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Evolva

SW: EVE

Market CapCHF141.2m

Last Close CHF0.14

Evolva is a Swiss biotech company focused on the research, development and commercialisation of products based on nature. The company has leading businesses in flavours and fragrances, health ingredients and health protection.

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Investment summary

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 operational estimates remain unchanged.

Y/E Dec
Revenue (CHFm)
EBITDA (CHFm)
PBT (CHFm)
EPS (CHFc)
P/E (x)
P/CF (x)
2019A 11.6 (12.3) (15.6) (2.0) N/A N/A
2020A 7.5 (16.7) (23.4) (2.9) N/A N/A
2021E 14.2 (17.3) (18.6) (2.0) N/A N/A
2022E 27.5 (2.5) (3.8) (0.4) N/A N/A
Industry outlook

Food and health ingredients continue to be in the sweet spot as consumers demand healthier products with cleaner labels without compromising on taste or convenience. Evolva’s fermentation platform aims to deliver these benefits while reducing production costs.

Last updated on 21/01/2022
Content on Evolva
Evolva – Updating estimates
Consumer | Update | 7 December 2021
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Evolva – Bolstering the balance sheet
Consumer | Flash note | 2 December 2021
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Evolva – Progressing towards cash break-even
Consumer | QuickView | 28 October 2021
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Share price graph
Balance sheet
Forecast net cash (CHFm) 2
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 5.4 (0.7) (42.2)
Relative* 8.2 (3.3) (48.9)
52-week high/low CHF0.3/CHF0.1
*% relative to local index
Key management
Beat In-Albon Chairman
Oliver Walker CEO