New Street Research - Evotec SE (EVT) CDMO to Help Triple EBITDA

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New Street Research

Dominic Rose ...

Naresh Chouhan

EUR 4198.00 For Business Accounts Only

CDMO to Help Triple EBITDA

Evotecâ€™s acquisition of Just.Bio could help to triple EBITDA by 2025. Following a deep-dive on EVT biologics, we estimate it could deliver â‚¬275m of sales by 2025 with production beginning in Q421. The AI tech is under-appreciated & high margin, in our view. We are able to build a P&L for EVT biologics & construct a SOTP for the 3 segments. We show EVT Innovate is in for free at our â‚¬30 PT. There are multiple catalysts; upcoming pipeline readouts/progression, signing a new iPSC alliance, Nov 19th CMD, selling the remaining 50% of EVTâ€™ biologics capacity for 2022 plus more milestones. EVT should be in all our clientsâ€™ portfolios, in our opinion.

08/09/2020 20 EN

Underlying

Evotec SE

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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DE0005664809 Germany

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New Street Research

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Analysts

Dominic Rose

Naresh Chouhan

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EQUITS GmbH

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Q3/25-KPIs zeigen eine Umsatz- und EBITDA Margen-Verschlechterung (Umsatz -11% YoY auf € 164 Mio./Marge: -9,17 %; EPS € -0,24), doch sind diese durch Phasing-Effekte und Reset-Einsparungen überzeichnet. Die anhaltend schwache Nachfrage im Markt für frühe Arzneimittelforschung (D&PD) konnte das gut gelaufene Geschäft von Just-Evotec Biologics (JEB) nur teilweise ausgleichen. Zudem kämpft Evotec mit Unterauslastung. Hinzu kommen Kosten im Zusammenhang mit dem Anlaufen der JEB-Anlage im französischen Toulouse, die an SANDOZ verkauft wird.

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CDMO to Help Triple EBITDA

Evotec SE: 1 director

Schwache Konjunktur verzögert weiterhin „Profitability Restart“ - Monetarisierung von JEB durch SANDOZ

Weak economic conditions continue to delay the 'Profitability Restart' - Monetization of JEB through SANDOZ

AMX (Buy, TP: $24, +7%) Q4 25: Decent quarter; Solid Mexico and Colombia, slightly slower Brazi

TIM Brasil (Buy, TP: R$28, +1%) IHS Towers (Buy, TP: $10, +20%) TIM Brasil to Buy the 49% of i-Systems it doesn’t own from IHS Towers – quick take

Eutelsat ECA financing marks end of the saga

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