Evotec Valuation

Q: What is the Fair Price of EVT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

EVT (CHF27.76) is trading below our estimate of [[fair value]] (CHF212.74)

Is EVT undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of EVT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: EVT (CHF27.76) is trading below our estimate of fair value (CHF212.74)

Significantly Below Fair Value: EVT is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for EVT?

Key metric: As EVT is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for EVT. This is calculated by dividing EVT's market cap by their current revenue.
What is EVT's PS Ratio?
PS Ratio	2x
Sales	€777.05m
Market Cap	€1.53b

EVT key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.2x
Enterprise Value/EBITDA	106.7x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does EVT's PS Ratio compare to its peers?

The above table shows the PS ratio for EVT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	3.5x
PPGN PolyPeptide Group	3.1x	13.2%	CHF 1.0b
SKAN SKAN Group	4.8x	16.2%	CHF 1.7b
TECN Tecan Group	2.7x	6.3%	CHF 2.7b
SFZN Siegfried Holding	3.6x	7.6%	CHF 4.9b
EVT Evotec	2x	12.1%	CHF 1.5b

Price-To-Sales vs Peers: EVT is good value based on its Price-To-Sales Ratio (2x) compared to the peer average (3.7x).

Price to Sales Ratio vs Industry

How does EVT's PS Ratio compare vs other companies in the European Life Sciences Industry?

4 Companies	Price / Sales	Estimated Growth	Market Cap

4 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: EVT is good value based on its Price-To-Sales Ratio (2x) compared to the European Life Sciences industry average (4.5x).

Price to Sales Ratio vs Fair Ratio

What is EVT's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

EVT PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	2x
Fair PS Ratio	2x

Price-To-Sales vs Fair Ratio: EVT is good value based on its Price-To-Sales Ratio (2x) compared to the estimated Fair Price-To-Sales Ratio (2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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