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Inbox: Evotec ist genau dort, wo sie sein soll


07.12.2017

Zugemailt von / gefunden bei: Berenberg Bank (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)

Die Evotec AG hat sich auf der European Conference der Berenberg Bank präsentiert. Die Berenberg-Analysten haben den Vortrag von CEO Werner Lanthaler zusammengefasst:

Biotechnology
Hold; PT: EUR16.00;

Evotec was represented at our European Conference by CEO Werner Lanthaler, who gave a confident message about the positive momentum the company has enjoyed over the past 18 months. Dr Lanthaler said that the company is exactly where management wants it to be, suggesting that we should expect a near-term focus on organic growth and a slowdown of accretive M&A.

Execute segment driving growth: Dr Lanthaler gave an overview of the Execute segment, which is the lifeblood of the business, providing discovery, pre-clinical and investigational new drug (IND) services to the wider pharma and biotech industry. There is little doubt that Evotec is well positioned to benefit from increasing R&D outsourcing, particularly following the recent acquisition of Aptuit, and will improve on the strong revenue and EBITDA growth we have seen so far.

Aptuit acquisition enhanced competitive position: While Dr Lanthaler did not focus on the recent Aptuit acquisition much in his presentation, it was clear from the snapshot of Evotec’s expanded service 

offering and the reminder of the recent FY 2017 guidance upgrade that the acquisition has provided a major boost to the company’s competitive position. He highlighted the cross-selling opportunities across both Aptuit’s and Evotec’s existing collaborations, as well as the benefits to programmes in the Innovate segment, which we should see implemented shortly.

Innovate segment will drive long-term growth, but visibility remains poor: The main focus of the presentation was on the Innovate segment, which is loss-making and R&D-intensive, but is expected to deliver long-term upside as early-stage programmes eventually progress through the clinic. Dr Lanthaler stressed the different avenues of discovery that Evotec has employed, including the academic BRIDGE collaborations, equity investment in start-up companies and commercial collaborations with large pharma partners. While this approach may appear disconnected, we think that it is a sensible way to ensure discovering the most promising candidates. While exciting, we note that public visibility of programmes in this segment is minimal due to the early-stage nature of drug discovery, and catalysts/progress is difficult to quantify, although we note that this year Evotec received several milestone payments. Therefore, we continue to regard this segment as primarily upside to the value of the Execute segment.

Readacross: Evotec’s top-line and earnings growth is driven by sustained growth of the Execute segment, which provides early-stage R&D services to the pharma and biotech sectors. It is clear that R&D outsourcing is a growing trend that shows little sign of slowing down as the industry aims to control fixed costs.

Company im Artikel

Evotec

 
Mitglied in der BSN Peer-Group Pharma, Chemie, Biotech, Arznei & Gesundheit
Show latest Report (02.12.2017)
 



Werner Lanthaler (CEO Evotec) - (Fotocredit: Michaela Mejta für photaq.com) © Michaela Mejta für photaq.com



(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)

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Die Warimpex Finanz- und Beteiligungs AG ist eine Immobilienentwicklungs- und Investmentgesellschaft. Im Fokus der Geschäftsaktivitäten stehen der Betrieb und die Errichtung von Hotels in CEE. Darüber hinaus entwickelt Warimpex auch Bürohäuser und andere Immobilien.

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Inbox: Evotec ist genau dort, wo sie sein soll


07.12.2017

07.12.2017

Zugemailt von / gefunden bei: Berenberg Bank (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)

Die Evotec AG hat sich auf der European Conference der Berenberg Bank präsentiert. Die Berenberg-Analysten haben den Vortrag von CEO Werner Lanthaler zusammengefasst:

Biotechnology
Hold; PT: EUR16.00;

Evotec was represented at our European Conference by CEO Werner Lanthaler, who gave a confident message about the positive momentum the company has enjoyed over the past 18 months. Dr Lanthaler said that the company is exactly where management wants it to be, suggesting that we should expect a near-term focus on organic growth and a slowdown of accretive M&A.

Execute segment driving growth: Dr Lanthaler gave an overview of the Execute segment, which is the lifeblood of the business, providing discovery, pre-clinical and investigational new drug (IND) services to the wider pharma and biotech industry. There is little doubt that Evotec is well positioned to benefit from increasing R&D outsourcing, particularly following the recent acquisition of Aptuit, and will improve on the strong revenue and EBITDA growth we have seen so far.

Aptuit acquisition enhanced competitive position: While Dr Lanthaler did not focus on the recent Aptuit acquisition much in his presentation, it was clear from the snapshot of Evotec’s expanded service 

offering and the reminder of the recent FY 2017 guidance upgrade that the acquisition has provided a major boost to the company’s competitive position. He highlighted the cross-selling opportunities across both Aptuit’s and Evotec’s existing collaborations, as well as the benefits to programmes in the Innovate segment, which we should see implemented shortly.

Innovate segment will drive long-term growth, but visibility remains poor: The main focus of the presentation was on the Innovate segment, which is loss-making and R&D-intensive, but is expected to deliver long-term upside as early-stage programmes eventually progress through the clinic. Dr Lanthaler stressed the different avenues of discovery that Evotec has employed, including the academic BRIDGE collaborations, equity investment in start-up companies and commercial collaborations with large pharma partners. While this approach may appear disconnected, we think that it is a sensible way to ensure discovering the most promising candidates. While exciting, we note that public visibility of programmes in this segment is minimal due to the early-stage nature of drug discovery, and catalysts/progress is difficult to quantify, although we note that this year Evotec received several milestone payments. Therefore, we continue to regard this segment as primarily upside to the value of the Execute segment.

Readacross: Evotec’s top-line and earnings growth is driven by sustained growth of the Execute segment, which provides early-stage R&D services to the pharma and biotech sectors. It is clear that R&D outsourcing is a growing trend that shows little sign of slowing down as the industry aims to control fixed costs.

Company im Artikel

Evotec

 
Mitglied in der BSN Peer-Group Pharma, Chemie, Biotech, Arznei & Gesundheit
Show latest Report (02.12.2017)
 



Werner Lanthaler (CEO Evotec) - (Fotocredit: Michaela Mejta für photaq.com) © Michaela Mejta für photaq.com




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Random Partner #goboersewien

Warimpex
Die Warimpex Finanz- und Beteiligungs AG ist eine Immobilienentwicklungs- und Investmentgesellschaft. Im Fokus der Geschäftsaktivitäten stehen der Betrieb und die Errichtung von Hotels in CEE. Darüber hinaus entwickelt Warimpex auch Bürohäuser und andere Immobilien.

>> Besuchen Sie 54 weitere Partner auf boerse-social.com/goboersewien


Werner Lanthaler (CEO Evotec) - (Fotocredit: Michaela Mejta für photaq.com), (© Michaela Mejta für photaq.com)


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Indizes
ATX 3407 3.89 % 3405 -0.06% 19:38:21
DAX 13104 0.27 % 13313 1.57% 19:44:14
Dow 24652 0.58 % 24790 0.56% 19:44:26
Nikkei 22553 -0.62 % 22990 1.90% 19:41:42
Gold 1256 0.34 % 1262 0.46% 19:44:58



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