Evolva - Commercialisation on track
Evolva’s H1 results were in line with expectations and confirm that the current strategy is working to deliver an increased focus on commercialisation. The restructuring is nearing completion and will be fully implemented by the year end; we believe the new CEO Oliver Walker is unlikely to change the strategy in the shorter term. Importantly, EverSweet is now being shipped to customers, in line with expectations for a launch during 2018, and we expect it will start to contribute to revenues during H218. We have rolled forward our DCF to commence in 2019 and have cut our revenue forecasts in line with guidance. Our fair value edges down to CHF0.58 (from CHF0.60).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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