November 9th, 2022 | 13:31 CET
BioNTech, Porsche and Pathfinder Ventures - Looking good
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"[...] In addition to campsite fees, Pathfinder Ventures has put itself in a position to offer all of these sought-after camping solutions. The only thing they don't sell is the RV itself. [...]" Joe Bleackley, CEO, Pathfinder Ventures Inc.
For more than twenty years, the Cologne native has been intensively involved with the stock market, both professionally and privately. He is particularly passionate about national and international small and micro caps.
BioNTech: More than EUR 15 billion in the cash box
Berenberg continues to recommend BioNTech's stock as a "buy" after the publication of the quarterly figures. The price target remains unchanged at USD 312. Thus, the analysts see almost 100% price potential. They were pleased with the continued high revenues from the sale of the COVID-19 vaccine. These are resilient, they said. Now the focus is on the coming year and the development pipeline. With that, some positive momentum can be expected. Review: BioNTech had sales of about EUR 3.5 billion in the third quarter. Net income was a tidy EUR 1.8 billion, which is more than analysts had expected on average.
In addition, the Mainz-based biotech Company specified its forecast for the full year 2022 at the upper end. Thus, annual sales are expected to be EUR 16 to 17 billion (previously EUR 13 to 17 billion). At the end of the third quarter, BioNTech already had a bulging treasury. The Company had EUR 13.4 billion in cash and cash equivalents at its disposal. In addition, a large part of the EUR 7.3 billion in trade receivables outstanding at the reporting date had already been received. As a result, the Company is fully financed for the coming years. To put this in perspective: In the current year, the costs for research, sales/administration and capital expenditures will total a maximum of EUR 2.6 billion. That means the Company can continue to go full throttle, particularly in cancer research. The pipeline currently comprises 19 product candidates in 24 ongoing clinical trials. For the coming year, BioNTech expects new data from up to 10 clinical trials.
Pathfinder Ventures: Cash register rings even in winter
Pathfinder Ventures is still a long way from billions in sales. Nevertheless, the Canadians have an exciting growth story. The Company is currently building a network of upscale, family-friendly campgrounds and RV parks in western Canada. In this way, it benefits from the trend toward self-directed vacations in the great outdoors. Pathfinder is only at the beginning of its growth and investment phase. Still, the operating result is already profitable at this early stage - especially important in an environment of rising interest rates. There is plenty of growth potential for the coming years. The camping market in Canada alone is worth CAD 2.3 billion - and expansion into the US should not be a major problem.
Contrary to what may be assumed, the Company also generates revenue in the winter months, with the winter vacation program running since mid-October. Guests stay at Pathfinder Camp Resorts until mid-April. And the offer is in high demand. The booking rate is currently 47%, the Company said. 96% of the locations in the winter vacation program are already fully booked to date. Therefore, capacities are to be increased in the coming winter. "We are extremely pleased with these numbers as we strive for continued growth in all of our resorts for what has been called the 'off-season,'" said Joe Bleackley, Pathfinder's CEO. Pathfinder is thus demonstrating that it is not only growing through acquisitions but also continuing to develop its existing locations.
Porsche: Price targets diverge significantly
It has now been 30 days since Porsche's IPO. That means the standstill period for the accompanying banks has ended, and their analysts can now have their say. As a result, there were six new research studies on the sports car pioneer yesterday. Four analysts recommend buying, and two recommend holding. JPMorgan is the most optimistic. The analysts name a target price of EUR 140. The earnings momentum is easy to plan for, even in otherwise uncertain times. And thanks to its pricing power, the challenges surrounding inflation, electrification and autonomous driving are easy to master. As a result, Porsche is a highly attractive opportunity to be part of the luxury car segment. Morgan Stanley is more pessimistic. Porsche is a mixture of carmaker and luxury group, they said. But the impending recession would also put Porsche's business model to the test. Therefore, the analysts give the stock an "Equal Weight" with a price target of EUR 82.50. The sports car manufacturer's share is currently trading at around EUR 100. New price momentum could come with the possible promotion to the DAX.
BioNTech is still on track: the cash box is bulging to drive the development pipeline forward. While the COVID-19 vaccine is yielding less profit, the business is far from dead. Pathfinder Ventures is an interesting exotic. Management shows that they are not only growing through acquisitions but also by developing existing sites. At Porsche, there is a current lack of impetus for further share price increases.
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