Shop Apotheke Europe

Shop Apotheke Europe's net profit rose 66.3% yoy to EUR -4.96 mil in 1Q2020

By Helgi Analytics - August 3, 2020

Shop Apotheke Europe made a net profit of EUR -4.96 mil with revenues of EUR 232 mil in 1Q2020, up by 66.3% and up by 32....

Shop Apotheke Europe's Total Cash From Operations rose 404% yoy to EUR 11.3 mil in 1Q2020

By Helgi Analytics - August 3, 2020

Shop Apotheke Europe's operating cash flow stood at EUR 11.3 mil in 1Q2020, up 404% when compared to the previous year. ...

Shop Apotheke Europe's Cash & Cash Equivalents rose 92.7% yoy to EUR 113 mil in 4Q2019

By Helgi Analytics - August 3, 2020

Shop Apotheke Europe's total assets reached EUR 428 mil at the end of 4Q2019, up 22.3% compared to the previous year. Curr...

Profit Statement 2017 2018 2019
Sales EUR mil 284 540 701
Gross Profit EUR mil 57.6 99.3 138
EBITDA EUR mil -12.1 -15.6 -18.6
EBIT EUR mil -19.2 -28.7 -33.4
Financing Cost EUR mil 2.20 6.20 10.2
Pre-Tax Profit EUR mil -21.4 -34.6 -42.2
Net Profit EUR mil -21.4 -33.6 -36.3
Dividends EUR mil 0 0 0
Balance Sheet 2017 2018 2019
Total Assets EUR mil 298 350 428
Non-Current Assets EUR mil 202 214 217
Current Assets EUR mil 95.4 136 211
Working Capital EUR mil 37.4 39.3 52.0
Shareholders' Equity EUR mil 239 214 233
Liabilities EUR mil 58.8 136 195
Total Debt EUR mil 4.86 88.7 149
Net Debt EUR mil -23.4 29.9 36.0
Ratios 2017 2018 2019
ROE % -12.9 -14.8 -16.2
ROCE % -15.3 -13.6 -13.9
Gross Margin % 20.3 18.4 19.6
EBITDA Margin % -4.27 -2.88 -2.65
EBIT Margin % -6.76 -5.32 -4.77
Net Margin % -7.52 -6.23 -5.17
Net Debt/EBITDA 1.93 -1.92 -1.94
Net Debt/Equity % -9.80 14.0 15.5
Cost of Financing % 90.5 13.3 8.55
Valuation 2017 2018 2019
Market Capitalisation USD mil 670 519 638
Enterprise Value (EV) USD mil 642 553 678
Number Of Shares mil 9.50 12.0 13.1
Share Price EUR 46.4 37.6 43.5
EV/EBITDA -47.1 -30.3 -32.2
EV/Sales 2.01 0.875 0.854
Price/Earnings (P/E) -20.6 -13.5 -15.6
Price/Book Value (P/BV) 1.84 2.12 2.44
Dividend Yield % 0 0 0

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overview Unit 2013 2014 2015 2016 2017 2018 2019
income statement              
Sales EUR mil 55.3 84.7 126 177 284    
Gross Profit EUR mil 12.7 18.0 25.7 36.3 57.6    
EBIT EUR mil -1.88 -4.05 -7.42 -11.6 -19.2    
Net Profit EUR mil -2.83 -5.04 -10.5 -18.4 -21.4    
                 
ROE % ... -26.4 -93.7 -38.5 -12.9    
EBIT Margin % -3.40 -4.78 -5.91 -6.56 -6.76    
Net Margin % -5.12 -5.95 -8.40 -10.4 -7.52    
Employees 133 182 245 349 483    
balance sheet              
Total Assets EUR mil 25.7 29.5 42.8 120 298    
Non-Current Assets EUR mil 13.5 14.2 16.0 24.8 202    
Current Assets EUR mil 12.2 15.4 26.7 95.6 95.4    
                 
Shareholders' Equity EUR mil 18.1 20.1 2.46 93.2 239    
Liabilities EUR mil 7.64 9.45 40.3 27.1 58.8    
Non-Current Liabilities EUR mil 0.447 0.563 24.6 6.30 17.4    
Current Liabilities EUR mil 7.19 8.89 15.7 20.8 41.5    
                 
Net Debt/EBITDA 0.122 0.124 0.672 6.99 1.93    
Net Debt/Equity % -0.509 -1.48 -144 -62.7 -9.80    
Cost of Financing % ... ... ... ... 90.5    
cash flow              
Total Cash From Operations EUR mil -5.08 -4.51 -9.73 -18.5 -25.3    
Total Cash From Investing EUR mil -5.41 -2.30 -4.05 -24.5 -0.858    
Total Cash From Financing EUR mil 10.6 7.01 17.0 77.9 -1.42    
Net Change In Cash EUR mil 0.092 0.205 3.23 35.0 -27.6    
valuation              
Market Capitalisation USD mil ... ... ... 258 670    
Enterprise Value (EV) USD mil ... ... ... 197 642    
Number Of Shares mil ... ... ... 5.99 9.50    
Share Price EUR ... ... ... 27.0 46.4    
Price/Earnings (P/E) ... ... ... -8.77 -20.6    
Price/Cash Earnings (P/CE) ... ... ... -9.15 -23.3    
EV/EBITDA ... ... ... -21.9 -47.1    
Price/Book Value (P/BV) ... ... ... 1.74 1.84    
Dividend Yield % ... ... ... 0 0    
income statement Unit 2013 2014 2015 2016 2017 2018 2019
income statement              
Sales EUR mil 55.3 84.7 126 177 284    
Cost of Goods & Services EUR mil 42.5 66.6 99.8 141 226    
Gross Profit EUR mil 12.7 18.0 25.7 36.3 57.6    
Selling, General & Admin EUR mil 9.59 15.0 25.0 50.1 79.8    
Research & Development EUR mil 0 0 0 0 0    
Other Operating Expense EUR mil ... ... ... 0 0.002    
Staff Cost EUR mil 4.58 6.36 8.67 13.6 20.0    
Other Operating Cost (Income) EUR mil 0.673 0.928 1.32 2.20 3.02    
EBITDA EUR mil -0.752 -2.39 -5.25 -8.37 -12.1    
Depreciation EUR mil 0.595 0.572 0.659 0.757 2.49    
EBIT EUR mil -1.88 -4.05 -7.42 -11.6 -19.2    
Net Financing Cost EUR mil ... ... ... ... 2.20    
Financing Cost EUR mil ... ... ... ... 2.20    
Financing Income EUR mil ... ... ... ... 0    
FX (Gain) Loss EUR mil ... ... ... 0 0    
(Income) / Loss from Affiliates EUR mil ... ... ... ... ... ...  
Extraordinary Cost EUR mil 0 0 0 0 0    
Pre-Tax Profit EUR mil -2.72 -4.87 -10.5 -21.0 -21.4    
Tax EUR mil 0.113 0.161 0.047 -2.52 -0.045    
Minorities EUR mil 0 0 0 0 0    
Net Profit EUR mil -2.83 -5.04 -10.5 -18.4 -21.4    
Net Profit Avail. to Common EUR mil -2.83 -5.04 -10.5 -18.4 -21.4    
Dividends EUR mil ... ... ... 0 0    
growth rates              
Total Revenue Growth % ... 53.1 48.3 41.3 60.1    
Operating Cost Growth % ... 50.4 49.8 45.4 59.2    
Staff Cost Growth % ... 38.9 36.4 56.2 47.6    
EBITDA Growth % ... 218 120 59.3 45.1    
EBIT Growth % ... 116 83.3 56.9 64.9    
Pre-Tax Profit Growth % ... 79.4 115 99.6 2.11    
Net Profit Growth % ... 77.9 109 74.9 15.8    
ratios              
ROE % ... -26.4 -93.7 -38.5 -12.9    
ROA % ... -18.2 -29.2 -22.6 -10.2    
ROCE % ... -37.3 -58.6 -60.2 -15.3    
Gross Margin % 23.1 21.3 20.5 20.5 20.3    
EBITDA Margin % -1.36 -2.83 -4.18 -4.72 -4.27    
EBIT Margin % -3.40 -4.78 -5.91 -6.56 -6.76    
Net Margin % -5.12 -5.95 -8.40 -10.4 -7.52    
Payout Ratio % ... ... ... 0 0    
Cost of Financing % ... ... ... ... 90.5    
Net Debt/EBITDA 0.122 0.124 0.672 6.99 1.93    
balance sheet Unit 2013 2014 2015 2016 2017 2018 2019
balance sheet              
Cash & Cash Equivalents EUR mil ... ... ... 58.5 28.3    
Receivables EUR mil 2.61 2.94 4.10 8.28 20.5    
Inventories EUR mil 2.94 4.59 10.4 18.8 40.0    
Other ST Assets EUR mil 6.56 7.52 8.70 9.95 6.52    
Current Assets EUR mil 12.2 15.4 26.7 95.6 95.4    
Property, Plant & Equipment EUR mil 1.87 1.77 2.42 2.61 8.28    
LT Investments & Receivables EUR mil 0 0 0 0 0    
Intangible Assets EUR mil 11.6 12.4 13.6 22.2 190    
Goodwill EUR mil 4.90 4.90 4.90 9.08 126    
Non-Current Assets EUR mil 13.5 14.2 16.0 24.8 202    
Total Assets EUR mil 25.7 29.5 42.8 120 298    
                 
Trade Payables EUR mil 6.12 7.63 8.64 12.6 23.1    
Short-Term Debt EUR mil 0 0 0 0 4.86    
Other ST Liabilities EUR mil 1.07 1.27 7.11 2.44 7.31    
Current Liabilities EUR mil 7.19 8.89 15.7 20.8 41.5    
Long-Term Debt EUR mil 0 0 0 0 0    
Other LT Liabilities EUR mil 0.447 0.563 24.6 6.30 17.4    
Non-Current Liabilities EUR mil 0.447 0.563 24.6 6.30 17.4    
Liabilities EUR mil 7.64 9.45 40.3 27.1 58.8    
Preferred Equity and Hybrid Capital EUR mil 0 0 0 0 0    
Share Capital EUR mil ... ... ... 122 289    
Treasury Stock EUR mil 0 0 0 0 0    
Equity Before Minority Interest EUR mil 18.1 20.1 2.46 93.2 239    
Minority Interest EUR mil 0 0 0 0 0    
Equity EUR mil 18.1 20.1 2.46 93.2 239    
growth rates              
Total Asset Growth % ... 14.7 44.9 181 147    
Shareholders' Equity Growth % ... 10.9 -87.7 3,692 156    
Net Debt Growth % ... 223 1,088 1,558 -59.9    
Total Debt Growth % ... ... ... ... ...    
ratios              
Total Debt EUR mil 0 0 0 0 4.86    
Net Debt EUR mil -0.092 -0.297 -3.53 -58.5 -23.4    
Working Capital EUR mil -0.568 -0.093 5.87 14.6 37.4    
Capital Employed EUR mil 12.9 14.1 21.9 39.3 240    
Net Debt/Equity % -0.509 -1.48 -144 -62.7 -9.80    
Current Ratio 1.70 1.73 1.70 4.59 2.30    
Quick Ratio ... ... ... 3.21 1.18    
cash flow Unit 2013 2014 2015 2016 2017 2018 2019
cash flow              
Net Profit EUR mil -2.83 -5.04 -10.5 -18.4 -21.4    
Depreciation EUR mil 0.595 0.572 0.659 0.757 2.49    
Non-Cash Items EUR mil 0.114 0.161 0.779 5.56 -1.91    
Change in Working Capital EUR mil -3.49 -1.29 -2.13 -8.85 -9.08    
Total Cash From Operations EUR mil -5.08 -4.51 -9.73 -18.5 -25.3    
                 
Capital Expenditures EUR mil ... ... ... -3.89 -9.62    
Net Change in LT Investment EUR mil 0 0 0 0 0    
Net Cash From Acquisitions EUR mil ... ... ... -0.550 1.26    
Other Investing Activities EUR mil -4.40 -1.82 -2.74 -20.0 7.50    
Total Cash From Investing EUR mil -5.41 -2.30 -4.05 -24.5 -0.858    
                 
Dividends Paid EUR mil 0 0 0 0 0    
Issuance Of Shares EUR mil 0 0 0 105 0    
Issuance Of Debt EUR mil 10.6 7.01 14.0 -27.1 -1.10    
Other Financing Activities EUR mil 0 0 3.00 0.334 -0.322    
Total Cash From Financing EUR mil 10.6 7.01 17.0 77.9 -1.42    
                 
Effect of FX Rates EUR mil 0 0 0 0 0    
Net Change In Cash EUR mil 0.092 0.205 3.23 35.0 -27.6    
ratios              
Days Sales Outstanding days 17.2 12.7 11.9 17.0 26.4    
Days Sales Of Inventory days 25.2 25.2 38.1 48.7 64.5    
Days Payable Outstanding days 52.5 41.8 31.6 32.5 37.2    
Cash Conversion Cycle days -10.0 -3.94 18.4 33.3 53.7    
Cash Earnings EUR mil -2.24 -4.46 -9.89 -17.7 -18.9    
Free Cash Flow EUR mil -10.5 -6.81 -13.8 -42.9 -26.1    
Capital Expenditures (As % of Sales) % 9.78 2.71 3.23 2.20 3.39    
other ratios Unit 2013 2014 2015 2016 2017 2018 2019
               
Employees 133 182 245 349 483    
Cost Per Employee USD per month 3,808 3,752 3,382 3,469 3,875    
Cost Per Employee (Local Currency) EUR per month 2,868 2,911 2,950 3,236 3,451    
Operating Cost (As % of Sales) % 27.7 27.2 27.5 28.3 28.1    
Research & Development (As % of Sales) % 0 0 0 0 0    
Staff Cost (As % of Sales) % 8.28 7.51 6.91 7.64 7.04    
Effective Tax Rate % -4.16 -3.30 -0.448 12.0 0.210    
Total Revenue Growth (5-year average) % ... ... ... ... ...    
Customers mil 0.700 1.00 1.30 1.80 2.70    
valuation Unit 2013 2014 2015 2016 2017 2018 2019
               
Market Capitalisation USD mil ... ... ... 258 670    
Enterprise Value (EV) USD mil ... ... ... 197 642    
Number Of Shares mil ... ... ... 5.99 9.50    
Share Price EUR ... ... ... 27.0 46.4    
EV/EBITDA ... ... ... -21.9 -47.1    
Price/Earnings (P/E) ... ... ... -8.77 -20.6    
Price/Cash Earnings (P/CE) ... ... ... -9.15 -23.3    
P/FCF ... ... ... -3.77 -16.8    
Price/Book Value (P/BV) ... ... ... 1.74 1.84    
Dividend Yield % ... ... ... 0 0    
Free Cash Flow Yield % ... ... ... -17.8 -4.38    
Earnings Per Share (EPS) EUR ... ... ... -3.08 -2.25    
Cash Earnings Per Share EUR ... ... ... -2.95 -1.99    
Free Cash Flow Per Share EUR ... ... ... -7.16 -2.75    
Book Value Per Share EUR ... ... ... 15.6 25.2    
Dividend Per Share EUR ... ... ... 0 0    
EV/Sales ... ... ... 1.03 2.01    
EV/EBIT ... ... ... -15.8 -29.8    
EV/Free Cash Flow ... ... ... -4.28 -21.9    
EV/Capital Employed ... ... ... 4.75 2.23    
Earnings Per Share Growth % ... ... ... ... -26.9    
Cash Earnings Per Share Growth % ... ... ... ... -32.7    
Book Value Per Share Growth % ... ... ... ... 61.7    
Market Value per Customer USD ... ... ... 143 248    
Sales per Customer USD 105 109 111 106 118    
EBITDA per Customer USD -1.43 -3.08 -4.63 -4.98 -5.05    
Net Profit per Customer USD -5.37 -6.49 -9.30 -11.0 -8.88    
clients & arpu Unit 2013 2014 2015 2016 2017 2018 2019
               
Customers mil 0.700 1.00 1.30 1.80 2.70    
Repeat Order Rate % ... ... ... 73.0 76.0    
Site Visits mil ... ... ... 41.8 71.5    

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Shop Apotheke Europe's employees rose 19.9% yoy to 1,011 in 2019

By Helgi Analytics - August 3, 2020

Shop Apotheke Europe employed 1,011 employees in 2019, up 19.9% compared to the previous year. Historically, between 2013 and 2019, the firm's workforce hit a high of 1,011 employees in 2019 and a low of 133 employees in 2013. Average personnel cost ...

Shop Apotheke Europe's net profit fell 7.92% yoy to EUR -36.3 mil in 2019

By Helgi Analytics - August 3, 2020

Shop Apotheke Europe made a net profit of EUR -36.3 mil with revenues of EUR 701 mil in 2019, down by 7.92% and up by 29.9%, respectively, compared to the previous year. This translates into a net margin of -5.17%. Historically, between 2013 - 2019, ...

Shop Apotheke Europe's Net Debt/EBITDA fell 0.586% yoy to -1.94 in 2019

By Helgi Analytics - August 3, 2020

Shop Apotheke Europe's net debt stood at EUR 36.0 mil and accounted for 15.5% of equity at the end of 2019. The ratio is up 1.46 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 15.5% in 2019 and a l...

Shop Apotheke Europe's ROCE fell 1.87% yoy to -13.9% in 2019

By Helgi Analytics - August 3, 2020

Shop Apotheke Europe made a net profit of EUR -36.3 mil in 2019, down 7.92% compared to the previous year. Historically, between 2013 and 2019, the company's net profit reached a high of EUR -2.83 mil in 2013 and a low of EUR -36.3 mil in 2019. The result...

Shop Apotheke Europe's Net Margin rose 16.9% yoy to -5.17% in 2019

By Helgi Analytics - August 3, 2020

Shop Apotheke Europe made a net profit of EUR -36.3 mil with revenues of EUR 701 mil in 2019, down by 7.92% and up by 29.9%, respectively, compared to the previous year. This translates into a net margin of -5.17%. Historically, between 2013 and 2019, ...

Shop Apotheke Europe's Net Profit per Customer rose 22.2% yoy to USD -8.75 in 2019

By Helgi Analytics - August 3, 2020

Shop Apotheke Europe made a net profit of EUR -36.3 mil with revenues of EUR 701 mil in 2019, down by 7.92% and up by 29.9%, respectively, compared to the previous year. This translates into a net margin of -5.17%. On the operating level, EBITDA reached EUR...

More News

Shop Apotheke Europe NV is a Netherlands-based Company that retails pharmaceutical products online. The Company focuses on non-prescription medication (OTC), as well as on pharmacy-related beauty and personal care (BPC) products. The Company owns and operates online pharmacies in eight European countries such as in Belgium, Spain, Italy, France, Austria, the Netherlands and Germany.

Shop Apotheke Europe Logo

Finance

Shop Apotheke Europe has been growing its sales by 52.6% a year on average in the last 5 years. EBITDA has fallen on average by 50.7% a year during that time to total of EUR -18.6 mil in 2019, or -2.65% of sales. That’s compared to -3.74% average margin seen in last five years.

The company netted EUR -36.3 mil in 2019 implying ROE of -16.2% and ROCE of -13.9%. Again, the average figures were -35.2% and -32.3%, respectively when looking at the previous 5 years.

Shop Apotheke Europe’s net debt amounted to EUR 36.0 mil at the end of 2019, or 15.5% of equity. When compared to EBITDA, net debt was -1.94x, down when compared to average of 1.15x seen in the last 5 years.

Valuation

Shop Apotheke Europe stock traded at EUR 43.5 per share at the end of 2019 resulting in a market capitalization of USD 638 mil. Over the previous five years, stock price grew by 0% or % a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of -32.2x and price to earnings (PE) of -15.6x as of 2019.