Evolva Holding SA Equity Research & Stock Reports

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18 May 22

Evolva - Evolving the sales model

Evolva has signed a distribution agreement to jointly develop the Brazilian market for resveratrol with its new partner, Tovani Benzaquen, a distributor of food and functional ingredients. Management expects revenues to exceed CHF1.5m over the next 2.5 years. The distribution agreement opens the Brazilian market for resveratrol, thus should result in an uplift in revenue expectations for the product. If successful, we believe the distribution agreement could be extended to other markets in Latin

Companies: Evolva Holding SA

Edison

24 Mar 22

Evolva - Shareholder-friendly AGM proposals

Evolva has announced changes to its Board of Directors at its upcoming AGM. Richard Ridinger, who joined the board two years ago, is not standing for re-election given his other commitments, but will continue to support Evolva in an advisory role. Two new members are being proposed, bringing the total number of board members to five and broadening the board’s experience. Evolva is also proposing to increase the existing conditional and authorised share capital to allow for strategic and financia

Companies: Evolva Holding SA

Edison

18 Mar 22

Evolva - A new era

Evolva’s FY21 revenues of CHF9.9m were below our forecast of CHF14.1m as the pandemic continued to stifle momentum during H2. Flavours and Fragrances grew revenues by 48% as consumer demand for natural ingredients remained strong. The Health Ingredients segment grew revenues by 46%, though the royalty stream from Eversweet was below company expectations. Gross contribution in Q4 was at break-even, as per guidance. The outlook is for revenue growth of 50% at constant currency in FY22, which is be

Companies: Evolva Holding SA

Edison

09 Feb 22

Evolva - A new CEO for a new phase of growth

Evolva has appointed Christian Wichert as its new CEO to accelerate growth and lead the company during its next phase. Over the last 18 months Evolva’s manufacturing network has expanded significantly, as the company scales up its products and transitions to a product-based revenue model. Christian has broad international experience spanning the chemicals/life sciences and consumer goods sectors. He is taking over immediately and Oliver Walker, the incumbent CEO, will be available to support Evo

Companies: Evolva Holding SA

Edison

07 Dec 21

Evolva - Updating estimates

On 30 November, Evolva announced a private placement whereby Veraison SICAV would purchase 63.75m shares at CHF0.118 per share, or a 7% discount to the lowest daily volume weighted average price during the six trading days preceding the announcement. It raised gross proceeds of CHF7.5m, which will be used to finance ongoing activities. The settlement occurred on 6 December and Veraison now has a c 6% shareholding. We update our estimates to reflect the capital increase. Our underlying operationa

Companies: Evolva Holding SA

Edison

02 Dec 21

Evolva - Bolstering the balance sheet

Evolva has announced a private placement whereby Veraison SICAV will purchase 63.75m shares in a private placement at CHF0.118 per share, or a 7% discount to the lowest daily volume weighted average price during the six trading days before the announcement. This will raise gross proceeds of CHF7.5m, which will be used to finance ongoing activities. Settlement is expected on 6 December. Veraison is a long-term, Switzerland-based investor and the proceeds provide much-needed headroom until Evolva

Companies: Evolva Holding SA

Edison

28 Oct 21

Evolva - Progressing towards cash break-even

Evolva has undergone a transformation from an R&D-driven enterprise to a commercial company with a product-based revenue model. Its H121 results demonstrated that Evolva is progressing towards its goal of being cash break-even by FY23. H1 revenue was up 60% y-o-y to CHF6.4m, and all segments witnessed an increase in sales. The contract manufacturer network continues to expand and manufacturing scale-up and optimisation is yielding successful results. Evolva now expects to see positive gross prof

Companies: Evolva Holding SA

Edison

13 Oct 21

Evolva - EKF interview

Premium

03 Sep 21

Evolva - Progressing towards break-even

Evolva’s H121 results demonstrate that the company is progressing towards its goal of being cash break-even by FY23. H1 revenue was up 60% y-o-y to CHF6.4m, and all segments witnessed an increase in sales. The contract manufacturer network continues to expand, and manufacturing scale-up and optimisation is yielding successful results. The company now expects to see positive gross profits from Q421. We trim our FY21 EBITDA forecasts slightly to reflect the guidance that EBITDA will be ‘somewhat b

Companies: Evolva Holding SA

Edison

03 Mar 21

Evolva - Addressing the bottlenecks

Evolva’s order intake in FY20 was over CHF10m for the first time, with market share gains across business segments and continued strong momentum in Health Ingredients. Due to an order backlog of CHF3.6m, however, reported sales were CHF7.5m vs our forecast of CHF9.8m. There were delays in manufacturing owing to ongoing issues with Evolva’s contract manufacturers (CMOs) and, to compound this, demand in Flavours & Fragrances (F&F) continues to be subdued. FY21 reported EBITDA and operating cash fl

Companies: Evolva Holding SA

Edison

20 Jan 21

Evolva - New year, new product launch

Evolva is starting FY21 with the launch of a new product, L-arabinose (previously known as EVE-X157/Z4). It is a natural sugar blocker and reducing sugar used in health ingredients and flavours and fragrances. It is fully renewable, sustainable and made by fermentation. The product is already FEMA GRAS-approved for use in food and beverages and has a wide range of applications. Evolva estimates the current market for the product at CHF250m. Commercial discussions with major customers are ongoing

Companies: Evolva Holding SA

Edison

10 Nov 20

Evolva - Manufacturing difficulties

Evolva has updated its outlook in light of the effects of the COVID-19 pandemic. FY20 guidance is now for product-related revenue growth to be consistent with last year (+59%). As a reminder, this was the guidance at the start of the year, and was upgraded with the H1 results in August, when management expected product-related revenue to double in FY20. EBITDA guidance is now lowered to a loss of CHF16–17m, having been reduced slightly in August (to ‘above prior-year level’). We adjust our forec

Companies: Evolva Holding SA

Edison

22 Oct 20

Evolva - Resilience

Evolva has undergone a transformation from an R&D-driven enterprise towards a commercial company with a product-based revenue model. It recently received US EPA registration for nootkatone, and H120 witnessed a record order intake driven by Health Ingredients. COVID-19 caused delays at its contract manufacturers and hence only part of these record orders could be realised in H1, although much of these volumes should be shipped in H2. EBITDA was also adversely affected by lower sales in Flavours

Companies: Evolva Holding SA

Edison

19 Oct 20

Evolva – EKF interview

Premium

28 Aug 20

Evolva - Resilience in a challenging environment

Evolva’s H120 results demonstrate excellent progress in its transformation from an R&D-driven enterprise towards a commercial company with a product-based revenue model. It recently received US EPA registration for nootkatone, and H120 witnessed a record order intake. COVID-19 caused delays at its contract manufacturers and hence only part of these record orders could be realised in H1, though much of these should be shipped in H2. EBITDA was also adversely affected by lower sales in Flavours &

Companies: Evolva Holding SA

Edison