ADL Bionatur Solutions' (ADL-BS) 9M19 results show €2.16m adjusted EBITDA and 127% year-on-year operating revenue growth to €33.2m, driven by 195% growth in contract manufacturing (CMO). On 2 December it announced a new seven-year CMO contract with a Swiss biotech client worth €20m to produce two novel cosmetics and/or nutrition products. ADL-BS is on track to report positive full-year EBITDA and maintained its FY19 revenue guidance of €50m. We now obtain an EV of €165.8m, translating into an equity valuation of €2.94 per share (from €3.02 previously) after adjusting for net debt.Den vollständigen Artikel lesen ...