Evotec SE

EVT: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€1.20	Cptq	Bmfdgglp

Evotec Earnings: Slow Start to 2024 but Macroeconomic Pressure Easing Soon; Shares Undervalued

Rachel Elfman , Ava Gams

May 23, 2024

No-moat Evotec’s first-quarter results were roughly as expected, and we maintain our fair value estimates of EUR 14 per share and $7.60 per share. Revenue declined 2% year over year, as strength in the biologics manufacturing business was largely offset by continued headwinds from weak biopharmaceutical customer demand and a tough comparable period in the drug discovery and partnership businesses. Shares are currently trading in 4-star territory, about 31% below our fair value estimate.

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