Solid H116, 2016 EBITDA guidance upped
Evotec delivered its Q216 and full H116 results last week, with sales largely in line with our expectations, while profits were boosted by lower than expected operating costs and higher other income. The company has raised its guidance and now expects adjusted EBITDA to more than double in 2016. Bayer’s move to Phase I with endometriosis is the most prominent news recently. Healthy cash flows and a maturing preclinical pipeline should support the share price in 2016 and 2017, in our view. We have increased our valuation to €620m from €575m.Evotec is a holding company engaged as a drug discovery solutions company providing drug discovery capabilities to pharmaceutical and biotechnology companies as well as to academic institutions. These drug discovery solutions are provided in form of fee-for service work, integrated drug discovery alliances, development partnerships, licensing of drug candidates and consulting arrangements. Co. is primarily involved in the areas of neuroscience, pain, metabolic diseases, oncology and inflammation. Co. provides its drug discovery activities under the banners of EVT Execute, EVT Integrate and EVT Innovate. Co.'s operations are divided into two segments: EVT Execute and EVT Innovate.
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