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Evotec's H1/2021 numbers were much In line with consensus. At €271m compared to €231m (H1/2021 vs. 2020) the 17% growth in group H1/2021 revenues highlights the robust health of the underlying business. The sharp €47m to €36m YoY fall in H1 EDITDA is due to the continued investment in R&D and pre-production capacity build up of J.POD. With COVID delayed milestones expected in H2, management confirmed its previous €550m - €570m topline guidance, but indicated an EBITDA near the bottom of the €105
Companies: Evotec SE
goetzpartners securities Limited
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
Evotec reported Q3/2020 results marginally below our estimates, but comfortably exceeding consensus forecasts for both the quarter and first 9 months. Both segments saw strong performance despite disruption due to COVID-19, with the EVT Execute business in particular demonstrating better than expected resilience. We expect this trend to continue into 2021E, lifting 2021E - 2024E Execute revenue contributions by 1% - 4% supported by a full order book for 2021E indicated by the acceleration of gro
Having established itself as a leading innovatorin pharmaceucal outsourcing forsmall molecule R&D, Evotec made an important step into the biologics market in 2019 with the acquision of Just Biotherapeucs ("Just Bio"). With biologics accounng for over half of the global pharmaceucal pipeline, the acquision provides accessto the lion's share of the $180bn drug development spend; synergies between Just Bio and EVT's established plaorm potenally doubling EVT's forecast revenues. EVT's capabi
Evotec reported a strong set of Q1/2020 results, with revenues increasing 15% YoY vs. Q1/19 to €119.4m supported by growth in the base business for both the EVT Execute and EVT Innovate segments. Base revenue growth more than offset a lower contribution from milestones, upfront payments, and licenses (€5.4m Q1/2020 vs. €10.1m Q1/2019) with Evotec maintaining a stable adjusted EBITDA of €30m (Q1/2019: €30m). Despite the ongoing global pandemic, all Evotec sites have been able to continue operatio
An outstanding Q4 topped off Evotec's strong financial results for FY2019, which exceeded both our and consensus estimates at both the top and bottom lines. Revenues totalled €446m (+19% YoY) with growth in the base business driven by solid performance from both the Execute and Innovate segments. 2020 may prove a challenging year for Evotec, with the COVID-19 crisis likely to disrupt operations of Execute's services business and potentially delay milestone revenue from the coowned Innovate pipel
Evotec announced the launch of a second research collaboration Indivumed GmbH focused on the discovery of innovative new therapies for non-small cell lung cancer ("NSCLC"). This comes on the back of an initial collaboration in colorectal cancer ("CRC") which successfully identified three novel targets within three months by leveraging Indivumed's multi-omics cancer database, IndivuType, in combination with Evotec's PanHunter bioinformatics platform. The new agreement in lung cancer highlights Ev
Evotec reported strong Q3/2019 results that beat our and consensus' estimates. All business segments delivered a solid performance, including the recently acquired biologics business. We expect the positive trend to continue into 2020E and have therefore lifted 2019E - 2023E revenues by 1% - 2% and adj. EBITDA by up to 6%. Our FY2019E forecasts are 3% - 5% above revised company outlook and we think that the risk to our estimates is to the upside. Evotec shares are trading significantly below our
Evotec announced the launch of a 50:50 joint venture ("JV") with Swiss specialty Pharma company Vifor Pharma AG for the discovery and development of innovative nephrology therapies. The JV combines Evotec's strong expertise in drug discovery with Vifor's proven commercial platform and ambition to become a global leader in nephrology. The aim will be to identify novel targets by leveraging clinical data from a kidney biobank (NURTuRE), reflecting Evotec's patient-centric approach of feeding patie
Evotec reported Q2/2019 revenues in line with cons. forecasts and adj. EBITDA c.8% ahead. Combined with the consolidation of Just Biotherapeutics (“Just.Bio”, closed on 2nd July), this has led management to increase financial outlook for FY2019E. Changes to our model are due largely to adding forecasts for Just.Bio and the increased debt position following the placing of a €250m Schuldschein (promissory note) in June. We maintain our OUTPERFORM recommendation and target price (“TP”) of €28 per s
Evotec reported solid H1/2019 results, with revenues in line with our and consensus forecasts and adjusted EBITDA 3% - 4% ahead. This, combined with the consolidation of Just Biotherapeutics (acquisition closed on 2nd July) led management to increase its financial outlook for FY2019E, suggesting modest upside to our top-line forecasts. Evotec ended the half year with a strong liquidity position of €342m following the issue of a promissory note ("Schuldschein") and the final €54m repayment of the
Evotec announced that it has signed a definite agreement to acquire Seattle-based Just Biotherapeutics ("Just.Bio") for up to $90m (c.€81m) in cash. The acquisition is expected to close in Q2/2019E and accelerate Evotec's revenue growth. Just.Bio is a technology company focused on the design, development and manufacturing of biologics with speed, flexibility and cost-effectiveness at its heart. Despite its short existence (founded in 2014/2015), Just.Bio has already grown to approx. 90 employees
Evotec reported strong Q1/2019 results that comfortably exceeded our and consensus estimates on the top and bottom line, driven by solid performance across both business segments (EVT Execute and EVT Innovate). Once again, the results reflect that Evotec is well positioned to benefit from the accelerating macro trend towards external innovation in drug discovery and beyond. On the results call, management stated that “we comfortably confirm our guidance”, which may appear conservative in light o
Evotec reported strong Q1/2019 financial results that beat our and consensus forecasts at the top and bottom line. Revenues came in at €103.8m, +31% YoY, well ahead of our and cons. estimates of €90m and €94m, respectively, driven by solid performance across both business segments (Execute and Innovate). The gross margin of 30% was also ahead of our expectations. Total operating costs of €13m (in line with GPSLe) yielded an adjusted EBITDA result of €30m (vs. GPSLe €20m and cons. €22m), more tha
Evotec reports Q1/2019 financial results on Tuesday, 14 May 2019. We forecast total revenues of €90m, +14% YoY and adjusted EBITDA of €20m, +43% YoY. While we anticipate robust growth for the EVT Execute business, we expect Q1 overall to be weaker than subsequent quarters this year due to modest milestone income in the EVT Innovate business, which we estimate at <€7m. The expected high EBITDA growth rate reflects the low level achieved in the prior year, where total milestone income was <€3m. Mi
Research Tree provides access to ongoing research coverage, media content and regulatory news on Evotec SE. We currently have 2 research reports from 2 professional analysts.
Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web
Companies: Shield Therapeutics Plc
Edison
Cambridge Nutritional Sciences (CNS) has provided a trading update for the 12 months to 31 March 2024, noting that a combination of strong sales growth and significant margin improvements, driven by operational efficiencies, have played key factors in the group’s expectation of being adjusted EBITDA positive in FY 2024. Revenues are expected to be £9.8m (30% YoY growth), ahead of our £9.0m forecast, with gross profits expected to exceed £6m, which is again ahead of our year-end forecast of £5.6m
Companies: Cambridge Nutritional Sciences PLC
Cavendish
Companies: Warpaint London PLC
Shore Capital
Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We
22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Hybridan
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol
Companies: NBPE ICGT ARBB RECI CLIG HAT AVO VTA APAX
Hardman & Co
Companies: e-Therapeutics plc
Companies: IGP RUA BOOM
Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli
Companies: Venture Life Group Plc
17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
Total reported revenues and other income were $17.5m (our forecast $16m) in 2023 vs $5.5m in 2022. The composition of that revenue was different to our expectations such that Accrufer US revenues of $11.6m compared with $3.6m in 2022 but came in below our estimate of $13.6m. In the release, the company has noted that the methodology used by the third-party data provider for US Accrufer scrips has resulted in an overstatement for 2023. Revised figures for 2023 have been given showing 77,000 total
ANGLE’s investment case rests on where Parsortix’s position in mainstream cancer diagnostics eventually lands. The place of liquid biopsies is now established and, increasingly, the additional clinical value that CTC (circulating tumour cells) assays bring is becoming clear. Addressing the many, varied opportunities directly is challenging and time consuming, with numerous barriers to overcome. Management is creating industry awareness through its demonstration and acceleration activities, which
Companies: ANGLE plc
Trinity Delta
Companies: Futura Medical plc
Liberum
23rd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Bidstack Group (BIDS.L) has left the AIM market What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to
Companies: ELCO BOIL SAR GTC WJG CCS AREC
Warpaint London's strategy is to provide customers with access to an extensive range of high-quality and affordable cosmetics. Its focus has been to develop its flagship brand, W7, while capitalising on the growth potential of e-commerce and international expansion. Although the pandemic caused the temporary closure of a number of customer retail outlets, the business remains in a strong position thanks to management’s agility. Cash has been conserved and the business is now debt free. Given its
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