CHF179.2m market cap
CHF0.22 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 order intake in FY20 was over CHF10m for the first time, with market share gains across business segments and continued strong momentum in Health Ingredients. Due to an order backlog of CHF3.6m, however, reported sales were CHF7.5m vs our forecast of CHF9.8m. There were delays in manufacturing owing to ongoing issues with Evolva’s contract manufacturers (CMOs) and, to compound this, demand in Flavours & Fragrances (F&F) continues to be subdued. FY21 reported EBITDA and operating cash flow are now expected to be in line with FY20 levels, with current guidance assuming there will be pandemic-related effects on the business for most of the year. Importantly, however, the guidance to break-even at the cash level by FY23 remains 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 | 14.3 | (15.1) | (17.0) | (2.1) | N/A | N/A |
| 2022E | 27.4 | (2.5) | (4.5) | (0.5) | 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 05/03/2021
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Share price graph
Balance sheet |
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| Forecast net debt (CHFm) | 10.8 |
| Forecast gearing ratio (%) | 9 |
Price performance
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Key management |
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| Beat In-Albon | Chairman |
| Oliver Walker | CEO |
