Rankings Pharma & medtech Euroapi
Euroapi
42
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−10
- Cash burn and debt−9
- Quality of growth−7
Strengths
- Strategic backing and liquidity+3
- Growth in commercial CDMO+2
How the score is built
From 100 to 42, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.80 EUR
- Median analyst target
- 0.95 EUR
- Upside to median
- +18.2%
- Analysts
- 4
- Target range
- 0.70 – 1.40 EUR
- 52-week change
- −75%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−27 of −30
- −10MarginNet loss of EUR 141.5m in H1 2026 (−28.5m a year earlier) and a loss every year since the spin-off: −190m (2023), −131m (2024) and −EUR 211m (2025). The Core EBITDA margin fell to 5.8% in H1 (9.6% a year earlier), and guidance has been cut to approx. 6% for 2026.
- −7Quality of growthRevenue has fallen four years in a row: EUR 1,019m (2023), 919 (2024), 853 (2025) and 356.5 in H1 2026 (-13.5%). API sales to Sanofi fell 36% in H1, and the company guides a decline of about 10% for 2026 due to portfolio rationalization and discontinued contracts.
- −6Capital allocationInvestments were 11% of revenue in H1, while FCF was −EUR 103m. Plants are being sold off cheaply: Haverhill in 2025, and Brindisi to Huvepharma for an EV of EUR 5m with EUR 60m in transition support over two years plus a write-down of EUR 35.7m. The Frankfurt plant has been written down by EUR 26.8m.
- −4Moat / segment of the futureAPI Solutions (68% of sales) are mature, commercial active ingredients under price pressure from Asian producers. CDMO is only 32% of sales, and early clinical projects (phase I–III) are only EUR 7.1m (6% of CDMO), so the pipeline of future commercial contracts is thin.
Price
Today's multiples against the company's own history and its peers. · 1 finding−3 of −35
- −3Price vs own history and peersP/B is 0.11 vs 0.27–1.17 in 2022–2025, and EV/revenue is 0.16 vs 0.27–1.33. EV of approx. EUR 128m equals under 3x the guided core EBITDA for 2026 (approx. 45m). The stock is extremely cheap vs its history and vs CDMO peers, but the discount reflects losses and cash burn.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−27 of −35
- −9Cash burn and debtNet cash of EUR 68.2m at the turn of the year became net debt of EUR 37.9m as of 30/6-2026 in half a year. Cash is 52.0m, 90m has been drawn on the credit facility, and EUR 17.6m of the receivables are factored. Operating cash flow was −EUR 64.3m in H1.
- −7Customer concentration - SanofiSanofi accounted for 34.5% of revenue in H1 2026 (EUR 123m, −19%), and Sanofi's purchases of APIs fell 36.2%. Sanofi is at the same time a major shareholder and has provided the hybrid financing, so the relationship gives both support and a clear dependence on one customer that is cutting back.
- −5Execution – FOCUS-27The restructuring cost EUR 63.8m in one-off items in H1 2026 (58.8m in 2025), margin guidance has been lowered (incl. EUR 9m from the stronger forint), and the Frankfurt write-down is due to lower customer demand. The plan is not yet delivering the promised margin improvements.
- −4Dilution risk and analystsWith a market cap of approx. EUR 71m, negative FCF and a EUR 200m hybrid bond ranking ahead of shareholders, a share issue or a Sanofi-led capital solution is a real risk. Three of four analysts have 'Strong Sell', and the average price target has been cut to EUR 1.00.
- −2Currency riskA large part of production is in Hungary (Budapest), and the strong forint costs about EUR 9m in core EBITDA in 2026, which alone triggered the margin adjustment.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Strategic backing and liquiditySanofi has invested EUR 200m in a perpetual, non-dilutive hybrid bond, and the banks have provided a secured credit facility of EUR 451m to February 2029, of which only 90m was drawn as of 30/6/2026. The French state (EPIC Bpifrance) is a co-owner.
- +2Growth in commercial CDMOCommercial CMO projects grew 11.5% to EUR 107.6m in H1 2026, and CDMO sales to Sanofi rose 13.8%; that is the part of the business that is growing against the decline in APIs.
Caveats
What the score does not capture, or where the data is weak.
Euroapi is NOT in a restructuring (no sauvegarde or redressement); it is a voluntary restructuring (FOCUS-27) financed by a secured revolving credit facility of EUR 451m to February 2029 and a perpetual hybrid bond of EUR 200m from Sanofi. The normal penny-stock calibration was therefore used. Market cap is calculated at EUR 70.6m (95.53m shares × EUR 0.739, about DKK 527m), in line with Nordnet's DKK 535m. H1 burn (FCF EUR -103m) contains seasonal working capital and restructuring costs; 2025 as a whole had positive FCF. Runway is calculated incl. the undrawn part of the committed credit facility (about EUR 361m); on cash alone it is only about 3 months. The shareholder stakes (Sanofi about 30%, EPIC Bpifrance about 12%) are from the spin-off in 2022 and not verified for 2026. The half-year report (PDF) could not be read directly; the figures are from the company's press release and abcbourse. Insider trades and short interest (AMF register) have not been examined. Peer multiples are approximate and not verified.
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