We have updated our model following 9M/2018 results and reiterate our sum-of-thepart ("SoTP") derived target price ("TP") of €25/share (>30% upside). Our 2018E and 2019E estimates are slightly above consensus and we expect Evotec to comfortably exceed 2018 outlook. Evotec is a structural growth story for many years to come, based on four key drivers, in our view: (1) Continued strong outsourcing trend from pharma and biotech in line with the macro trend for external innovation, (2) further conso ....
14 Dec 2018
Innovating for the long term
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Innovating for the long term
Evotec SE (EVT:WBO) | 0 0 0.7% | Mkt Cap: 2,149m
- Published:
14 Dec 2018 -
Author:
Brigitte de Lima, PHD CFA -
Pages:
17
We have updated our model following 9M/2018 results and reiterate our sum-of-thepart ("SoTP") derived target price ("TP") of €25/share (>30% upside). Our 2018E and 2019E estimates are slightly above consensus and we expect Evotec to comfortably exceed 2018 outlook. Evotec is a structural growth story for many years to come, based on four key drivers, in our view: (1) Continued strong outsourcing trend from pharma and biotech in line with the macro trend for external innovation, (2) further conso ....