Research - Treatt feature image - 03072019 - JPG

Evolva

SW: EVE

CHF229.3m market cap

CHF0.28 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 Flavors and Fragrances, Health Ingredients and Health.

Investment summary

A 15-day public review period for nootkatone has started in the US. All studies submitted to the US Environment Protection Agency (EPA) have been accepted and the review period allows the general public to share their comments with the agency. We believe the public notice period is largely a formality and expect the EPA to complete the registration of nootkatone shortly thereafter. Nootkatone use will then be allowed in pest control. Following the delay to the approval process announced in March 2019, this comes as good news for the financial trajectory of the business.

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 10.9 (12.0) (13.1) (1.6) N/A N/A
2021E 19.3 (6.7) (7.8) (1.0) 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 02/07/2020
Sector
Consumer
Share price graph
Balance sheet
Forecast net cash (CHFm) 24.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 21.3 61.6 46.5
Relative* 18.5 47.1 44.1
52-week high/low CHF0.3/CHF0.1
*% relative to local index
Key management
Gerard Hoetmer Chairman
Oliver Walker CEO
André Pennartz CFO