Outlook: Tastes good
Evolva’s stevia sweetener is due to be launched in 2016, and we expect the agreement with Cargill for Evolva to exercise its option for 45% participation in the stevia JV to be finalised before the end of 2015. With these catalysts on the horizon and a well-capitalised business following the September rights issue, we believe the current share price offers a good entry point. Our fair value is CHF1.87 per share.Evolva Holding is an international biosynthetic group based in Switzerland. Co. is engaged in discovering and developing ingredients (and technologies for making ingredients) to other companies, in particular in the food and beverage, consumer health and pharmaceutical sectors. Co. maintains a proprietary fermentation-based platform that utilizes yeast. Co.'s internal focus is on high-value ingredients with relatively low production volume. Co.'s operations are organized in two segments: Products (Resveratrol, Vanilla, Stevia, Saffron , Pomecins and Agarwood ) and Legacy Products (EV-077 for diabetic complications and EV-035 for bacterial infections).
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