The Catalan company specializing in cosmetic active ingredients from vegan stem cells has received the valuation report from GVC Gaesco Valores which estimates a target price December 2023e of €2.81/share for the company, equivalent to €20 million, 46% more than yesterday's closing price.
Albert Jané, CEO and co-founder of Vytrus Biotech, explained in the press release that in 2023 they expect to exceed 20 active ingredients on the market and strengthen their product portfolio: "We face 2024 with enthusiasm and determination. In the next financial year, we expect to exceed 20 active ingredients on the market, while continuing to execute the company's investment plan in the area of R&D&I, to strengthen its product portfolio and remain a benchmark in innovation and sustainability in the sector. As always, Vytrus will do so by financing its R&D&I with its own resources and public funding, and by obtaining positive operating cash flows".
The company continued to grow in 2023, and pending audit, Vytrus published its results at the end of September 2023, which showed a 14% increase in sales compared to the same period in 2022. This growth was mainly driven by growth in the Asia-Pacific region.
The biotech's revenues at the end of September 2023 increased to €2.82m, +1% compared to the same period in 2022. The Q32023 performance left behind the -4% decline in sales in June 2023. Vytrus thus consolidated EBITDA of €1.08m, up 4% compared to the same period in 2022, keeping operating costs under control and with no notable effects from inflation.
Despite the complex year 2023 experienced by the stock markets globally and especially in Europe, the analysis firm GVC continues to give the biotech company a significant potential for revaluation.