Edison Investment Research - Evolva Holding SA (EVE) Evolva - Another good performance

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Edison Investment Research

Kate Heseltine

Evolva - Another good performance

Evolvaâ€™s H119 results continue to validate its strategy to reduce operating costs and increase its focus on customers. Innovation continues to lead to the expansion of both existing markets and ingredient systems, with a new product launch now expected in FY20. This is not built into our forecasts as the product remains unknown. The contribution from EverSweet is expected to increase towards the end of FY19 when a new facility will come on stream, and all questions raised by the US Environmental Protection Agency (EPA) regarding nootkatone approval in pest control should be answered by mid-September. Our product forecasts remain broadly unchanged, but our fair value reduces slightly to CHF0.51/share (from CHF0.53/share) mainly due to FX movements, still providing substantial upside to the current share price.

27/08/2019 4 EN

Underlying

Evolva Holding SA

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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CH0021218067 Six Swiss Exchange Switzerland

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Kate Heseltine

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Evolva - Another good performance

Shareholders of Evolva Holding SA in liquidation approve BoD proposals at AGM; revocation of liquidation and delisting also approved whereas introduction of opting-out was rejected

Evolva and Lallemand close the sale of Evolva AG to Danstar Ferment AG on 28 December 2023

Shareholders approve the sale of Evolva AG to Lallemand Inc. Swiss subsidiary at extraordinary general meeting

Biodexa Pharmaceuticals - In a period of transition

Norcros - Sale of Johnson Tiles UK agreed

Henderson Far East Income - Repositioning to raise total returns

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