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 growth to employee numbers in 2020, beyond new additions from Just Evotec Biologics and the newly established Evotec GT. We reiterate both our OUTPERFORM recommendation and €32 target price ("TP").
