CHF172.6m market cap
CHF0.21 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 has updated its outlook in light of the effects of the COVID-19 pandemic. FY20 guidance is now for product-related revenue growth to be consistent with last year (+59%). As a reminder, this was the guidance at the start of the year, and was upgraded with the H1 results in August, when management expected product-related revenue to double in FY20. EBITDA guidance is now lowered to a loss of CHF16–17m, having been reduced slightly in August (to ‘above prior-year level’). We adjust our forecasts accordingly and our fair value remains unchanged at CHF0.38/share.
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 27/11/2020
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Share price graph
Balance sheet |
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| Forecast net cash (CHFm) | 17.7 |
| Forecast gearing ratio (%) | N/A |
Price performance
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Key management |
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| Beat In-Albon | Chairman |
| Oliver Walker | CEO |
| André Pennartz | CFO |
