Following strong FY2018 financial results which exceeded our and consensus estimates, our revenue and adjusted EBITDA forecasts are broadly unchanged, and we raise our target price (“TP”) to €28 per share. Evotec is a structural growth story and we expect the positive momentum to continue for many years to come, driven by the following factors: (1) Increasing outsourcing of R&D across the value chain as pharma and biotech companies look for external innovation partners to shift fixed into variab ....
08 Apr 2019
Raising TP to €28 on positive momentum
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Raising TP to €28 on positive momentum
Evotec SE (EVT:WBO) | 0 0 0.7% | Mkt Cap: 2,149m
- Published:
08 Apr 2019 -
Author:
Brigitte de Lima, PHD CFA -
Pages:
15
Following strong FY2018 financial results which exceeded our and consensus estimates, our revenue and adjusted EBITDA forecasts are broadly unchanged, and we raise our target price (“TP”) to €28 per share. Evotec is a structural growth story and we expect the positive momentum to continue for many years to come, driven by the following factors: (1) Increasing outsourcing of R&D across the value chain as pharma and biotech companies look for external innovation partners to shift fixed into variab ....