Member Info for Soder

The site is available in English, French, Spanish and German via the language toggle.

Def good for marketing and their sales teams to have a central marketing information tool.

Yourgene revenues for the year to end March 21 were 18m. EBITDA was MINUS 2m.
They have a net cash position of 6.8m.

They have a mkt cap of 105m and as such an enterprise value of 98.2m

We sell probably more in 6 weeks then they do in a year. We did ebitda of over 150m. We have probably 100m in the bank. Our enterprise value is about 109m or approx 10m more than Yourgene.

If you didn’t laugh you would cry.

Yourgene currently active of tenders for 4 lots with 3 year contracts and say will hear from them over next few weeks on potential contracts. No way we are not also active on those lots.

It’s coming. It’s coming.

With specific regard to US they say they are working with bigger partners who are leading the dialogue with customers but expect to have announcements soon. If we working with them still I guess that could be us?

Q10 in the q&a also on ncyt. Saying the initial contracts were all rushed as government was putting out fires. Saying any contracts now issued under the framework agreement (which we are part of) will be air tight. And expect tenders and contracts to be issued soon

Holy ****. I would advise you all to listen to the recoding of this call. They talking a lot about the frameworks and tenders within it.

Saying think will be loads of diagnostics opportunities post covid.

https://www.investormeetcompany.com/investor/meeting/annual-results-for-the-year-ended-31-march-2021

They did exactly the same as what ncyt are doing next week. I registered but did not listen live so just doing this afternoon. Much much much smaller than ncyt but the covid testing …and I quote

“ Within the first quarter of the current financial year Yourgene saw a big June for COVID. We have seen a big July, we’re expecting a big August and I think that market will continue in September.”

Poidster well said. Porky I dont agree with you always but I like your spirit and determination. Fortune favours the brave. And I am sure you will be rewarded.

They really arent reasonable.

Just because we didn’t get paid for the product we delivered to the dhsc in q1 does not mean we manufacture and delivered them at zero cost. We did not magic that product from thin air and it will have had a negative impact on cash flow simply from the fact the receivables have gone up.

Blackbird calculations are stupid.

Agreed it’s a crazy mkt cap.

I would assume this would be 10-15x ev ebitda multiple company post covid. I think that could easily be at 50 percent ebitda margins. If we take the following extreme examples and we can work back what that would mean for ncyt implied sales in 2022 and beyond.

Assume we have no cash. Not a penny. At year end 2021
Hence enterprise value is the mot cap = 209m
At 10x ev ebitda ratio that implies 20m of ebitda and 40m sales FOR THE FULL YEAR
At 15x ev ebitda ratio that implies 14m ebitda and 28m of sales FOR THE FULL YEAR

No assume we have 90m of cash at year end 2021
Enterprise value is now 119m
At 10x ev ebitda that implies ebitda of 12m and sales of 24m FOR THE FULL YEAR
At 15x ev ebitda that implies ebitda of 8m and sales of 16m FOR THE FULL YEAR

No assume we end 2021 with 150m of cash
Enterprise value is now 209-150= 59m
At 10x ev ebitda that implies ebitda of 6m and sales of 12m FOR THE FULL YEAR
At 15x ev ebitda that implies ebitda of 4m and sales of 8m FOR THE FULL YEAR

Bull case. Assume we get dhsc cash. Cash ends up at 200m at year end.
Enterprise value is 209-200 = 9m
At 10x that implies we will do .09m ebitda and 1.8m sales FOR THE FULL YEAR
At 15x that implies 0.6m ebitda and 1.2m sales FOR THE FULL YEAR

What I am trying to show is that even if we lost all the cash we look cheap.

Anyone that is negative on this name. Anyone. Please tell me the bear case that you say we won’t make 30m of sales next year. In the whole ****ing year. . I’ll wait….

I don’t agree with the calculation. It’s not what they guided.



“In the first five months of 2021, Novacyt has delivered a gross margin of over 70% and an EBITDA margin of over 40%, excluding the impact of sales to the DHSC”

Free cashflow is calculated as

Ebitda
Minus cash interest
Minus capex
Minus delta working capital
Minus cash tax paid

Unless there is a huge unwind of working capital (which I dont think is the case as it is mainly tied up with dhsc dispute), then there is no way the cash conversion from those revenues will be as blackbird says.

At 40 percent ebitda margin then ebitda will only be 30m. There won’t be much interest but we will have paid tax and given the build out and r and d we must have a decent level of expansionary capex.

I am long. But that analysis is just plain wrong to get an assumed cash figure.

All these companies need to get together and threaten to stop any business with the dhsc. Essentially a strike brothers in arms. **** fat boy Johnson and this pathetic government.

To integrate the two companies you def need not just a competent cfo but one with experience in large scale m&a and planning. Would think that during the discussions on this deal they have just recognised they need an upgrade.

No room for sentiment here. Identify a problem. Fix it.

Old article but never knew production was so high.

…going where? They not been stockpiled do someone is buying them

https://www.rishisunak.com/news/rishi-visits-technological-frontline-battle-against-covid-19

Agree with Val. Boris hates bad publicity. And this is going to spiral if starts to get main stream press coverage. Exposes there empty promises/lies re wanting and supporting U.K. biotech sector to flourish

Just wtf has gone on at the dhsc??!! And more worrying it’s still dragging out.

I know someone heavily involved with nanopore via a role at oxford university who handle their spin outs. They said they tried to exit nanopore previously and could never get any takers due to valuation. Then covid happens and the speculated valuation goes nuts as nanopore pumped by dhsc. They say no way they get the valuation talked about in press as although high tech business the numbers dont stack up. And if they do get that valuation “dont touch with a barge pole”.

A better apples for apples is enterprise value

Ev = market cap + net debt

Where net debt = gross debt - cash on balance sheet

As per reported for FY 20 you can see our enterprise value is currently 206 - 90 = 116m.

As you can see, from the size and scale of ncyt vs yougene. Our share price is a nonsense.

Confidential is the negotiations themselves. But the outcome of those is obviously material to the share price. No ifs. No buts. No discussion. It would 100000 % have to be RNSd. Not even something to debate. It’s a legal requirement.