Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on EVOLVA HOLDING SA. We currently have 8 research reports from 1 professional analysts.
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EVOLVA HOLDING SA
EVOLVA HOLDING SA
16 Mar 17
Evolva has secured equity financing of up to CHF30m. This is a fully flexible arrangement with relatively good terms, which if drawn down in full would give the company about one year’s worth of cash. As an interim arrangement this allows headroom to increase considerably and should help management’s negotiating position with its partner, Cargill, as details of the stevia JV are yet to be agreed. Our valuation of CHF0.87/share remains unchanged.
A cloudier picture
16 Jan 17
The much-awaited stevia update has confirmed that EverSweet is still on track to be launched in 2018, and there is a new production plan. That said, talks with Cargill are ongoing and the option to enter into a JV has not yet been exercised, so the risk remains this may not occur. Moreover, FY16 revenues are now expected to be c 30% lower than previous guidance due to a milestone not being reached and customer conversion continuing to take longer than expected. We have adjusted our model to reflect these changes and our new fair value is CHF0.87/share (previously CHF1.10).
Cash raised to fuel European marketing
21 Dec 16
Acarix has developed the CE-marked CADScor System to ‘hear’ and detect partially blocked coronary arteries. CADScor is designed to be used by doctors to help assess patients’ risk of coronary artery disease (CAD). This could enable about half of the patients to be ruled out from further, expensive testing. Acarix aims to sell CADScor from 2017 in Germany and Scandinavia. Full EU reimbursement may start in 2019. US marketing will probably require a US clinical study with sales from 2021 possible. The IPO at SEK17.60/share completed at a value of SEK405m in December 2016, raising SEK140m gross, SEK125m net. The indicative value is SEK31.62/share based on an indicative value of SEK728m.
01 Sep 16
H116 results confirmed Evolva is on track: following the stevia delay announced in March, the company has identified bottlenecks and is making good progress towards addressing them. As expected, production constraints with resveratrol have been resolved and nootkatone remains a strong proposition as an insect repellent. Our updated fair value of CHF1.10 per share (previously CHF1.14) reflects a slight move in FX rates and a slight increase in FY16 revenue forecasts, and represents 67% upside from the current share price.
Positive stevia newsflow
07 Jun 16
Evolva has received two important pieces of good news: first, on 26 May it was granted a pivotal patent for the commercial production of fermentation-derived steviol glycosides, which is key to the expansion of stevia and demonstrated that Evolva is ahead of the competition. Second, on 1 June it was issued with a US FDA GRAS no objection letter for EverSweet. This news should serve as a reminder that EverSweet remains a key part of the Evolva investment case.
06 Apr 16
The key headline that the launch of the stevia EverSweet product has been delayed is disappointing, but the investment case still stands. A short-term catalyst has been removed and the delay has implications for the valuation, but the long-term business case is unchanged. The changes in our assumptions lead to a reduction in fair value from CHF1.87/share to CHF1.14/share.
20 Apr 17
Although the last two months have seen a broadly neutral performance from the UK healthcare sector compared to a significantly more volatile 6 months prior, we continue to expect macro-events and increased geo-political risk to result in an overall neutral performance from the sector over the next period. However, company specific news is likely to drive a strong outperformance from selected mid-market companies. We retain our neutral sector stance whilst highlighting those we expect to outperform.
N+1 Singer - Morning Song 24-04-2017
24 Apr 17
First Derivatives (FDP LN) FY slightly ahead as strong trading momentum continues | Goals Soccer Centres (GOAL LN) A potentially exciting corporate development | mporium Group (MPM LN) 2016 results: course set for exciting 2017 | Vectura Group (VEC LN) VR315 risk outweighs longer-term potential
Positive top-line results in first iclaprim phase III clinical trial (REVIVE-1)
18 Apr 17
Motif Bio (LSE: MTFB, NASDAQ: MTFB), a late clinical stage antibiotic development company, announced positive results this morning in the first of its two iclaprim phase III clinical trials, REVIVE-1, comparing iclaprim to vancomycin in the treatment of acute bacterial skin and skin structure infections (ABSSSI). Iclaprim, a next-generation antibiotic targeting an underutilised mechanism of action which causes rapid killing of bacteria, is being developed for the treatment of serious and life threatening bacterial infections. On the key primary endpoint in the study, early clinical response at 48-72 hours after drug treatment began, 80.9% of patients on iclaprim achieved a positive response compared to 81.0% of patients on vancomycin, well within the 10% non-inferiority margin required by the FDA. Iclaprim was also shown to be safe and well-tolerated compared to vancomycin. With these positive results from REVIVE-1 we have increased the probability of success for the iclaprim development program from 65% to 75% raising our risk-adjusted NPV for Motif Bio to almost £240m or 122p per share (previously £210m and 107p per share).
N+1 Singer - Sinclair Pharma - EBITDA upgrade for 2017, but lower TP due to warranty claim and costs
19 Apr 17
We have updated product-level forecasts and included the £10m SVB debt facility and £5m warranty claim settlement with Alliance Pharma in our forecasts. The 6.3% upgrade to our FY2017 sales estimate (from £46.0m to £48.9m) brings expected EBITDA profitability forward by one year (to FY2017 from FY2018). We remain positive on the ongoing rollout of Silhouette Instalift® in particular and retain our Buy recommendation. However, higher expected sales & marketing costs and the warranty claim weigh on our valuation: we downgrade our target price from 42p to 37p.
24 Apr 17
Lok’nStore* (LOK): Growth supported by a strong balance sheet (CORP) | Mortice* (MORT): UK acquisition (CORP) | Avacta* (AVCT): Another milestone – 1st non-therapeutics licence (CORP) | Petra Diamonds (PDF): Trading update and Q3 results (BUY) | Nasstar* (NASA): Growth and margin focus (CORP)