My Portfolio: Year In Review 2022

01 January 2023
By Maynard Paton

Happy New Year!

I trust you enjoyed the festive break and are now ready to battle the market for another twelve months!

This 4,680-word post provides a ‘year in review’ of my current holdings. I recap how each business performed during 2022 as well as provide a few remarks about valuation. 

These reviews are very useful to write, not least because they help ensure I am still invested for the right reasons. Any upsets I will suffer during 2023 will most likely be caused by the shares I already own rather than any new shares I will buy.

I undertook the same annual review at the start of 2015, 2016, 2017, 2018, 2019, 2020, 2021 and 2022.

My portfolio lost 23.3% during 2022. This other post explains that performance in more detail and clarifies how my portfolio begins 2023.

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BIOVENTIX: Exceptional H2 Profit (+30%) Plus Promising Biotins Sales (+67%) Support Better-Than-Expected FY 2022 And 7th Consecutive Annual Special Dividend

22 November 2022
By Maynard Paton

Results summary for Bioventix (BVXP):

  • A somewhat better-than-expected FY performance, with record revenue and earnings supported by an exceptional H2 profit (+30%) that was bolstered by a post-pandemic recovery and stronger USD.
  • Encouraging sales progress from best-seller vitamin D (+13%), future big-seller troponin (+81%) and sudden surprise-seller biotins (+67%) more than offset lost income from an expired product. 
  • Tweaks to management’s commentary plus a revised pipeline grid suggest the development work on dementia research now offers a greater chance of becoming a real money spinner.
  • The accounts remain in great shape, with an astonishing 82% H2 margin, terrific employee productivity and robust cash conversion leading to the company’s seventh consecutive annual special dividend.
  • Troponin’s finite income and a basic sum-of-the-parts valuation may explain why the £36 shares have not made headway during the last three years. I continue to hold.

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BIOVENTIX: H1 2022 Reveals Dividend Up 21% And ‘Exciting’ Tau Biomarker Although Cash At 6-Year Low Now Reduces Special-Payout Prospects

26 August 2022
By Maynard Paton

Results summary for Bioventix (BVXP):

  • An unspectacular H1 performance, albeit accompanied by a 21% dividend lift, after further pandemic disruption left revenue down 8% and adjusted profit down 9%.
  • Muted progress from vitamin D and other established antibodies continues to leave near-term growth dependent on the fast-selling troponin product. 
  • The “exciting” potential of a Tau biomarker alongside the BVXP website selling pyrene test kits suggest positive developments within the research pipeline.
  • Net cash at £5m is the lowest for six years, and combined with standstill earnings seems likely to reduce the size of any FY 2022 special payout.
  • Troponin’s finite income and a resultant sum-of-the-parts valuation do not indicate an obviously compelling £33 share price. I continue to hold.

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My Portfolio: Year In Review 2021

01 January 2022
By Maynard Paton

Happy New Year!

I trust you enjoyed the festive break and are now ready to battle the market for another twelve months!

This 4,609-word post provides a ‘year in review’ of my current holdings. I recap how each business performed during 2021 as well as provide a few remarks about valuation. 

These reviews are very useful to write, not least because they help ensure I am still invested for the right reasons. Any upsets I will suffer during 2022 will most likely be caused by the shares I already own rather than any new shares I will buy.

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BIOVENTIX: FY 2021 Results Unveil Record H2 Profit (+14%) While Finite Troponin Income Shifts Longer-Term Perspective Towards Pyrene Project And Alzheimer’s Research

05 November 2021
By Maynard Paton

Results summary for Bioventix (BVXP):

  • Acceptable annual figures that included a record H2 profit (+14%) despite the pandemic continuing to disrupt demand for routine blood tests.
  • Mixed progress from vitamin D and other established antibodies leaves near-term growth dependent mostly on the fast-selling troponin product. 
  • Additional research efforts suggest pyrene biomonitoring and detecting Alzheimer’s disease may be the more likely long-term pipeline winners.
  • A 19% dividend lift, another special payout, 70%-plus margins and low retained-profit requirements underlined the wonderful economics of collecting antibody royalties. 
  • Troponin’s finite income and a resultant sum-of-the-parts valuation do not indicate an obviously tantalising £36 share price. I continue to hold.

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BIOVENTIX: H1 Revenue Up Just 1% To Outpace Wider IVD Market As R&D Efforts Narrow Focus And P/E Stays An Elevated 32x

09 April 2021
By Maynard Paton

Results summary for Bioventix (BVXP):

  • Acceptable interim figures that showed revenue up 1% and profit down an underlying 2% after the pandemic reduced demand for routine blood tests.
  • The performance appeared to have outpaced the wider in vitro diagnostics (IVD) market, with a 20% dividend lift underpinning management’s confidence. 
  • Progress from the important vitamin D and troponin antibodies was positive, while R&D efforts seem now to focus on just three projects.  
  • The accounts remain healthy with a super 76% margin, light demands on cash flow, a £5m-plus cash buffer and a potentially understated investment.
  • Predictable income and a competitive ‘moat’ presently offset the effective dependence on just two products to keep the P/E at an elevated 32x. I continue to hold.

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My Portfolio: Year In Review 2020

01 January 2021
By Maynard Paton

Happy New Year!

I trust you enjoyed the festive break and are now ready to battle the market for another twelve months!

This 4,631-word post provides a ‘year in review’ of my current portfolio holdings. I recap how each business performed during 2020 as well as provide a few remarks about valuation. 

These reviews are very useful to write — not least because they help ensure I am still invested for the right reasons! Any upsets I will suffer during 2021 will most likely be caused by the shares I already own rather than any new shares I will buy.

Read more

BIOVENTIX: Very Satisfactory FY 2020 Showcases Record 79% Margin, 5th Consecutive Annual Special Dividend And Webinar Remarks Of Troponin Sales Quadrupling By FY 2022

12 November 2020
By Maynard Paton

Results summary for Bioventix (BVXP):

  • Very satisfactory FY 2020 figures, although H2 growth subsided to mid-single-digits after the pandemic reduced demand for routine blood tests.
  • A 21% final-dividend lift plus a special payout for the fifth consecutive year underpinned a generally positive outlook.
  • Revenue from vitamin D gained 10% and may finally have “plateaued”, while troponin sales quadrupling within the next two years is apparently “plausible“.   
  • The books remain in excellent shape with record 79% margins, robust cash flow, a £5m cash buffer and no debt.
  • The ace financials and predictable customer income leaves an understandably lofty P/E of 32. I continue to hold.

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Bioventix: 34x P/E Understandably Reflects ‘Pandemic-Proof’ Outlook As H1 Dividend Lifted 20% And Margins Hit 80%

01 May 2020
By Maynard Paton

Results summary for Bioventix (BVXP):

  • Very satisfactory 26% first-half profit growth led by continued demand for the group’s vitamin D antibody.
  • A 20% dividend lift alongside presentation references to broker forecasts were very reassuring given the current Covid-19 uncertainty.
  • The fledgling troponin product seems to have gained momentum while an emerging pollution-biomonitoring project offers intriguing long-term potential.
  • Despite a part-time FD and an accounting error, the books remain in excellent shape with terrific 80% margins, a notable cash buffer and no debt.
  • The seemingly ‘pandemic-proof’ outlook leaves the valuation remaining understandably rich with an underlying P/E of 34. I continue to hold.

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My Portfolio: Year In Review 2019

10 January 2020
By Maynard Paton

Happy January!

I trust you enjoyed the festive break and are now ready to battle the market for another twelve months!

This 5,562-word post provides a ‘year in review’ of my current portfolio holdings. I recap how each of the underlying businesses performed during 2019, as well as provide a few remarks about valuation.

As I mentioned this time last year, I find writing such reviews extremely useful — not least because I double-check my investment logic to ensure I am still invested for the right reasons! The upsets I will suffer during 2020 will most likely be caused by the shares I already own rather than by new shares I purchase.

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Bioventix: Satisfactory 2019 Results Reveal (Yet Another) Special Dividend And Indicate Growth During 2020-2025 Depends Entirely On Troponin

17 December 2019
By Maynard Paton

Results summary for Bioventix (BVXP):

  • Satisfactory double-digit growth spearheaded by notable demand for the group’s main antibody.
  • Progress beyond 2020 now appears dependent entirely on the new troponin product, revenue from which remains low.
  • An unsettling tweak to management’s outlook suggests the pipeline antibodies may require a further five years of development.
  • The accounts remain in excellent shape with terrific margins, appealing equity returns and minimal reinvestment requirements that have prompted yet another special dividend. 
  • The valuation remains rich with an underlying P/E of 28. I continue to hold.

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Bioventix: Bumper H1 Results Showcase ‘Modest’ 24% Growth As Renewed Troponin Optimism Helps Sustain 34x P/E

16 April 2019
By Maynard Paton

Results verdict on Bioventix (BVXP):

  • Very satisfactory 24% growth led by ongoing “modest” demand for the group’s vitamin D antibody.
  • Effect of terminated product licence may have obscured an underlying 28% revenue advance.  
  • Fledgling troponin product plus various pipeline developments offer intriguing long-term potential.  
  • First-class accounts continue to exhibit terrific margins, net cash and scope for further special dividends.
  • Valuation remains understandably rich with an underlying P/E of 34. I continue to hold.

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My Portfolio: Year In Review 2018

01 January 2019
By Maynard Paton

Happy New Year!

I trust you enjoyed the festive break and are now raring to do battle with the market for another twelve months!

This first Blog post of 2019 provides a ‘year in review’ of my current portfolio holdings. I recap how each of the underlying businesses performed during 2018, as well as provide a few remarks about valuation.

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Bioventix: 2018 Results Suggest 20% Underlying Growth But Disappointing Troponin Sales Leave Lofty P/E Open To Debate

12 October 2018
By Maynard Paton

Update on Bioventix (BVXP).

Event: Preliminary results for the year to 30 June 2018 published 08 October 2018.

Summary: The antibody specialist delivered yet another set of record results, with my number-crunching indicating underlying growth of 20%.  However, I was disappointed to discover early sales of the important new troponin product had been below expectations — and may have left the lofty P/E valuation open to debate (at least for now). Still, the business continues to exhibit magnificent accounts while a special dividend for the third consecutive year underpins the board’s confidence. I continue to hold.

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