Evotec SE

EVT: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€2.60	Kzxy	Ksyzblqd

Evotec Earnings: Navigating Market Challenges With a Focus on Achieving Long-Term Profitability

Rachel Elfman ,

Aug 15, 2024

No-moat Evotec is facing a challenging environment due to the slowdown in early-stage research and development spending. While total revenue rose 2% year over year in the first half of 2024, primarily driven by strong performance in the Just-Evotec Biologics segment, this top-line growth was partly offset by ongoing difficulties in the shared R&D segment, which struggled with stagnant spending by biotechnology clients. We keep our fair value estimates of EUR 8.50 and $4.63 per share. Shares currently trade about 30% below our fair value estimate.

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