Evotec

15.11.2024

Amazon competes with Temu and Shein with low prices + Burberry share price jumps after quarterly figures + Another damper - takeover rally at Evotec + UBS raises target for Delivery Hero to 56 euros - 'Buy'

Amazon $AMZN (-1,38 %) no longer wants to let Chinese competitors such as Temu or the Singaporean retailer Shein take the butter off its bread in the low-price segment and is therefore launching the new Amazon Haul store, which is intended to attract buyers with particularly low prices. The launch is initially taking place as a beta in the USA.

https://www.computerbase.de/news/wirtschaft/amazon-haul-amazon-macht-temu-und-shein-mit-billigpreisen-konkurrenz.90292/

The shares of Burberry $BRBY (+1,69 %) have reacted to the quarterly figures and the British luxury clothing manufacturer's new business strategy with a jump in the share price. In the late morning, the shares were up 15 percent at 841 pence. The loss was smaller than feared, UBS analyst Zuzanna Pusz said in an initial reaction. The new CEO Joshua Schulman wants to refocus on the origins of the Burberry brand before expanding into other areas, commented analyst Aarin Chiekrie from asset manager Hargreaves Lansdown. He is unlikely to want to make the same mistake as his predecessors by targeting Burberry's offering at a narrow base of luxury customers at the expense of a loyal fan base. With Thursday's jump in the share price, the shares continued their recent recovery, having cost less than 600 pence towards the end of September. At the start of 2024, it had been more than 1,400 pence. However, many luxury goods stocks then came under pressure, partly due to weakening demand in the important Chinese market.

Investors are focusing on Evotec $EVT (+0,1 %) takeover fantasy, which had already emerged at the beginning of the week. The US company Halozyme Therapeutics is reportedly targeting the Hamburg-based drug researcher. The price offered is EUR 11 per share in cash. Evotec shares soared to 10.80 euros in pre-market trading, gaining around a quarter compared to the Xetra close. However, this is little consolation for investors, as they had started the year at over 21 euros. In initial reactions, analysts emphasized the high intrinsic value, which is now crystallizing somewhat better.

The major Swiss bank UBS has raised the price target for Delivery Hero $DHER (-0,75 %) from 47 to 56 euros and left the rating at "Buy". The potential Talabat IPO puts the true value of the group in the spotlight, analyst Jo Barnet-Lamb wrote in his commentary on Friday. Such value creation could also pave the way for distributions to shareholders. Delivery Hero remains a one-year UBS favorite in the European internet sector.

Friday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Shell USD 0.69

Starbucks 0.61 USD

Corning 0.28 USD

Whirlpool USD 1.75

Quarterly figures / company dates USA / Asia

05:00 Lenovo quarterly figures

13:30 Alibaba quarterly figures

Quarterly figures / Company dates Europe

07:30 Assicurazioni Generali | Vallourec Quarterly figures

Untimed: AstraZeneca Investor Day

Economic data

02:30 CN: Retail sales October FORECAST: +3.7% yoy previous: +3.2% yoy

03:00 CN: Industrial production October FORECAST: +5.6% yoy previously: +5.4% yoy

08:00 UK: GDP (1st release) 3Q PROGNOSE: +0.2% yoy/+1.0% yoy Q2: +0.5% yoy/+0.7% yoy | GDP month September PROGNOSE: +0.1% yoy | Industrial production September PROGNOSE: 0.0% yoy/-1.2% yoy previous: +0.5% yoy/-1.6% yoy

14:30 US: Retail Sales October PROGNOSE: +0.3% yoy previous: +0.4% yoy Retail Sales ex Motor Vehicles PROGNOSE: +0.3% yoy previous: +0.5% yoy

14:30 US: Empire State Manufacturing Index November FORECAST: 0.0 previous: -11.9

14:30 US: Import and Export Prices October Import Prices PROGNOSE: -0.1% yoy previous: -0.4% yoy

15:15 US: Industrial Production and Capacity Utilization October Industrial Production PROGNOSE: -0.2% yoy previous: -0.3% yoy Capacity utilization PROGNOSE: 77.3% previous: 77.5%

16:00 US: Inventories September PROGNOSE: +0.2% yoy previous: +0.3% yoy

Evotec $EVT (+0,1 %) saw its share price rise sharply today after reports emerged of a possible takeover by a US pharmaceutical group. $HALO (+1,13 %) have emerged. This news has caused the share price of the Hamburg-based biotechnology company, which specializes in drug discovery and development, to rise sharply. Analysts and investors are speculating about the strategic advantages such a deal could bring for both sides, particularly in a growing market for innovative drug research.

Personal opinion:

Should the takeover actually take place it would be a win-win situation for investors in both companies, as Evotec certainly has exciting projects underway.

Source:

https://www.t-online.de/finanzen/boerse/ticker/aktie-im-fokus-evotec-springen-hoch-moegliche-uebernahme/0DB2DE00629B99CE/

The news is based on what I personally consider to be reputable sources. However, I do not guarantee their accuracy. No advice.

"Ad hoc: Comment on media report

Hamburg - Evotec SE (Frankfurt Stock Exchange: EVT, SDAX/TecDAX, Prime Standard, ISIN: DE 000 566480 9, WKN 566480; NASDAQ: EVO)

The $EVT (+0,1 %) SE ("Company") notes with regard to a media report that, without prior contact, it received from the listed US biotechnology company$HALO (+1,13 %) Therapeutics Inc. regarding a takeover offer addressed to the shareholders of the Company with an offer price of EUR 11.00 per share. The company will carefully analyze this expression of interest, decide on further steps and inform the capital market in accordance with legal requirements.

End of the ad hoc announcement -"

$EVT (+0,1 %) | EVOTEC ON TRADEGATE +8% - CIRCLES: HALOZYME INTERESTED IN TAKEOVER

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- UBS raises its price target for NVIDIA from USD 150 to USD 185. Buy. $NVDA (+1,62 %)

- METZLER raises the price target for MUNICH RE from EUR 535 to EUR 543. Buy. $MUV2 (+1,94 %)

- GOLDMAN lowers the target price for NOVO NORDISK from DKK 1040 to DKK 1025. Buy. $NOVO B (-2,49 %)

- GOLDMAN upgrades MTU from Neutral to Buy and raises target price from EUR 276 to EUR 400. $MTX (+1,36 %)

- GOLDMAN upgrades BASF from Neutral to Buy and raises target price from EUR 45 to EUR 53. $BAS (-1,23 %)

- DEUTSCHE BANK RESEARCH raises the price target for FRESENIUS SE from EUR 42 to EUR 44. Buy. $FRE (+2,55 %)

- DEUTSCHE BANK RESEARCH raises the price target for EMBRACER from SEK 24 to SEK 28. Hold. $TH9A

- DEUTSCHE BANK RESEARCH raises the price target for AMADEUS IT from EUR 62 to EUR 65. Hold. $AMS (+0,23 %)

- DEUTSCHE BANK RESEARCH raises the price target for NEMETSCHEK from EUR 85 to EUR 100. Hold. $NEM (-1,17 %)

- WARBURG RESEARCH raises the price target for DÜRR from EUR 32 to EUR 33. Buy. $DURYY

- HAUCK AUFHÄUSER IB upgrades CANCOM from Hold to Buy. Target price EUR 32. $COK (-1,11 %)

- ODDO BHF upgrades GENERALI to Neutral. Target price EUR 26.10. $G (+0,67 %)

- METZLER raises the price target for HEIDELBERG MATERIALS from EUR 131 to EUR 138. Buy. $HEI (-0,13 %)

- BERENBERG raises the price target for FLATEXDEGIRO from EUR 16 to EUR 18. Buy. $FTK (-0,94 %)

- BERENBERG raises the price target for FREENET from EUR 29 to EUR 32. Buy. $FNTN (+0,17 %)

- JPMORGAN raises the target price for HEIDELBERG MATERIALS from EUR 108 to EUR 149. Overweight. $HEI (-0,13 %)

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- UBS lowers the price target for MUNICH RE from EUR 560 to EUR 540. Buy. $MUV2 (+1,94 %)

- ODDO BHF downgrades MODERNA to Outperform. Target price USD 86. $MRNA (+4,68 %)

- UBS downgrades VALE from Buy to Neutral and lowers target price from USD 14 to USD 11.50. $VALE (+0,21 %)

- DZ BANK lowers target price for DEUTZ from EUR 6.80 to EUR 5.80. Buy. $DEZ (+1,39 %)

- DZ BANK lowers the price target for BECHTLE from EUR 51 to EUR 45. Buy. $BC8 (-0,59 %)

- BERENBERG lowers the target price for ESTEE LAUDER from USD 87 to USD 76. Hold. $EL (+2,41 %)

- RBC lowers the target price for ASOS from GBP 4.60 to GBP 4. Sector Perform. $ASC (+0 %)

- RBC lowers the price target for EVOTEC from EUR 12 to EUR 11.60. Outperform. $EVT (+0,1 %)

- RBC lowers the price target for VESTAS from DKK 222 to DKK 156. Outperform. $VWS (-1,53 %)

- BERENBERG lowers the price target for SUSS MICROTEC from EUR 80 to EUR 75. Buy. $SMHN (+3,96 %)

- JEFFERIES downgrades NEL from Hold to Underperform and lowers target price from NOK 5.50 to NOK 3. $NEL (-7,71 %)

- RBC lowers the price target for BMW from EUR 81 to EUR 80. Sector Perform. $BMW (-1,54 %)

- JEFFERIES lowers the price target for KNAUS TABBERT from EUR 26 to EUR 20. Hold. $KTA (-4,38 %)

Evotec Q32024 $EVT (+0,1 %)

Financial performance:

• Revenues: Group revenues decreased by 1 % to EUR 575.7 m in the first nine months of 2024 compared to EUR 580.1 m in the previous year. This was mainly due to a 12% decline in the Shared R&D segment, while Just-Evotec Biologics revenues increased by an impressive 74% to EUR 128.7 million.
• Net profit: Net loss increased to EUR 155.2 million, compared to EUR 67.8 million in the previous year, due to increased cost of sales and restructuring costs.
• Adjusted EBITDA: The Group's adjusted EBITDA fell to -6.0 million euros, compared to 50.2 million euros in the previous year. The main reasons for this were a discrepancy between sales and the cost base in the Shared R&D segment as well as costs for the expansion of Just-Evotec Biologics.

Balance sheet overview:

• Total assets: Total assets decreased by EUR 261.7 million to EUR 1,990.8 million as of September 30, 2024.
• Total liabilities: Current liabilities decreased to 333.6 million euros, compared to 464.6 million euros in the previous year. Non-current liabilities decreased slightly to 688.7 million euros, compared to 667.9 million euros.
• Equity: Equity decreased by 151.4 million euros to 968.5 million euros.

Profit and loss account:

• Gross profit: Gross profit fell to 68.8 million euros, with a gross margin of 11.9%, compared to 23.7% in the previous year.
• Operating expenses: Operating expenses increased to 218.1 million euros, compared to 173.3 million euros in the previous year.

Cash flow overview:

• Operating activities: Net cash flow from operating activities was negative at -56.0 million euros, compared to a positive cash flow of 16.5 million euros in the previous year.
• Investment activities: Net cash flow used in investing activities amounted to EUR -88.1 million, mainly due to investments in Just-Evotec Biologics.
• Financing activities: Net cash flow amounted to EUR -132.1 million due to repayments of loans and lease obligations.

Key figures and profitability metrics:

• Equity ratio: Down slightly to 48.6%, compared to 49.7% in the previous year.

Segment information:

• Shared R&D: Revenue decreased by 12 % to EUR 447.1 million, with a gross margin of 14.3 %.
• Just-Evotec Biologics: Revenues increased by 74 % to EUR 128.7 million, with an improved gross margin of 3.8 %.

Competitive position:

• Strategic partnerships: Successful expansions and new collaborations with Sandoz, BMS and a new partnership with Novo Nordisk in cell therapy.

Forecasts and management commentary:

• Outlook: Guidance confirmed despite challenging market conditions.

Risks and opportunities:

• Restructuring costs: These amounted to EUR 62.3 million, due to planned staff reductions and site closures.
• Market conditions: Persistently weak market and overcapacity adversely affect results.

Summary of results:

Positive aspects:

• Strong sales growth of 74 % at Just-Evotec Biologics.
• Successful strategic partnerships with Sandoz, BMS and Novo Nordisk.
• Expansion of operations with the opening of the J.POD facility in Toulouse, France.
• Cost reduction in R&D expenditure by 15 %.
• Improved gross margin of Just-Evotec Biologics to 3.8 %.

Negative aspects:

• Decrease in Group revenues by 1 %.
• Sharp increase in net loss to 155.2 million euros.
• Decrease in gross margin to 11.9%.
• 8% increase in operating expenses, in particular SG&A costs.
• Challenges in cash flow from operating and investing activities.

A little gamble...

$EVT (+0,1 %) + $NOVO B (-2,49 %) that can only be good.

27.09.2024

Micron with strong share price gains after figures + Ceconomy share price jumps after buy vote + Commerzbank courted + Evotec and Mutares with news

Micron $MU (+5,11 %) reported brisk demand for chips for AI applications and forecast higher profits for the current quarter than the market had expected. "In times of real growth fears, positive company assessments of future profits are welcome news and can easily push share prices higher," says Jan von Gerich, chief analyst at Nordea. The shares of other chip manufacturers are also recording price gains. Nvidia and AMD are up 1.9 percent each. Broadcom gained 1.5 percent and Intel 2.6 percent. Some tailwind is also likely to come from Asia. Following the latest economic stimulus measures by the Chinese central bank, further support measures for the weakening economy of the second-largest national economy are to come from the Chinese government. This caused prices to rise sharply on the stock exchanges in China.

Following a new buy recommendation Ceconomy $CEC (-0,7 %) jumped in price on Thursday. With a recent gain of 14.3 percent to 3.24 euros, the electronics retailer secured first place in the small cap index SDax - ahead of the biofuel producer Verbio . Ceconomy shares have now also broken above the 100-day moving average, which is an indicator of the medium to long-term trend. They had already broken above the other trend lines days ago in view of the recent gains. The share price correction since June, when the shares reached their highest level since spring 2022 at EUR 3.39, has thus been virtually ironed out. Since the beginning of the year, the shares have gained a whopping 31%, which also puts them at the top of the index for this period.

For the shares of Commerzbank $CBK (-1,01 %) went up by 6.9 percent. There were two reasons for this. Firstly, it intends to increase its return on equity more than previously planned in the coming years. The return on equity is set to rise to over 12 percent in 2027. Previously, the bank had forecast more than 11 percent. It also wants to distribute more money to its shareholders. In addition, a first meeting between the Frankfurt-based bank and Unicredit will take place tomorrow following the latter's share purchase. It is possible that a second acquirer will enter the ring, in which case things could get expensive.

Evotec $EVT (+0,1 %) rose by 3.5 percent with the announcement of a technology partnership with the pharmaceutical giant Novo Nordisk. Also in the SDAX Mutares $MUX (-1,97 %) fell by a further 14 percent. In trading, reference was made to a report by short-seller Gotham City Research. The report mentions inconsistencies in Mutares' balance sheet. According to the report, Gotham City has built up a position together with partners that is betting on a falling Mutares share price. The share price recovered significantly in the afternoon after Mutares rejected the allegations made by the short seller as misleading.

Friday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

British American Tobacco USD 0.74

Quarterly figures / company dates Europe

08:30 BASF Capital Market Day Day 2

08:30 Baywa quarterly figures + analyst conference

10:30 Baywa PK

11:00 Borussia Dortmund detailed annual results

Untimed: Commerzbank first meeting with Unicredit SpA after share purchase | Vossloh Capital Markets Day - Innotrans

Economic data

• 08:45 FR: Private consumption August FORECAST: n/a previous: +0.3% yoy/-0.6% yoy
• 08:45 FR: Consumer prices (preliminary) September FORECAST: N/A yoy/+1.6% yoy Previous: +0.5% yoy/+1.8% yoy HICP FORECAST: N/A yoy/+1.9% yoy Previous: +0.6% yoy/+2.2% yoy
• 09:00 ES: HICP and consumer prices (preliminary) September HICP FORECAST: +2.0% yoy previously: +2.4% yoy
• 09:55 DE: Labor market data September seasonally adjusted unemployment rate PROGNOSE: +15,000 yoy previously: +2,000 yoy Unemployment rate seasonally adjusted PROGNOSE: 6.0% previously: 6.0%
• 11:00 EU: Economic Sentiment Index September Eurozone Economic Sentiment Forecast: 96.5 Previous: 96.6 Industrial confidence Eurozone Forecast: -10.3 Previous: -9.7 Consumer confidence Eurozone Forecast: n.a. flash estimate: -12.9 previous: -13.5 | Eurozone Business Climate Index September
• 14:30 US: Personal Spending and Income August Personal Spending PROGNOSE: +0.3% yoy previous: +0.5% yoy Personal Income PROGNOSE: +0.4% yoy previous: +0.3% yoy PCE Price Index / Core Rate PROGNOSE: +0.2% yoy/+2.7% yoy previous: +0.2% yoy/+2.6% yoy
• 16:00 US: Consumer Sentiment Index Uni Michigan (2nd survey) September FORECAST: 69.3 1st survey: 69.0 previous: 68.4

$EVT (+0,1 %) does anyone know what is going on there it is not written anywhere but last few trading days plus 18%.