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CureVac NV Ordinary Shares CVAC

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Stock XNAS Rating as of
$5.50 +0.01 (0.18%)
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As of Delayed Price Post-Trading: $5.54 +0.04
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Company Report

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CureVac Earnings: Early-Stage Pipeline Makes Progress; Shares Undervalued for Long-Term Investors

Rachel Elfman

CureVac reported its third-quarter results, and the company is continuing to make progress across its early-stage mRNA pipeline. CureVac reported quarterly revenue of EUR 16.5 million, which is up from EUR 11.2 million in the prior-year period. We maintain CureVac's fair value estimate of $15.40 per share, no moat rating, and Extreme uncertainty rating. We view the stock as undervalued for long-term investors with a very high degree of risk tolerance. Shares are trading at a 64% discount to our fair value estimate on a risk-adjusted basis.

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Price vs Fair Value

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CVAC is trading at a 64% discount.
Price
$5.49
Fair Value
$22.30
Uncertainty
Extreme
1-Star Price
$36.30
5-Star Price
$2.26
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Partnerships allow CureVac to receive milestones and economic benefits from drug candidate progression while offsetting some of the clinical development costs.

Bears

If approved, CureVac's mRNA COVID-19 vaccine will face competition from first-movers BioNTech and Moderna.

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Trading Information

Previous Close Price
$5.49
Day Range
$5.37–5.56
52-Week Range
$4.95–12.79
Bid/Ask
$5.50 / $5.51
Market Cap
$1.23 Bil
Volume/Avg
309,023 / 440,721

Key Statistics

Price/Earnings (Normalized)
28.58
Price/Sales
25.55
Dividend Yield
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

CureVac is a biopharmaceutical company headquartered in Germany that is developing vaccines and therapies using messenger ribonucleic acid (mRNA). The company was founded in 2000 and had its initial public offering in August 2020. CureVac is collaborating with GlaxoSmithKline to develop a second-generation COVID-19 vaccine. CureVac’s first attempt to develop a COVID-19 vaccine did not have sufficient efficacy data, and its trials were discontinued in October 2021. The company’s other pipeline candidates include mRNA vaccines for influenza, rabies, and malaria. Additionally, CureVac is in the early stages of development for oncology and molecular therapies spanning tumors, liver, ocular, and lung diseases.
Sector
Healthcare
Industry
Biotechnology
Stock Style Box
Small Core
Total Number of Employees
1,049
Website
https://www.curevac.com

Valuation

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Metric
CVAC
Price/Earnings (Normalized)
 28.58
Price/Book Value
 1.93
Price/Sales
 25.55
Price/Cash Flow
 —
Price/Earnings
CVAC

Financial Strength

Metric
CVAC
Quick Ratio
 3.25
Current Ratio
 3.56
Interest Coverage
 −41.31
Quick Ratio
CVAC

Profitability

Metric
CVAC
Return on Assets (Normalized)
 −28.58%
Return on Equity (Normalized)
 −41.05%
Return on Invested Capital (Normalized)
 −39.11%
Return on Assets
CVAC

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