reports
- Thomas J. Schiessle
Bayer AG stoppt EVT-Hoffnungsträger „Eliapixant“ – Finanzierung für we...
Sehr überraschend kommt am 04.02.22 die Entscheidung vom Partner Bayer AG, das in Phase 2a befindliche Projekt „Eliapixant“ (BAY 1817080) zu stoppen und das für EVT potentiell sehr profitable P2X3-Antagonisten-Programm zurückzugeben. Eine zügige Weiterverwertung erwarten wir- Stand heute - nicht. Wir passen die Pipelinebewertung und folglich den Zielkurs an. Das Geschäftsmodell wird u.E. kapitallastiger, nun dürfte die Ergebnisprognose für die kommenden Jahre sinken. Die Profitverbesserung dur...
- Thomas J. Schiessle
Bayer AG stops EVT hopeful "Eliapixant" – Readjust financing for "Acti...
Very surprising on 04.02.22 comes the decision of the partner Bayer AG to stop the phase 2a project "Eliapixant" (BAY 1817080) to return the potentially very profitable P2X3 antagonist program for EVT. As of today, we do not expect rapid repartnering. We had estimated the project value at approx. € 1,500 m with a DCF value - we adjust the pipeline valuation and consequently the target price.
- Thomas J. Schiessle
Zweitnotiz an US-Nasdaq („EVO“) als ADS bringt $435 Mio. und wird „Act...
Das aktuell hohe Interesse an Biotech-Investments in den USA hat EVT ab 08.11.21 mit einer Zweitnotierung (ADS/EVT-Aktien-Verhältnis 2 zu 1; ADS-Kurs: 21,75/ADS; 22,995 Mio. ADS-Scheine) an der US-Nasdaq genutzt und zusätzliches Kapital eingeworben. Wir passen die Schätzungen um die 13,3%ige Kapitalverwässerung an.
Evotec AG : Raising TP from € 22 to € 26; dense positive newsflow ...
The month of August was marked by extremely dense, positive newsflow for Evotec (EVT), which further supported the shares’ strong momentum following solid H1 2018 results. The newsflow concerned both the Innovate and Execute segments and included i/ the extension of the cooperation agreement with CHDI, ii/ a new alliance with Novo Nordisk; iii/ a cooperation agreement with Centogene; and iv/ the EVT/Haplogen alliance with Bayer. We have updated our valuation accordingly and raise...
- Manuel Martin
- CEFA
- CREA
Evotec AG : Strong H1 2018 results with adj. EBITDA 12.5% above consen...
>Both the Execute and Innovate segments contributed to a strong H1 2018 performance - Evotec posted very strong H1 2018 results today (09 Aug) with group revenue of € 173.8m (+67% yoy) beating market expectations by 8% (cons.: € 160.7m; Oddo BHFe: € 162.2m). The strong revenue performance was driven by i/ Aptuit’s contribution; ii/ a strong base business; iii/ milestone payments, and iv/ the signing of new partnerships. The beat was even stronger on the group adj. EB...
- Ahmed Ouni
Evotec AG : Q2 18e preview: Strong sales growth but lower margin due t...
>Q2 2018e: we expect 62% revenue growth thanks to Aptuit acquisition, a strong performance at Cyprotex and milestone payments - Evotec is scheduled to publish its Q2 2018 results on 9 August. We expect group revenue growth of c.62.4% yoy to € 86m (PY: € 53.2m), mainly driven by i/ the acquisition of Aptuit; ii/ another strong quarter at Cyprotex; iii/ milestone payments from Celgene ($ 6m) and Sanofi (€ 3m).On the other hand, we estimate a decrease in the adj. E...
- Roland Pfaender
- MBA
- CFA
- CCRA
Software AG : H1 2018 update of our ODDO BHF small/mid-cap Germany Con...
>Updating our Conviction List on German small-and mid-caps - We are updating our Conviction List for German small-and mid-cap companies selected from the ODDO BHF coverage universe. We believe companies on this list, selected on the basis of bottom-up, valuation and momentum considerations, have the potential to outperform their respective indices over an investment horizon of up to 12 months. We will continue to actively review our Conviction List, adding or remov...
Evotec AG : Declining biopharma R&D productivity opens up opportunitie...
Declining R&D productivity in the biopharma segment translates into significant opportunities for EVT. The Innovate segment provides solutions for large pharma players short on innovation, while the Execute segment addresses players that have good innovation but lack capacity. Recently acquired Aptuit, especially its INDiGO projects, provides an additional growth driver. Although Q1Â 18 was unimpressive, we expect Evotec to deliver reassuring quarters in the balance of the year dr...
- MarketLine Department
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