Evolva - Progressing towards break-even
Evolva’s H121 results demonstrate that the company is progressing towards its goal of being cash break-even by FY23. H1 revenue was up 60% y-o-y to CHF6.4m, and all segments witnessed an increase in sales. The contract manufacturer network continues to expand, and manufacturing scale-up and optimisation is yielding successful results. The company now expects to see positive gross profits from Q421. We trim our FY21 EBITDA forecasts slightly to reflect the guidance that EBITDA will be ‘somewhat below’ the previous year as manufacturing costs were higher during the start-up phase, but should normalise in H2 and FY22. Our fair value moves to CHF0.32/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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