CHF153.6m market cap
CHF0.2 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
Evolva’s Q3 trading statement was mixed: the announcement that Cargill and DSM are to form a new JV to produce fermentation-based stevia is not a threat to Evolva’s position, in our view. Revenue guidance was somewhat less bullish than at the H1 results stage. Nootkatone remains on track for US EPA approval in pest control in the near future. We expect Evolva to become more customer-focused as its products are commercialised, and its asset-light strategy to continue. FY18 results are due on 28 February.
Y/E Dec |
Revenue (CHFm) |
EBITDA (CHFm) |
PBT (CHFm) |
EPS (CHFc) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2016A | 9.6 | (34.0) | (35.9) | (6.8) | N/A | N/A |
| 2017A | 6.8 | (37.6) | (40.9) | (7.0) | N/A | N/A |
| 2018E | 7.7 | (24.1) | (24.5) | (2.7) | N/A | N/A |
| 2019E | 17.8 | (18.6) | (19.1) | (2.1) | N/A | N/A |
| Last updated on 21/02/2019 | ||||||
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 21/02/2019
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Share price graph
Balance sheet |
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| Forecast net cash (CHFm) | 51.5 |
| Forecast gearing ratio (%) | N/A |
Price performance
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Key management |
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| Gerard Hoetmer | Chairman |
| Oliver Walker | CEO |
