Evotec delivered promising Q1/2021 results in line with consensus estimates as revenues grew 11% YoY to €133m. This comes soon after ambitious new 2025E guidance provided by management, indicating revenue and adj. EBITDA CAGRS of >15% and 25% respectively driven by continued strong performance from Just - Evotec Biologics in the short term (2021E - 2023E) followed by the maturing clinical pipeline from 2024E onwards. While Evotec's share price has shown strong recent performance (+10.5% YTD, +48% 1yr), the current level does not fully reflect the value of either its clinical assets or the rest of the pipeline; what is visible is just the "tip of the iceberg” in our opinion. We have cautiously integrated the updated 2025E guidance into our model, while also revising our assumptions for the clinical stage pipeline, revising our TP to €40.
20 May 2021
Positive Q1 as pipeline inflection nears
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Positive Q1 as pipeline inflection nears
Evotec SE (EVT:ETR) | 0 0 0.0%
- Published:
20 May 2021 -
Author:
Chris Redhead | KIERON BANERJEE -
Pages:
21
Evotec delivered promising Q1/2021 results in line with consensus estimates as revenues grew 11% YoY to €133m. This comes soon after ambitious new 2025E guidance provided by management, indicating revenue and adj. EBITDA CAGRS of >15% and 25% respectively driven by continued strong performance from Just - Evotec Biologics in the short term (2021E - 2023E) followed by the maturing clinical pipeline from 2024E onwards. While Evotec's share price has shown strong recent performance (+10.5% YTD, +48% 1yr), the current level does not fully reflect the value of either its clinical assets or the rest of the pipeline; what is visible is just the "tip of the iceberg” in our opinion. We have cautiously integrated the updated 2025E guidance into our model, while also revising our assumptions for the clinical stage pipeline, revising our TP to €40.