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MorphoSys AG (MOR) Stock Fundamental Analysis

NASDAQ:MOR - Nasdaq - US6177602025 - ADR - Currency: USD

18.96  +0.45 (+2.43%)

After market: 18.96 0 (0%)

Fundamental Rating

2

We assign a fundamental rating of 2 out of 10 to MOR. MOR was compared to 558 industry peers in the Biotechnology industry. Both the profitability and financial health of MOR have multiple concerns. MOR is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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1

1. Profitability

1.1 Basic Checks

MOR had negative earnings in the past year.
In the past year MOR has reported a negative cash flow from operations.
MOR had negative earnings in 4 of the past 5 years.
In the past 5 years MOR reported 4 times negative operating cash flow.
MOR Yearly Net Income VS EBIT VS OCF VS FCFMOR Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 -200M -400M

1.2 Ratios

Looking at the Return On Assets, with a value of -25.13%, MOR is in the better half of the industry, outperforming 75.44% of the companies in the same industry.
Industry RankSector Rank
ROA -25.13%
ROE N/A
ROIC N/A
ROA(3y)-11.93%
ROA(5y)-10.13%
ROE(3y)-230.96%
ROE(5y)-140.65%
ROIC(3y)N/A
ROIC(5y)N/A
MOR Yearly ROA, ROE, ROICMOR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 -100 -200 -300

1.3 Margins

The Gross Margin of MOR (83.89%) is better than 88.68% of its industry peers.
MOR's Gross Margin has declined in the last couple of years.
MOR does not have Profit Margin and Operating Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 83.89%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-5.84%
GM growth 5Y-4.24%
MOR Yearly Profit, Operating, Gross MarginsMOR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 -100 -200

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2

2. Health

2.1 Basic Checks

MOR does not have a ROIC to compare to the WACC, probably because it is not profitable.
Compared to 1 year ago, MOR has more shares outstanding
MOR has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, MOR has an improved debt to assets ratio.
MOR Yearly Shares OutstandingMOR Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M
MOR Yearly Total Debt VS Total AssetsMOR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B 1.5B 2B 2.5B

2.2 Solvency

Based on the Altman-Z score of -0.83, we must say that MOR is in the distress zone and has some risk of bankruptcy.
With a Altman-Z score value of -0.83, MOR perfoms like the industry average, outperforming 58.54% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity N/A
Debt/FCF N/A
Altman-Z -0.83
ROIC/WACCN/A
WACC6.75%
MOR Yearly LT Debt VS Equity VS FCFMOR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 200M -200M 400M -400M 600M

2.3 Liquidity

A Current Ratio of 1.38 indicates that MOR should not have too much problems paying its short term obligations.
With a Current ratio value of 1.38, MOR is not doing good in the industry: 83.62% of the companies in the same industry are doing better.
MOR has a Quick Ratio of 1.38. This is a normal value and indicates that MOR is financially healthy and should not expect problems in meeting its short term obligations.
MOR has a Quick ratio of 1.38. This is amonst the worse of the industry: MOR underperforms 81.71% of its industry peers.
Industry RankSector Rank
Current Ratio 1.38
Quick Ratio 1.38
MOR Yearly Current Assets VS Current LiabilitesMOR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M 1B

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6

3. Growth

3.1 Past

MOR shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -160.42%.
The Revenue for MOR has decreased by -31.97% in the past year. This is quite bad
The Revenue has been growing by 25.53% on average over the past years. This is a very strong growth!
EPS 1Y (TTM)-160.42%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-518.18%
Revenue 1Y (TTM)-31.97%
Revenue growth 3Y-10.08%
Revenue growth 5Y25.53%
Sales Q2Q%-55.81%

3.2 Future

MOR is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 23.09% yearly.
Based on estimates for the next years, MOR will show a very strong growth in Revenue. The Revenue will grow by 33.46% on average per year.
EPS Next Y20.86%
EPS Next 2Y18.1%
EPS Next 3Y21.29%
EPS Next 5Y23.09%
Revenue Next Year-3.33%
Revenue Next 2Y12.61%
Revenue Next 3Y22.79%
Revenue Next 5Y33.46%

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
MOR Yearly Revenue VS EstimatesMOR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 200M 400M 600M 800M 1B
MOR Yearly EPS VS EstimatesMOR Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 1 -1 -2 -3

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1

4. Valuation

4.1 Price/Earnings Ratio

MOR reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for MOR. No positive earnings are expected for the next year.
Industry RankSector Rank
PE N/A
Fwd PE N/A
MOR Price Earnings VS Forward Price EarningsMOR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 -20 40 60 80

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
MOR Per share dataMOR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 -2 -4 -6 -8 -10

4.3 Compensation for Growth

MOR's earnings are expected to grow with 21.29% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y18.1%
EPS Next 3Y21.29%

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0

5. Dividend

5.1 Amount

MOR does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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MorphoSys AG

NASDAQ:MOR (8/2/2024, 8:20:34 PM)

After market: 18.96 0 (0%)

18.96

+0.45 (+2.43%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryBiotechnology
Earnings (Last)04-29 2024-04-29/amc
Earnings (Next)08-29 2024-08-29/amc
Inst Owners1.03%
Inst Owner Change-100%
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap2.86B
Analysts70
Price Target5.06 (-73.31%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-57555.5%
Min EPS beat(2)-115317%
Max EPS beat(2)206.19%
EPS beat(4)2
Avg EPS beat(4)-28776.9%
Min EPS beat(4)-115317%
Max EPS beat(4)206.19%
EPS beat(8)4
Avg EPS beat(8)-14366.3%
EPS beat(12)6
Avg EPS beat(12)-9590.79%
EPS beat(16)8
Avg EPS beat(16)-7188.44%
Revenue beat(2)0
Avg Revenue beat(2)-26.57%
Min Revenue beat(2)-49.34%
Max Revenue beat(2)-3.8%
Revenue beat(4)0
Avg Revenue beat(4)-15.03%
Min Revenue beat(4)-49.34%
Max Revenue beat(4)-2.92%
Revenue beat(8)4
Avg Revenue beat(8)2.63%
Revenue beat(12)7
Avg Revenue beat(12)3.04%
Revenue beat(16)11
Avg Revenue beat(16)8.21%
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)3.95%
EPS NQ rev (3m)2.22%
EPS NY rev (1m)8.07%
EPS NY rev (3m)-24.79%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.71%
Revenue NY rev (1m)-5.17%
Revenue NY rev (3m)-6.8%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 12.84
P/FCF N/A
P/OCF N/A
P/B N/A
P/tB N/A
EV/EBITDA N/A
EPS(TTM)-3.38
EYN/A
EPS(NY)-0.91
Fwd EYN/A
FCF(TTM)-2.18
FCFYN/A
OCF(TTM)-2.16
OCFYN/A
SpS1.48
BVpS-1.9
TBVpS-10.14
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -25.13%
ROE N/A
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 83.89%
FCFM N/A
ROA(3y)-11.93%
ROA(5y)-10.13%
ROE(3y)-230.96%
ROE(5y)-140.65%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-5.84%
GM growth 5Y-4.24%
F-Score2
Asset Turnover0.11
Health
Industry RankSector Rank
Debt/Equity N/A
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 28.32%
Cap/Sales 1.23%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 1.38
Quick Ratio 1.38
Altman-Z -0.83
F-Score2
WACC6.75%
ROIC/WACCN/A
Cap/Depr(3y)143.67%
Cap/Depr(5y)216.4%
Cap/Sales(3y)7.08%
Cap/Sales(5y)8.28%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-160.42%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-518.18%
EPS Next Y20.86%
EPS Next 2Y18.1%
EPS Next 3Y21.29%
EPS Next 5Y23.09%
Revenue 1Y (TTM)-31.97%
Revenue growth 3Y-10.08%
Revenue growth 5Y25.53%
Sales Q2Q%-55.81%
Revenue Next Year-3.33%
Revenue Next 2Y12.61%
Revenue Next 3Y22.79%
Revenue Next 5Y33.46%
EBIT growth 1Y-97.24%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year42.77%
EBIT Next 3Y26.15%
EBIT Next 5Y18.59%
FCF growth 1Y50.66%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y48.85%
OCF growth 3YN/A
OCF growth 5YN/A