Probi’s recent partnership momentum continued with the announcement to launch a ClinBac product with Oriflame, a Swedish-based global beauty and wellness company. It also entered into a strategic partnership and equity investment with Blis Technoliges, a New Zealand-based probiotics company. Probi will license Blis’s clinically proven bacterial strains, which will expand Probi’s range of applications to ear, nose and throat (ENT) and mouth. Production and marketing for both agreements will commence in H2’21, although significant volumes will likely wait until 2022.
37x EV/EBIT ‘22e; 32% above its 2-year average
We cut our sales estimates by 4-5% and EBIT by 19-11%, reflecting the lost product and e-commerce stock buildup. Adjusting for the equity investment in Blis Technologies, Probi ended Q2’21 with a net cash position of SEK 205m, and while our forecasts exclude M&A, we estimate Probi could add ~14-24% to ‘21e EBIT via potential M&A. The share is trading at 37x EV/EBIT ‘22e, or ~32% above its 2-year average and ~37% above key peers’ average.
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