Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on EVOTEC AG. We currently have 7 research reports from 1 professional analysts.
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Upgraded on healthy cash flows post acquisition
07 Mar 17
Evotec ended 2016 with the landmark deal with Celgene for Evotec’s induced pluripotent stem cell (iPSC) platform, bringing in a $45m upfront payment. Other recent highlights were Novo A/S’ €90.3m investment in the company and the acquisition of Cyprotex, an ADME-Tox and DMPK specialist that will enhance Evotec’s core service offering and also add new clients. Evotec’s Q316 results were solid, with better-than-expected margins being the main surprise for us, which prompted us to upgrade our forecasts and raise our valuation to €1.2bn.
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.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - EKF Diagnostics - Final results & potential buy back
20 Mar 17
FY16 prelims are slightly ahead of our latest expectations, those having been increased materially over the course of H2’16 as the strength of the recovery in trading became apparent. In order to maximise shareholder value, the directors are currently examining a potential break up of the group. This would also involve a delisting from AIM. A buy back offer at 21.5p would therefore be made to those investors that wish to exit now rather than holding their shares for the two years plus it would likely take to achieve a potentially higher realisation value for the businesses.
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
Good results, but further restructuring complex for investors
20 Mar 17
EKF Diagnostics FY 2016 results are slightly ahead of expectations, with both higher revenue and better EBITDA. Management has also announced plans to split the company into two separate companies, Point of Care and Laboratory Diagnostics, with the prospect of a delisting to manage the process. The primary metric for valuation of the two businesses is different consequently we believe that the separation is likely to generate significant value. However, in anticipation of the volatility likely given the restructuring announced this morning, despite the strength of the results, we reduce our recommendation to HOLD and maintain our 21p target price.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017