Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on EVOTEC AG. We currently have 5 research reports from 1 professional analysts.
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Solid H116, 2016 EBITDA guidance upped
16 Aug 16
Evotec delivered its Q216 and full H116 results last week, with sales largely in line with our expectations, while profits were boosted by lower than expected operating costs and higher other income. The company has raised its guidance and now expects adjusted EBITDA to more than double in 2016. Bayer’s move to Phase I with endometriosis is the most prominent news recently. Healthy cash flows and a maturing preclinical pipeline should support the share price in 2016 and 2017, in our view. We have increased our valuation to €620m from €575m.
Healthy cash flows in the future
29 Jun 16
Evotec operates a hybrid business model and offers a unique risk-reward profile for investors, with steady growth from its EVT Execute business and potential drug development upside from its EVT Innovate arm. We base our investment thesis for Evotec on supportive company-specific and macro trends and forecast healthy cash flows in the future. Our valuation of Evotec is virtually unchanged at €575m.
Strong performance drives upgrades
20 Nov 15
We believe Evotec’s business is well positioned to deliver continued growth, benefiting from the ongoing trend towards outsourcing early-stage drug discovery. A key driver for future growth is via strategic alliances and Evotec has realised a number of both new and expanded agreements this year. We have raised our financial forecasts and, consequently, our valuation to €577m owing to the strong performance year to date, coupled with these collaborations. In 2016 we expect Evotec to provide an update on the future strategy.
Growth drivers intact despite EVT302 setback
02 Jul 15
EVT302 has failed to meet the primary endpoint of a Phase IIb trial in Alzheimer’s disease. Partner Roche will now fully evaluate all secondary endpoints to determine EVT302’s future. We have lowered EVT302’s probability of success to 5% (from 20%), reducing our valuation to €486m. Despite this pipeline disappointment, we continue to believe that Evotec remains well placed to accelerate growth, with the Sanofi deal providing capacity, guaranteed future revenues and enhanced capabilities.
Interim results – adhering to international growth strategy
23 Feb 17
Interim results showed a strong performance for Tristel, 6% ahead of its AGM statement on 12 December at which it indicated adjusted pre-tax profits to be no less than £1.6m. Revenues increased by 22% (16% at constant exchange rates – CER or 12% CER excluding the impact of the Australian acquisition) and adjusted pre-tax profits were up 15% to £1.71m. Despite the strong half, we leave our full-year forecasts unchanged, given FX uncertainty and a one-off stocking order in H1 from the NHS, although at current FX rates the risk to our forecasts is considered to be to the upside. However, we raise our target price by 10% to 165p to reflect the solid progress as well as rolling forward our multiples to calendar-adjusted 2017.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
N+1 Singer - Morning Song 23-02-2017
23 Feb 17
Genus (GNS LN) Interim results: R&D step-up, disappointing ABS performance | Howden Joinery Group (HWDN LN) Prelims and net cash better than expected but conditions weaken | Oxford Pharmascience Group (OXP LN) Encouraging interim OXPzero™ Ibuprofen exploratory PK data | StatPro Group (SOG LN) Increased majority shareholding in Infovest Consulting | Wilmington Group (WIL LN) Interims slightly ahead, move to focus on 3 verticals
Consistently strong growth at a sensible price
24 Feb 17
In “Alice in Wonderland”, Lewis Carroll tells the story of a girl, who falls through a rabbit hole into a world populated by peculiar, anthropomorphic creatures. Here, Alice crosses swords with the Queen of Hearts, meets the Cheshire Cat and is invited to the "Mad Hatters” tea party, which she subsequently discovers is “stupid”.
N+1 Singer - Anpario - Feed for growth
24 Feb 17
Anpario’s natural animal feed additive product offering is well placed to benefit from the increasing demand for animal protein and tightening regulations around antibiotic use as growth promoters. The group is in a transition phase, building strong commercial relationships with end users, which we believe should benefit the margin. Anpario’s geographical diversity is a key positive and with a strong balance sheet there is potential for acquisitive as well as organic growth. We initiate coverage with a 354p Target Price and a Buy recommendation ahead of FY results on 8th March.
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume