New Street Research - Evotec AG (EVT) Evotec - Now is the Time to BUY (TP EUR35 [30], 14 pgs)

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New Street Research

Dominic Rose ...

Naresh Chouhan

EUR 4393.00 For Business Accounts Only

Evotec - Now is the Time to BUY (TP EUR35 [30], 14 pgs)

With the impact of the cyber attack now in numbers, we make Evotec one of our top picks in EU Healthcare. We now have clear visibility with large contracted revenue orders from BMS & Sandoz that give us high confidence that 2025 company sales targets will be exceeded, delivering 4x EBITDA growth 2023-25. Moreover, there is considerable upside risk to our forecasts from new contracts/alliances that we do not include in our forecasts. For example, we include very little new CDMO wins and only assume 2.5% of the €15bn of milestone pipeline in our forecasts to 2025. PT up to €35. High Conviction Buy.
For access to the full note, please contact Naresh Chouhan ( )

04/08/2023 1 EN

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Evotec AG

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Analysts

Dominic Rose

Naresh Chouhan

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Evotec - Now is the Time to BUY (TP EUR35 [30], 14 pgs)

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