STENOCARE A/S (“STENOCARE” or the “Company”), founded in 2017, is a Danish pharmaceutical company who became the first company to receive permission to import, distribute as well as to cultivate and produce medical cannabis in Denmark after the legalization in 2018. After getting the products approved by authorities, STENOCARE today sources its products from several international suppliers and distribute these to a growing number of international markets. The Company also has their own indoor cultivation facility in Denmark, which is strategically focused on meeting pharmaceutical stand-ards. STENOCARE was listed on Spotlight Stock Market on October 26th, 2018 and is today listed on Nasdaq First North Growth Market Denmark since May 15th, 2020.
Pressmeddelanden
The Pharmaceutical Approach
After several years of work ensuring a good supply chain and getting products approved on five different markets, STENOCARE is now ready to launch 11 full spectrum medical cannabis oil products in five regulated countries. Operating in an industry with strong expected growth and considering the future launch of STENOCARE’s own premium products, which are expected to have several benefits compared to competing products, Analyst Group estimates exponential revenue growth going forward. With estimated net sales of DKK 60.4m by 2024, and with an applied P/S multiple of 7x, a potential present value per share of DKK 21.4 is derived in a Base scenario.
- A Cannabis Company With a Pharma Attitude
Since the Danish Pilot Program, enabling doctors to prescribe medical cannabis, started on January 1st, 2018, STENOCARE is the only player on the market getting medical cannabis oil products approved by Danish authorities. This is, according to Analyst Group, a result of the Company’s ability to manage regulations and deliver quality products, for example through using indoor cultivation facilities rather than green houses. Going forward, we see this as a crucial factor to operate within the highly regulated European market.
- A new Market With big Potential
The medical cannabis market in Europe is still in its early days, although more countries are legalizing. Legal cannabis sales in Europe are expected to grow with a CAGR of 67% until 2025, amounting to EUR 3.2bn, driven by continued legalization of both medical and adult use.2 STENOCARE is expected to capitalize on these market trends through increased patient prescriptions, contributing to increased sales, driven by the health care industry having a greater acceptance of the benefits compared to competing treatments.
- Launch of Premium Products
STENOCARE is developing their own premium products, which are expected to solve several well-known product deficiencies that other industry players struggle with. The premium products is using a targeting lymphatic absorption technology, that enable an enhanced uptake of the drug in the blood, regardless of food intake as well as a faster effect. Given that these products are approved, STENOCARE is expected to have a unique product on the market compared to current alternatives.
- Highly Regulated Market
Today, STENOCARE has 11 products approved in five regulated countries. A critical factor going forward is to obtain the necessary approvals to import and sell on new markets, which is a challenge. However, STENOCARE has a strong track record of entering new markets, which we see as a clear Proof of Concept.
6
Värdedrivare
2
Historisk lönsamhet
8
Ledning & Styrelse
6
Riskprofil
Samtliga analyser av bolag från och med år 2020 betygssätts utifrån ett nytt betygssystem - Värdedrivare, Historisk Lönsamhet och Ledning & Styrelse sträcker sig från 1 till 10, där 10 är högsta betyg. Riskprofil sträcker sig från 1 till 10, där 10 är att anse som högst risk. Aktieanalyser av bolag publicerade innan 2020 har betygssatts utifrån en annan modell.
Analytikerkommentarer
Aktiekurs
9.4
Värderingsintervall
2022-12-12
Bear
7,5 DKKBase
21,4 DKKBull
25,1 DKKUtveckling
Huvudägare
2022-12-11
Comment on STENOCARE’s Press Release Regarding Q4-22 Net Sales
2023-01-09
STENOCARE announced on Monday, January 9th, that products were delivered to its five markets during Q4-22, corresponding to net sales of DKK 2.8m.
During the first days of 2023, STENOCARE announced that a new CBD oil was delivered and available for patients in Denmark, as well as the first delivery of three products in Norway. On January 9th, STENOCARE announced that the company has delivered products to five markets during Q4-22, reaching net sales of DKK 2.8m in the same period. This means that net sales for the full year 2022 amounted to DKK 4.4m, closely in line with Analyst Group’s estimated net sales of DKK 4.8m. With 11 approved products in five markets, Analyst Group believes STENOCARE is in a great position to deliver strong revenue growth going forward.
We see good potential regarding the company reaching our estimated sales of DKK 20.8 in 2023, driven by growth in prescriptions from doctors, which is expected to happen due to the advantages that medical cannabis oil products have compared to alternative solutions, like opiates. Furthermore, the medical cannabis industry in Europe has an exciting 2023 ahead, with Germany’s potential legalization of recreational use as a potential highlight. Even though this is not something STENOCARE can capitalize on directly, as the company only deliver products for medical use, we see this as a driver for more countries to ease regulations for medical use, creating overall growth in the European medical cannabis market.
Below is a summary of our revenue forecast for STENOCARE in a Base scenario.
Analyst Groups Summary of STENOCARE as an Investment Case
After several years of work ensuring a good supply chain and getting products approved on five different markets, STENOCARE is now ready to launch 11 full spectrum medical cannabis oil products in five regulated countries. Operating in an industry with strong expected growth and considering the future launch of STENOCARE’s own premium products, which are expected to have several benefits compared to competing products, Analyst Group estimates exponential revenue growth going forward. With estimated net sales of DKK 60.4m by 2024, and with an applied P/S multiple of 7x, a potential present value per share of DKK 21.4 is derived in a Base scenario.