half, exceeding its target range of 26 to 30 percent. This impressive performance is expected to continue, with Bavarian Nordic anticipating significantly higher margins in the third quarter due to a one-time effect.
However, the ongoing takeover process of Bavarian Nordic is dominating the headlines. A consortium led by Nordic Capital and Permira has made a takeover offer for the company, proposing 233 Danish kroner per share. This offer values the company at nearly 2.6 billion euros, significantly lower than the previously provided range of 5.7 to 6.7 billion Kroner.
The takeover offer for Bavarian Nordic is currently being awaited for further details. The company's board recommends accepting the offer, but the main shareholder, the Danish pension fund ATP (holding 10%), has declined to sell.
The ongoing takeover process is being closely monitored by investors, with market participants speculating on an improvement following the takeover offer announcement. Those who followed the STOCK BUY RECOMMENDATION before the Bloomberg report on M&A intentions are holding on to their shares with a trailing stop at 28 euros.
The consortium's takeover offer, if accepted, will bring Bavarian Nordic additional net income of 810 million Kroner. Considering this sale, the company anticipates an EBITDA margin between 40 and 42 percent.
It's worth noting that the vaccine stock has been trading a few Kroner above the offer price, indicating some investor confidence in the company's future prospects. However, newcomers should exercise caution due to the limited price potential.
The expected sale of the Priority Voucher and any new information about the expected EBITDA margin, revenue guidance for 2025, or the sale of the Priority Voucher were not discussed in the latest update.
As the takeover process unfolds, investors will be watching closely to see how this development impacts Bavarian Nordic's growth trajectory and financial performance.
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