Bavarian Nordic BAVA.CO
DenmarkHealthcare · BiotechnologyNasdaq Copenhague · DKK
276.25 DKK (+23.8%)
4 analysts
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Bavarian Nordic is a Danish biopharmaceutical company that develops, manufactures, and commercializes vaccines, focusing on the prevention of infectious diseases such as smallpox and Ebola, with a growing pipeline in cancer immunotherapy.
Listed on Nasdaq Copenhague · Symbol BAVA.CO · CPH: BAVA · Currency DKK
Key points
from its scores- ✓Strong growth9.3
- ✓Very solid balance sheet8.9
- ✕Poor share-price trend1.3
- ✕Little or no dividend1.5
- !Average business quality5.4
AI analysis
bottom line, main risk, context and newsGrowth and balance sheet fundamentals are solid, but low cash generation and negative momentum justify waiting for an improvement in cash conversion before taking a position.
Bavarian Nordic has excellent financial health (8.92) with net cash and high liquidity, and revenue growth of 23.2% with soaring profits (+169.7%), but quality is dragged down by very poor cash conversion (6.14%) and negative momentum (-12.94%), which explains a P/E of 11.45 that looks cheap but is consistent with these weaknesses.
The 6.14% cash conversion is extremely low, suggesting that reported earnings are not materializing into cash, a risk to the sustainability of growth and valuation.
Context and risks
Bavarian Nordic has no material exposure to current macro factors: its vaccine business does not depend on interest rates, oil prices, or shipping routes. The main risk is specific to its sector: dependence on a vaccine portfolio and the evolution of demand for its key products, which is not altered by the macro context.
Is Bavarian Nordic stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 50% below the Healthcare median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 11.4 | 26.7 | −57% |
| EV / EBITDA | 8.2 | 14.5 | −43% |
| Price / book | 1.3 | 4.1 | −69% |
| Price / sales | 2.6 | 3.4 | −23% |
Sector: median of the 217 Healthcare companies analysed. In bold, the multiples used for the comparison.
Valuation score: 5.6 out of 10 (median for Healthcare: 4.7).
Average analyst target: 276.25 DKK, +23.8% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 8.9 (sector 6.5), Growth 9.3 (sector 6.6).
Classic formulas with standard assumptions (0.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Healthcare medianValuation
- P/E
- 11.4
- Forward P/E
- 21.2
- EV / EBITDA
- 8.2
- Price / book
- 1.3
- Price / sales
- 2.6
- PEG
- 1.87
- Market cap
- 16.8B DKK
- Enterprise value
- 14.7B DKK
Profitability
- ROE
- 12.2%
- ROA
- 5.0%
- ROIC (approx.)
- 17.7%
- Gross margin
- 50.2%
- Operating margin
- 36.8%
- Net margin
- 24.3%
- Free cash flow
- 109.4M DKK
- FCF yield
- 0.7%
- Cash conversion
- 6%
Solvency
- Total debt
- 131.3M DKK
- Net debt
- −2.2B DKK
- Cash
- 2.4B DKK
- EBITDA
- 1.8B DKK
- Net debt / EBITDA
- −1.25
- Debt / equity
- 0.99
- Current ratio
- 6.53
- Quick ratio
- 3.83
Growth
- Revenue growth
- +23.2%
- Earnings growth
- +169.7%
- EPS (TTM)
- 19.50 DKK
- EPS (forward)
- 10.52 DKK
Dividend
- Dividend yield
- 0.0%
- Payout
- 0.0%
Risk and market
- Beta
- 0.97
- Analyst consensus
- Strong buy (4)
- Target price
- 276.25 DKK
- 52-week range
- 171.30 – 243.70
Recent news
All BAVA.CO news →Compare it with its sector
All 217 in Healthcare →Frequently asked questions about Bavarian Nordic
Is Bavarian Nordic stock cheap or expensive?
On P/E and EV / EBITDA, it trades 50% below the Healthcare median on average. Valuation score: 5.6 out of 10 (median for Healthcare: 4.7). Average analyst target: 276.25 DKK, +23.8% versus the price. This is not investment advice.
What score does Bavarian Nordic get on MeridIAn Screener?
It scores 6.0 out of 10, rank 963 of 2,130 (better than 51% of the companies analysed). Its strongest category is Growth (9.3) and its weakest, Momentum (1.3). Analysis of 08/10/2026.
What is Bavarian Nordic's P/E ratio?
Its P/E is 11.4: the share price equals 11.4 times earnings per share over the last 12 months. The Healthcare median is 26.7. Based on the earnings analysts expect, the forward P/E is 21.2.
How much is Bavarian Nordic worth on the stock market?
Its market capitalisation is 16.8B DKK and its enterprise value, debt included, is 14.7B DKK.
How much debt does Bavarian Nordic have?
It has more cash than debt: net cash of 2.2B DKK.
Does Bavarian Nordic pay a dividend?
It pays no dividend, or almost none.
How has Bavarian Nordic stock performed over the last year?
It has fallen 4.7% over the last year, excluding dividends. Over the last 52 weeks it has traded between 171.30 and 243.70 DKK. Past performance does not guarantee future results.
What do analysts think of Bavarian Nordic?
4 analysts cover it; their average recommendation is “Strong buy” and their average target is 276.25 DKK (+23.8% versus the price). It is an estimate, not market data.