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Evolva

SW: EVE

CHF185.7m market cap

CHF0.23 last close

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.

Investment summary

Evolva’s overall geographical and product footprint continues to expand and the pipeline remains robust. In January 2021 Evolva announced the launch of a new product, L-arabinose, a natural sugar blocker and reducing sugar. The company’s aim remains to reach cash break-even by FY23. Due to COVID-19, Evolva has witnessed a softening in demand for some of its flavour and fragrance products, but H1 results demonstrated Evolva’s progress in transforming itself from an R&D-driven enterprise towards a commercial company with a product-based revenue model.

Y/E Dec
Revenue (CHFm)
EBITDA (CHFm)
PBT (CHFm)
EPS (CHFc)
P/E (x)
P/CF (x)
2018A 8.9 (23.4) (25.4) (3.0) N/A N/A
2019A 11.6 (12.3) (15.6) (2.0) N/A N/A
2020E 9.8 (15.8) (16.8) (2.1) N/A N/A
2021E 16.8 (10.7) (11.8) (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 26/02/2021
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Sector
Consumer
Share price graph
Balance sheet
Forecast net cash (CHFm) 17.7
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (3.8) 10.2 (8.7)
Relative* 0.2 10.0 (8.8)
52-week high/low CHF0.3/CHF0.2
*% relative to local index
Key management
Beat In-Albon Chairman
Oliver Walker CEO
André Pennartz CFO

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