Pilulka's Market Expansion and Innovation
6
COMPARISON OF PILULKA WITH SIMILAR TRADED COMPANIES
Piluka's share price has grown
significantly since IPO in October
2020. Due to a slowdown in
e-commerce post-COVID-19,
the
market sentiment changed
substantially in 2022 which resulted
into decline in Pilulka's share price.
Similar pattern were also followed by
share prices of Shop Apotheke
Europe and DocMorris (formerly Zur
Rose), major Western European
online pharmacies
Actual revenues multiples of Pilulka
are gradually converging to those of
the Western European peers.
However, Pilulka's shares are still
trading at a relative discount to
Shop Apotheke Europe and
DocMorris. Gradual expansion of
Pilulka and convergence towards its
peers may also result in an increase
in the valuation multiple at which
Pilulka trades over time
450
Daily closing share price of Pilulka, Shop
Apotheke Europe and DocMorris
(data normalised to 26.10.2020)
300
The difference between the
average revenues multiples of
Shop Apotheke & DocMorris and
Pilulka was approximately 1.7x as
of the IPO in October 2020
150
Share price of Pilulky at IPO
26.10.2020: CZK 424
0
Period of 26.10.2020 19.5.2023:
Pilulka: +11%
-34%
-85%
Shop Apotheke Europe:
DocMorris:
+132%
Period of 26.9.2022 - 19.5.2023:
Shop Apotheke Europe:
DocMorris: +2%
The difference between the
average revenues multiples of
Shop Apotheke & DocMorris and
Pilulka as of 19.5.2023 is
approximately 0.5x
26.02.2022
26.04.2022
26.05.2022
26.06.2022
26.09.2022
26.02.2023
26.01.2022
26.03.2022
26.07.2022
26.08.2022
26.10.2022
26.11.2022
26.12.2022
26.01.2023
26.03.2023
26.04.2023
26.05.2021
26.06.2021
26.07.2021
26.08.2021
26.09.2021
26.10.2021
26.11.2021
26.12.2021
26.04.2021
26.10.2020
26.11.2020
26.12.2020
26.01.2021
26.02.2021
26.03.2021
Shop Apotheke Europe - daily closing share price
DocMorris - daily closing share price
Pilulka - daily trading volume (CZKm)
Enterprise value / revenues
as of Pilulka's IPO(3)
30
30
+pilulka
Pilulka - daily
trading volume
(CZKm)
15
0
Pilulka daily closing share price
Company name
Market
DocMorris (1)
Shop Apotheke Europe
Average
Pilulka
SIX Swiss Ex
XETRA
Market
capitalisation (2)
(EURM)
461.1
1,939.9
Enterprise
value(2)
(EURM)
Enterprise value / revenues(2)
2020
2021
2023
864.1
1.80x
1.40x
0.74x
1,981.1
2.70x
2.20x
1.31x
2.25x
1.80x
1.02x
START BCPP
47.8
50.5
0.53x
0.43x
0.49x
(2) DocMorris and Shop Apotheke Europe valued as of 19.5.2023, Pilulka's market capitalisation assumes 2,520 ths. shares outstanding at a price of CZK 450 per share
(3) Indicators "Enterprise value / revenues as of Pilulka's IPO" for DocMorris and Shop Apotheke Europe taken from Helgi Library's analyst report dated 14.9.2020. "Enterprise value / revenues as of Pilulka's IPO" for the
Company is based on a market capitalisation assuming 2,000 ths. shares outstanding at an IPO price of CZK 424 per share
Source: Bloomberg
Note: (1) Formerly Zur Rose Group
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