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Evolva

SW: EVE

CHF142.4m market cap

CHF0.18 last close

Evolva is a Swiss, high-tech fermentation company. It has a proprietary yeast technology platform, which it uses to create and manufacture high-value speciality molecules for nutritional and consumer products.

Investment summary

Nootkatone US EPA approval in pest control was delayed as the EPA seeks clarification on one study. Evolva has collaborated with the FDA and submitted all responses, hence is now awaiting a decision. The first EverSweet royalty – albeit small – was received in Q418 and further contributions are expected in H219. Evolva’s overall geographical and product footprint continues to expand and the pipeline remains robust. The company’s aim is to reach cash break-even by FY21/23. H119 results demonstrated a solid performance.

Y/E Dec
Revenue (CHFm)
EBITDA (CHFm)
PBT (CHFm)
EPS (CHFc)
P/E (x)
P/CF (x)
2017A 6.8 (37.6) (40.9) (7.0) N/A N/A
2018A 8.9 (23.4) (25.4) (3.0) N/A N/A
2019E 10.9 (15.1) (15.8) (2.1) N/A N/A
2020E 18.2 (10.0) (10.4) (1.4) 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 04/12/2019
Sector
Consumer
Share price graph
Balance sheet
Forecast net cash (CHFm) 32.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 11.5 (6.9) (24.5)
Relative* 11.5 (10.8) (33.6)
52-week high/low CHF0.3/CHF0.1
*% relative to local index
Key management
Gerard Hoetmer Chairman
Oliver Walker CEO

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